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2023-12-31-accounts

THE ANGLO-AUSTRIAN SOCIETY

ANNUAL REPORT

AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

REGISTERED CHARITY NUMBER: 219015

THE ANGLO-AUSTRIAN SOCIETY

1

Registered Office Needham Cottage Needham Green Hatfield Broad Oak Bishops Stortford CM22 7JT

Board of Trustees

Dame Janet Ritterman DBE Headley Beeson Robert Hopkins Brigitte Kreuger Patricia Langley Helen Ramsden Felicitas Starr-Egger Professor Michael Worton CBE

Banker Lloyds Bank Plc

Independent Examiner Alan C Radford FCA DChA

Investment Manager Sarasin Investment Funds Limited.

2

THE ANGLO- AUSTRIAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their report and unaudited financial statements for the year ended 31 December 2023. This report represents the Trustees’ report required by Part 8 of the Charities Act 2011.

The financial statements have been prepared in accordance with the accounting policies set out in notes 1 and 2 to the accounts and comply with the Charity’s Constitution, the Charities Act 2011, and the Statement of Recommended Practice - Accounting and Reporting by Charities (Charities SORP FRS 102).

Reference and administrative information

Charity Registration No:

219015

During the year, and since, the Trustees of the Society were:

Dame Janet Ritterman DBE (Chair) Headley Beeson Robert Hopkins Brigitte Kreuger Patricia Langley Helen Ramsden Felicitas Starr-Egger Professor Michael Worton, CBE

Structure, governance and management

The Society was founded in 1944 and incorporated on 31 March 1958. At the AGM on 23 June 2021, a special resolution to convert to a CIO was passed unanimously. On 17 May 2022, the Society was newly registered by the Charity Commission as a CIO, Foundation Model, in accordance with the Charities Act 2011. The Society’s Charity Registration number (219015) is unaltered. The previous charitable company, registration number 00601704 and limited by guarantee, was closed on 11 May 2022.

The Society is now governed by a constitution based on the Charity Commission’s model constitution for a CIO, Foundation model. Under this constitution, the Trustees are the only voting members of the CIO. There must be a minimum of three Trustees. On the establishment of the new legal structure, it was necessary for the current Trustees, then eight in number, to be appointed for terms of office, varying from two to four years, in order to ensure a staggered process in the election or re-election of Trustees. Apart from the first charity trustees (those appointed in 2022 when the new legal structure was confirmed), every trustee who is subsequently appointed must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees.

Under the Model Constitution for a Charitable incorporated Organisation (CIO), which the Society was required to adopt, the first Trustees were appointed for terms of office varying from two to four years. From 17 May 2022, the terms of office of the Trustees of The Anglo-Austrian Society became:

Helen Ramsden for 4 years 2022-2026
Patricia Langley for 4 years 2022-2026
Brigitte Kreuger for 3 years 2022-2025
Felicitas Starr-Egger for 3 years 2022-2025
Headley Beeson for 3 years 2022-2025
Robin O’Neill for 2 years 2022-2024
Janet Ritterman for 2 years 2022-2024

Thereafter, Trustees are appointed for the standard term of office of three years. The two Trustees appointed since the Society became a CIO - Robert Hopkins (appointed 19 May 2022) and Professor Michael Worton (appointed 1 September 2022), have therefore been appointed for three years (20222025.

THE ANGLO- AUSTRIAN SOCIETY

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REPORT OF THE TRUSTEES continued FOR THE YEAR ENDED 31 DECEMBER 2023

At the AGM held on 24 June 2022, Robin O’Neill , who had served the Society as Board member, as Chairman and as Board Secretary, resigned as a Trustee. On 1 September 2022, Professor Michael Worton took on the role of Secretary to the Board, having been appointed as a Trustee by a resolution at a meeting of the Board of Trustees 0n 20 July 2022.

Now that The Anglo Austrian Society is a CIO operating under the Foundation model, the Society’s accounts are subject to approval b y the Board of Trustees at a formally constituted meeting. The meeting at which the accounts were presented for approval was held on 8 May 2024. Although, as a CIO, the Society had the scope to reduce the level of scrutiny of its accounts, at a meeting of the Board of Trustees on 15 February 2023, the Trustees resolved unanimously that the Society’s accounts should continue to be subject to an independent examination and to be prepared as previously on an accruals basis. The decision was taken on various grounds, among which the structure of the Society’s funds, continuity of format, reputation of the Society, and transparency of information were seen as particularly important.

