# **ARTISTS’ BENEVOLENT FUND (The Society for the Management and Distribution of the Artists’ Fund – Benevolent Fund) Financial Statements Year Ended 31 October 2021**
Charity registration number: 270585
**Artists’ Benevolent Fund Financial Statements Year Ended 31 October 2021**
## **Contents**
||**Page**|
|---|---|
|Charity Reference and Administrative Details|3|
|Trustees’ Annual Report|4|
|Independent Examiner’s Report|7|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Statement of Cash Flows|10|
|Notes to the Financial Statements|11|
## **Artists’ Benevolent Fund Charity Reference and Administrative Details Year Ended 31 October 2021**
**Charity registration number as the Society for** 270585 **the Management and Distribution of the Artists’ Fund – Benevolent Fund**
**Trustees** L Gee (Chair) B Hare Duke M Collins D Hooson M Herrero appointed 14 December 2020 V Farrow appointed 9 December 2021 **Principal and Registered Office** 31 Freston Gardens Barnet Herts EN4 9LX **Independent Examiner** Peter Smith BA FCA DChA HGA Accountants & Financial Consultants Ltd t/a Chittenden Horley - Chartered Accountants The Wesley Centre Royce Road Hulme Manchester M15 5BP
**Bankers** Santander UK Plc CAF Bank Ltd
3
**Artists’ Benevolent Fund Trustees’ Annual Report Year Ended 31 October 2021**
The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 October 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity. The Artists' Benevolent Fund is a charity established by Royal Charter and registered with the Charity Commission in England and Wales. The governing documents of the charity are the Royal Charter dated 2[nd] August 1827, supplemental charters dated 1926 and 13[th] October 2004, scheme dated 1[st] February 2005 and bye-laws as amended 22[nd] June 1993 and 11[th] April 2000.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, 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, (SORP FRS 102).
## **Trustees of the charity**
The Trustees who have served during the year and since the year end were as follows:
L Gee B Hare Duke M Collins D Hooson M Herrero appointed 14 December 2020 V Farrow appointed 9 December 2021
## **Objectives and activities**
The relief in need of artists, their widows, widowers and orphans, including those whose needs arise by having a physical or mental disability.
## **Public benefit statement**
The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. During the year the charity continued to work for the good of society through continuing and new grants to support artists in need and extending grants to those affected by Covid constraints. The public benefit of the charity’s activities are outlined under “Objectives and activities” and in “Achievements and performance” below.
## **Strategic Report**
## **Achievements and performance**
The charity has continued the Step Change programme, assisting individuals at a growing number of universities. There are partnerships in place at Higher Education Institutions throughout England and Wales, supporting recent graduates to develop their artistic practice and to progress into professional artists.
The Step Change programme supports individuals who are disadvantaged through economic, social or cultural circumstance, enabling them to progress their careers. The artists supported in the year to 31 October 2021 have been enabled to work on portfolios, exhibitions, commissions and other opportunities as they arose.
## **Impact of Covid–19**
The Trustees continued to take account of the pandemic’s impact on artists; aiming to mitigate certain issues that may prevent artists from progressing. Additional assistance was provided to a significant number of individuals as a result of Covid issues which had prevented or curtailed the completion of various courses and work.
4
**Artists’ Benevolent Fund Trustees’ Annual Report Year Ended 31 October 2021**
## **Partnership with Bombay Sapphire**
In the autumn of 2020, ABF partnered with Bombay Sapphire as part of their Ripe for Discovery Artist Series Bottles. As part of this promotion, the ABF were enormously grateful to receive a £16,000 in total from this arrangement. This has helped to enable the charity to assist emerging artists, through the Step Change Programme, working with partners across the country to deliver financial support, access to resources and mentoring.
## **Financial review (including reserves policy)**
The Trustees are entitled to exercise discretion over both the capital and income of the fund. No specific restrictions are imposed on Trustees by the Trust Deed in the exercise of their powers of investment. It is the policy of the Trustees to invest the capital of the charity to provide sufficient income to fund its activities. The Trustees invest in appropriate investment funds such that these objectives can be met. The Trustees review the performance of the investment portfolio at every Trustees’ meeting and they are satisfied with the investment growth and return generated for the year.
Reserves are maintained by the charity to meet fluctuations in investment income, providing funds to cover grant commitments. The current investment policy remains unchanged, holding funds in interest bearing accounts and in charitable and other investments.
The Balance Sheet shows net assets available to the charity of £631,018 (2020: £640,730). Free unrestricted reserves amounted to £630,488 (2020: £640,215). The Trustees consider this level of reserves to be appropriate in the context of “Plans for future periods” below.
The Trustees will continue their policy of safely investing the capital of the charity to ensure that payments to existing and future beneficiaries can be maintained. The administrative costs of the charity are under constant review. The Trustees intend to continue distributing grants which may exceed income each year, subject to annual reviews.
## **Plans for future periods**
The charity currently focuses its activity on supporting artists in need at the start of their careers. This is achieved through the operation of its Step Change Fellowship programme delivered in partnership with various Higher Education Institutions based in England and Wales. During the period 2021 – 2022 the ABF proposes to undertake a major review of its operation, considering the opportunities that the current programme affords and developing plans to take the strategic work of the charity forward 2022-2027.
## **Structure, governance and management**
There are six Trustees. The Trustees give freely of their time. The charity has no employees. Trustees are appointed for a three year term and may serve for further terms. The Trustees may appoint a further Trustee who is willing to serve, either to fill a vacancy or as an additional Board member. The Trustees normally meet three or four times each year.