Objectives and activities

The objects of the Charity are:

The Society carries out these objects through

Achievements and performance

Throughout 2023, the Trustees have continued to consider how best the Society can meet these objectives, outlined above, while also maintaining regular contact with those subscribing to the Society as well as the wider public. To this end, the Society publishes a quarterly printed newsletter. In addition to providing reports of activities undertaken by members and articles on aspects of Austrian life, the newsletter serves to draw attention to forthcoming events with an Austrian connection, as does the Society’s website.

While the newsletter continues to be welcomed by its readership, the Trustees recognise the increasing importance of digital forms of communication. The Society’s Virtual Stammtisch, established in February 2021, meets monthly and brings together participants from across the United Kingdom and in mainland Europe. The session includes a talk, generally provided by an Austrian speaker, whose presentation about aspects of life and culture in various parts of Austria, is followed by discussion among those taking part - one group in English, one group in German - thus contributing to the Society’s objective of ‘fostering the knowledge and understanding of the art, literature, architecture, language, culture, ideas and ways of life of each other’.

THE ANGLO- AUSTRIAN SOCIETY

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REPORT OF THE TRUSTEES continued FOR THE YEAR ENDED 31 DECEMBER 2023

Grants

The Society’s Otto Harpner Fund, which was created in memory of the first Secretary of the Society, is the fund which gives support to projects designed to strengthen Anglo-Austrian relations in all aspects of public and cultural life. This fund is managed as a designated fund within the Society and its income and capital are designated separately. The Board of Trustees oversees the awarding of grants from this fund, the detailed criteria for which are set out on the Society’s website.

This fund, which has benefited in the past from generous bequests from members of the Society, among them, the late Miss Angela Krosik, the late Mr Herbert Andrews and, in 2020, the late Mr Robert J. Avery, continues to welcome further donations. Carefully managed investment of the Otto Harpner Fund (details of which are provided below) has ensured that it continues to be able to provide support for projects advancing Anglo-Austrian relations and understanding.

Through the Otto Harpner Fund, and in accordance with the Society’s charitable purposes and objectives specifically associated with this Fund, the Trustees have continued to offer grants to individuals for study or research with an Austrian connection as well as providing support for organisations arranging events, usually of a cultural nature, which help to promote the aims of The Anglo-Austrian Society. A small committee of the Trustees reviews and assesses each grant application and makes a detailed report to each meeting of the Board. For any grant which the committee considers should be over £500, the approval of the Board is confirmed. Dr Felicitas Starr-Egger is the Trustee who takes responsibility for much of the contact with the recipients of these awards.

The grants which are awarded, which may include a contribution to the costs of a short visit to Austria (or for Austrian applicants, to the UK) are generally for purposes such as

While the Trustees welcome applications in these areas, this list is not seen as exhaustive. Applicants seeking support for other projects which they believe complement the charitable purposes of the fund and the objectives and traditions of The Anglo-Austrian Society are encouraged to apply.

During 2023, the awards amounted to £13,932 (2022 - £12,752; 2021 - £10,938; 2020 - £11,250). In addition to the Angela Krosik Doctoral Award (£10,000 per annum), the small grants awarded in 2023, in keeping with the objects of the Otto Harpner Fund, provided funding as a contribution towards the costs of:

The Society also made a grant of £5,795 from general reserves towards its Chamber Music Exchange Project, to cover exchange visits between an Austrian-based and a British-based quartet (each on the cusp of professional careers) and an associated concert and reception held at the Austrian Embassy in London.

THE ANGLO- AUSTRIAN SOCIETY

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REPORT OF THE TRUSTEES continued FOR THE YEAR ENDED 31 DECEMBER 2023

On completion of the project for which the grant is made, a report is required from each recipient of an award. These reports are reviewed by the committee of the Trustees, in order to evaluate the extent to which the Society’s charitable purposes and its responsibility for ensuring public benefit are being achieved. Several of the projects for which grants were awarded during 2023 have not yet been undertaken or completed.

Administrative costs

The reduction in financial outlay on administration (‘support costs’) which was achieved by the closure in December 2021 of the office which The Anglo-Austrian Society had previously rented and the termination (31 December 2022) of the short-term rental of a storage space, has ensured that despite inflationary pressures, the planned reduction in the Society’s administrative costs from pre-2022 levels ha s been maintained (support costs: 2023 -.£4,019; 2022 - £8,244; 2021 - £24,004). This enables the Society to devote more of its funds to the direct pursuit of its charitable purposes, in particular to the awarding of grants, applications for which have increased post-pandemic.

Financial review and reserves

The Trustees wish to express their thanks to all those associated with the Society for maintaining their financial support through subscriptions and donations. Although the age profile of those subscribing to the Society has meant that a gradual reduction in subscription income is anticipated (2023 - £9,103; 2022 - £10,196; 2021 - £10,547), the Society’s investment income for 2023 was less adversely affected than was initially expected (2023 - £15,818; 2022 - £15,289; 2021 - £15,020).

Most of the funds of both the Society and of the Otto Harpner Fund are held in longer-term investment funds, as the primary investment objective for both funds is the maintenance of the real value of the income and capital. To achieve this, the Trustees have therefore required a diversified approach to be taken by the Society’s investment managers, with investment choices informed by environmental, social and governance factors. The Society’s Investment Mandate specifies that a medium risk strategy should be adopted.

Since mid-2021, the Society’s investments have been managed by Sarasin & Partners. With Sarasin, which applies a global thematic approach to investment and places emphasis on ethical and socially responsible investment considerations, the Society’s investments are held in income units in a fund, tailored for charities, which includes equities. Although investment returns remain modest, reflecting the market volatility which characterised much of 2023, the Trustees believe that various actions taken by their investment managers to mitigate risk – risks exacerbated in part by the challenges of higher inflation and by fears of recession – resulted in a somewhat more favourable outcome for the Society’s overall portfolio than was anticipated at certain points within the year. In the annual revaluation at the year-end, the Society’s investment assets are stated at £550,721, thus representing an increase of £28,349, compared with the decrease reported a year earlier. At 31 December 2023 the Society’s unrestricted general reserves totalled £114,281 (2022 - £107,954; 2021 - £121,827), and its designated reserves within the Otto Harpner Fund totalled £478,275 (2022 - £458,072; 2021- £515,658 ).

Although the Trustees believe that the changes made in the Society’s cost base since 2021 have helped to position The Anglo-Austrian Society on a more sustainable financial footing, they undertake an annual review of the Society’s financial controls to ensure that the procedures, policies and means that are currently in place remain appropriate and adequate, and that both the allocation and use of the Society’s financial resources continue to be responsibly undertaken and carefully monitored. The Trustees continue to believe that the spread of the Society’s investment portfolio, which is diversified both in type of asset classes and industry sector as well as geographically should help in mitigating as far as is possible further negative impact of adverse geo-political situations at home or abroad. Nevertheless, in recognition of the uncertain outlook for investment returns, and the importance of the latter in fulfilling the Society’s charitable objectives, the Trustees remain committed to keeping both income and expenditure under close review, as confirmed in the Society’s Reserves Policy, which is set out below.

THE ANGLO- AUSTRIAN SOCIETY

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REPORT OF THE TRUSTEES continued FOR THE YEAR ENDED 31 DECEMBER 2023

Reserves Policy

The Anglo-Austrian Society’s financial reserves, most of which (as is indicated above) are held in longerterm investment funds to provide financial stability for the organization. The reserves held in Designated Funds are the principal means by which the Society supports its principal charitable activity, the awarding of grants.

The Trustees intend to maintain the Society’s Designated Reserves at a level which is at least equivalent to £475,000 - £525,000, in order to generate sufficient investment income for the Society to continue and, when possible, to increase its grant-giving activity. The level of these reserves is therefore determined in order to ensure that the Society’s grant-giving programme is not disrupted by reduction in investment returns arising from periods of market volatility. At 31 December 2023, the Society’s Designated Reserves were £478,275.

In the coming financial year, the Trustees intend to continue to use the Designated Reserves to support projects designed to strengthen Anglo-Austrian relations in aspects of public and cultural life and to increase the grants budget. Grants can be made from Designated Reserves should the investment income received fall below the amount required to maintain grant expenditure at a level not lower than in the Society’s previous financial year. The Society does not at present apply for external grants for any purpose.

The Society’s General Reserves are needed to bridge the gap between the income received annually from subscribing members and the expenditure required for the effective routine operation of the Society and any unforeseen necessary expenditure. At present, this gap is small but is expected to increase annually with an ageing subscribing membership. In order to support the continuation of the charity in its current form, the Trustees, having reduced the Society’s operating costs where appropriate, consider that the ideal level of General Reserves as at 31 December 2023 would be £130,000. At 31 December 2023, the Society’s General Reserves were £114,281.

Risk Management

The Trustees remain alert to the Board’s responsibilities in relation to risk oversight and management and continue to review those areas where further action was judged to be either necessary or desirable. Both the extent and the complexity of these responsibilities have increased significantly in recent years, embracing not only financial matters, such as those discussed in the preceding section, but also regulatory, legislative and compliance issues. In relation to the General Data Protection Regulation (GDPR), while noting the possibility of further changes to UK legislation in this area, the Trustees continue to review the Society’s policies and practices. Information on the website has been updated and returns continue to be requested from those subscribing to the Society in order to ensure that personal data is held legally.

As volatility in the world financial markets during 2023 demonstrated and the figures in this year’s report confirm, variability of investment returns constitutes one of the Society’s major financial risks. The Society’s capacity to award meaningful grants is central to the fulfilment of its charitable objectives. The Trustees therefore recognise the importance of keeping under review the level of grants which the Society offers, taking account of both the needs of applicants and projected investment returns.

The Society having registered in 2020 an amendment to the wording of its Articles of Association, which formalised the position whereby any of the Society’s meetings – whether this be a meeting of Trustees or an Annual General Meeting –could take place online, during 2023 all but one of the Board of Trustees meetings took place online, as did the Annual General Meeting held on 21 June 2023.

In respect of operational risk, the Society is reliant on the services provided by the Trustees, all of whom give freely of their time. Continued efforts are made to ensure that the Society retains a Board of Trustees able to provide an appropriate range of expertise, contacts, experience, and knowledge in relation to Anglo-Austrian affairs and more generally, appropriate to the responsibilities which it is required to exercise. In this way, the Trustees seek to ensure that the activities and information

THE ANGLO- AUSTRIAN SOCIETY

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REPORT OF THE TRUSTEES continued FOR THE YEAR ENDED 31 DECEMBER 2023

which the Society provides, and the grants awarded contribute directly to the public benefit on which The Anglo-Austrian Society’s objects remain focussed.

To ensure that the policy and the systems and procedures employed for the management of the Society’s finances remain comprehensive and appropriate to the activities in which it engages, the Trustees carried out during the year a review of the Society’s internal financial controls. This was discussed at a meeting of the Board of Trustees and was reported in the minutes of the meeting.

The Society has a policy and procedure for the recording of potential conflicts of interest on the part of individual Trustees. An updated declaration of interests form is held for each Trustee and declaration of any potential conflict of interest is invited at the beginning of each Board meeting. Trustees’ expenses are disclosed in Note 9 to the accounts.

Future plans

In the coming year, which marks the eightieth anniversary of the founding of the Society, while continuing to keep the Society’s income and expenditure under close review, the Trustees have several objectives for the consolidation of the Society’s activities and influence. They intend to explore ways of publicising more widely the availability of grants which the Society offers through the Otto Harpner Fund and to commission a revision of the website and its contents. Various forms of digital communication to ensure continued contact with all those who value their association with the Society will continue to be explored and developed.

Public benefit

The Trustees confirm that in reviewing its aims and objectives, in planning future activities and in setting and exercising the grant-making policy of the Society, they have complied with their duty in the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission (including the guidance, ‘Public benefit: running a charity ‘(PB2).

The Society furthers its charitable purpose for the public benefit through the provision of information, through other charitable ventures and above all through its grant giving activities. The grants which the Society awards from the Otto Harpner Fund help to support projects whose focus demonstrably reflects the objects of the Society – objects which can be subsumed in the phrase, ‘the development and enhancement of understanding between the United Kingdom and Austria’.

This report, which has been prepared in accordance with relevant statutory requirements, has been agreed by the Trustees and is signed on behalf of the Board on 8 May 2024.

Dame Janet Ritterman Chairman

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THE ANGLO- AUSTRIAN SOCIETY

Independent Examiner’s Report to the Trustees of the Anglo-Austrian Society

I report to the Trustees on my examination of the financial statements of the Anglo-Austrian Society (the Society) for the year ended 31 December 2023, which comprise the Statement of Financial Activities, the Balance Sheet, and related notes.

Respective responsibilities of the Trustees and the Examiner

The Society’s Trustees are responsible for the preparation of financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Society’s financial statements carried out under section 145 of the 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 giving me cause to believe that in any material respect:

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 financial statements to be reached.

Alan C Radford FCA DChA Needham Cottage Needham Green Hatfield Broad Oak Bishops Stortford CM22 7JT

8 May 2024

THE ANGLO AUSTRIAN SOCIETY

9

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

The statement of financial activities incorporates an income and expenditure account

Note
INCOME
Donations and legacies
3
Investment income
4
EXPENDITURE
Charitable activities
5
NET INCOME/(EXPENDITURE) BEFORE
GAINS/(LOSSES) ON INVESTMENTS
Surplus on disposal of investments
10
Surplus/(deficit) on revaluation of
investments
10
NET MOVEMENT IN FUNDS
Reconciliation of funds
TOTAL FUNDS
AT 1 JANUARY 2023
TOTAL FUNDS
AT 31 DECEMBER 2023		 Unrestricted

funds
£
9,103

3,594
12,697

12,724
(27)
-
6,354
6,327
107,954
114,281		 Designated
funds
£
-
12,224
12,224
14,016
(1,792)
-
21,995
20,203
458,072
478,275		 2023
£
9,103
15,818
24,921
26,740
(1,819)
-
28,349
26,530
566,026
592,556		 2022
£
10,196
15,291
25,487
23,981
1,506
-
(72,965)
(71,459)
637,485
566,026

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Comparative figures for the previous year by fund type are shown in Note 17.

THE ANGLO-AUSTRIAN SOCIETY

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BALANCE SHEET

31 DECEMBER 2023

Note
FIXED ASSETS
Investments
10
CURRENT ASSETS
Debtors
11
Bank balances
CURRENT LIABILITIES
Creditors: due within one year
12
NET CURRENT ASSETS
TOTAL NET ASSETS
UNRESTRICTED FUNDS
GENERAL FUNDS
13
DESIGNATED FUNDS
14		 2023
£
£
550,721
5,561
37,624
43,185
(1,350)
41,835
592,556
114,281
478,275
592,556		 2023
£
£
550,721
5,561
37,624
43,185
(1,350)
41,835
592,556
114,281
478,275
592,556		 2022
£
£
522,372
5,273
40,378
45,651
(1,997)

43,654

566,026

107,954

458,072

566,026		 2022
£
£
522,372
5,273
40,378
45,651
(1,997)

43,654

566,026

107,954

458,072

566,026
592,556 566,026
114,281
478,275		 107,954
458,072
592,556 566,026

The financial statements were approved by the Trustees on 8 May 2024

Dame Janet Ritterman

Chair

THE ANGLO-AUSTRIAN SOCIETY 11 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

BASIS OF PREPARATION

1.2 Going Concern

The Trustees consider that there are no material uncertainties over the Society's activity to continue as a going concern. They are satisfied that diversified investment of the Society’s assets and careful monitoring of expenditure enables them to provide assurance against exposure to these risks.

  1. ACCOUNTING POLICIES

2.1 Fund accounting

General funds are unrestricted funds that can be expended at the discretion of the Trustees in furtherance of the objects of the Society and which have not been designated by them for other purposes. Designated funds are used for specific purposes determined by the Trustees.

2.2 Income

Subscriptions are recognised as income on receipt. Investment income is recognised when the Society becomes entitled to the income.

2.3 Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis. The Society is not registered for VAT and so all costs are shown inclusive of VAT charged. Liabilities, including these for grants payable, are recognised as soon as the Society has a legal or constructive obligation to make payment

Governance costs comprise the cost of preparation and examination of accounts, together with other professional and regulatory fees.

Investments are valued at the balance sheet date at single price where bid and offer prices are not operated.

Debtors are recognised at the settlement amount due.

2.6 Bank balances

Bank balances comprise bank deposits repayable on demand.

2.7 Creditors

Creditors are recognised where the Society has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and accruals are recognised at their settlement amount.

THE ANGLO-AUSTRIAN SOCIETY

12

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3
DONATIONS AND LEGACIES
Subscriptions
Donations
4
INVESTMENT INCOME
Distributions from fixed asset investments
Bank interest
5
EXPENDITURE ON CHARITABLE ACTIVITIES
DIRECT COSTS
Grants (note 6)
Newsletter expenses
SUPPORT COSTS
Property costs
Insurance
Postage and stationery
Telecommunications
Website and computer expenses
Travelling and subsistence (note 9)
Other expenses
Bank charges
Governance costs (note 7)
TOTAL		 2023
£
8,160
943
9,103
15,756
62
15,818
19,727
2,994
22,721
-
623
164
-
499
895
-
168
1,670
4,019
26,740

2022
£
9,764
432
10,196
15,289
2
15, 291
12,752
2,985












15,737
2,647
623
285
144
2,211
333
150
168
1,683
8, 244
23,981

6 GRANTS

Eight grants (2022 - eight) were made from the Otto Harpner Fund during the year totalling £13,932 (2022 - £12,752), seven to individuals and one to an institution. The grants to individuals include the Angela Krosik bursary, awarded to a student who received a grant of £10,000 to support their studies for a DPhil in Health Data Science at Oxford University. One grant of £5,795 was made from the General Fund (2022 – none) in respect of a Chamber Music Exchange Award for a project involving the Artel String Quartet, based in Vienna, and the Oriole String Quartet, based in London.

7
GOVERNANCE COSTS
Independent examiner's fees
Professional and regulatory fees		 £
1,350
320
1,670		 £
1,250
433
1,683

THE ANGLO-AUSTRIAN SOCIETY

13

NOTES TO THE FINANCIAL STATEMENTS FOR

THE YEAR ENDED 31 DECEMBER 2023

8 EMPLOYEE COSTS

There were no persons employed by the charity in the year (2022 - none) and no employee costs were incurred in either year.

9 TRANSACTIONS WITH TRUSTEES AND RELATED PARTIES

No remuneration was paid to any Trustee, directly or indirectly, from the Society during the year. Travel expenses of £895 were reimbursed to four Trustees (2022 – £333 and three Trustees).

10
INVESTMENTS
1 January 2023
Unrealised surplus/(deficit) on revaluation
31 December 2023
Investments comprise:
Sarasin Endowments Fund Class A Income units
11
DEBTORS DUE WITHIN ONE YEAR
Accrued income
Gift Aid due
12
CREDITORS DUE WITHIN ONE
YEAR
Accruals
13
UNRESTRICTED FUNDS
General Fund
1 January 2023
Surplus/(deficit) for the year
31 December 2023		 2023
£
522,372
28,349
550,721
550,721
4,369
1,192
5,561
1,350
107,954
6,327
114,281		 2022
£
595,337
(72,965)

522,372
522.372
3,903
1,370
5,273
1,997
121,827
(13,873)

107,954

The General Fund can be expended at the discretion of the Trustees in furtherance of the objects of the Society.

14 DESIGNATED FUNDS
Otto Harpner Fund
1 January 2023 458,072 515,658
Surplus/(deficit) for the year 20,203 (57,586)
31 December 2023 478,275 458,072

The Fund provides grants to projects designed to strengthen Austro-British relations in all aspects of public and cultural life.

THE ANGLO-AUSTRIAN SOCIETY

14

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

15
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Investments
Debtors
Cash at bank
Inter-fund balance
Creditors		 GENERAL
FUND
£
123,437
2,172
7,113
(17,091)
(1,350)
114,281		 OTTO
HARPNER
FUND
£
427,284
3,389
30,511
17,091
-
478,275

No one party had control of the Society in either 2023 or 2022.

INCOME
Donations and legacies
Investment income
EXPENDITURE
Charitable activities
NET INCOME/(EXPENDITURE)
BEFORE GAINS/(LOSSES) ON
INVESTMENTS
Surplus on revaluation of
investments
NET MOVEMENT IN FUNDS
Reconciliation of funds
TOTAL FUNDS
AT 1 JANUARY 2022
TOTAL FUNDS
AT 31 DECEMBER 2022		 Unrestricted
Funds
£
10,196
3,430
13,626
11,145
2,481
(16,354)
(13,873)
121,827
107,954		 Designated
Funds
£
-
11,861
11,861
12,836
(975)
(56,611)
(57,586)
515,658
458,072		 Total
Funds
£
10,196
15,291
25,487
23,981
1,506
(72,965)
(71,459)
637,485
566,026