Inductions for new Trustees include meetings with other Trustees, review of minutes and the governance manual and discussions with the Chair of Trustees. All Trustees receive training in Board responsibilities, legal framework, vision, risk and the strategic plan.
## **Third party indemnity provisions**
The charity maintains a Trustees’ Indemnity Insurance Policy arranged by BHIB Limited. This covers the Trustees against certain liability claims up to £100,000 in aggregate per annum at a cost of £166 in the year to 31 October 2021.
## **Independent Examiner**
The Trustees have appointed Peter Smith of Chittenden Horley as Independent Examiner for the financial statements for the year to 31 October 2021.
5
## **Artists’ Benevolent Fund Trustees’ Annual Report Year Ended 31 October 2021**
## **Trustees’ responsibilities**
Charity law requires the Trustees to prepare statements of account 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 then apply them consistently;
- observe the methods and principles of the Charities’ SORP FRS 102;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
- make judgements and estimates that are reasonable and prudent and;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records which are sufficient to show and explain the charity’s transactions and to disclose with reasonable accuracy at any time the financial position of the charity, and to enable them to ensure the financial statements comply with requirements of the Charities’ Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the board
B M Hare Duke - Trustee
Date: 25/02/22
6
**Artists’ Benevolent Fund Independent Examiner’s Report Year Ended 31 October 2021**
## **Independent Examiner's Report to the Trustees of the Artists’ Benevolent Fund**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31[st] October 2021 which are set out on pages 8 to 18.
## **Responsibilities and basis of report**
As the charity’s 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 charity’s accounts 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**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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 any 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.
Peter Smith BA FCA DChA
HGA Accountants & Financial Consultants Ltd t/a Chittenden Horley - Chartered Accountants The Wesley Centre Royce Road Hulme Manchester M15 5BP
Date: 10/03/22
7
## **Artists’ Benevolent Fund Statement of Financial Activities Year Ended 31 October 2021**
|Note
**Income and endowments from:**
Donations and legacies
2
Other Trading income
3
Investments
4
**Total income and endowments**
**Expenditure on:**
Raising funds
Charitable activities
5
**Total expenditure**
Net gains/(losses) on
12
investments
**Net income/(expenditure)**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
15
**Total funds carried forward**
15|2021
Unrestricted
Restricted
funds
funds
Total
£
£
£
5,500
-
5,500
16,000
-
16,000
19,284
15
19,299
40,784
15
40,799
2,267
-
2,267
162,335
-
162,335
164,602
-
164,602
114,091
-
114,091
(9,727)
15
(9,712)
(9,727)
15
(9,712)
640,215
515
640,730
630,488
530
631,018|2020
Total
£
4,048
-
23,844|
|---|---|---|
|||27,892
1,447
178,198|
|||179,645
(66,560)|
|||(218,313)|
|||(218,313)
859,043|
|||640,730|
All income and expenditure derive from continuing activities.
The notes on pages 11 to 18 form part of these financial statements.
8
**Artists’ Benevolent Fund Balance Sheet Year Ended 31 October 2021**
|Note
**Fixed assets**
Investments
12
**Current assets**
Debtors
13
Cash at bank and in hand
**Creditors: amounts falling due within one year**
14
**Net current liabilities**
**Total assets less current liabilities**
**Net assets**
**Charity Funds**
Restricted funds
15
Unrestricted funds
15
**Total charity funds**
15|2021
£
641,893
641,893
174
62,729
62,903
(73,778)
(10,875)
631,018
631,018
530
630,488
631,018|2020
£
667,802|
|---|---|---|
|||667,802
166
42,329|
|||42,495
(69,567)|
|||(27,072)|
|||640,730|
|||640,730|
|||515
640,215|
|||640,730|
The financial statements were approved and authorised for issue by the Board on 25/02/22
Signed on behalf of the board of trustees
## B M Hare Duke - Trustee
The notes on pages 11 to 18 form part of these financial statements.
9
**Artists’ Benevolent Fund Statement of Cash Flows Year Ended 31 October 2021**
|Note
**Cash flow from operating activities**
17
**Net cash flow from operating activities**
**Cash flow from investing activities**
Dividends and interest received
Disposal of investments
**Net cash flow from investing activities**
**Net increase / (decrease) in cash and cash equivalents**
**Cash and cash equivalents at 1 November 2020**
**Cash and cash equivalents at 31 October 2021**
**Cash and cash equivalents consists of:**
Cash at bank and in hand
**Cash and cash equivalents at 31 October 2021**|2021
£
(138,899)
(138,899)
19,299
140,000
159,299
20,400
42,329
62,729
62,729
62,729|2020
£
(163,466)|
|---|---|---|
|||(163,466)|
|||23,844
140,000|
|||163,844|
|||378
41,951|
|||42,329|
|||42,329|
|||42,329|
10
**Artists’ Benevolent Fund Notes to the Financial Statements Year Ended 31 October 2021**
## **1 Summary of significant accounting policies**
## **(a) General information and basis of preparation**
The Artists’ Benevolent Fund is a charity established by Royal charter and registered with the Charity Commission in England and Wales. The address of the registered office is given in the charity information on page 3 of these financial statements. The nature of the charity’s operations and principal activities are the financial support of needy artists.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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), the Charities Act 2011 and UK Generally Accepted Practice.
The accounts (financial statements) have been prepared to give a ‘true and fair view’ and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include investments at market value. The financial statements are prepared in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **(b) Funds**
Unrestricted funds, which include designated but not committed funds, are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
## **(c) Income recognition**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time of the Trustees in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised when receivable and dividend income is recognised as the charity’s right to receive payment is established.
11
**Artists’ Benevolent Fund Notes to the Financial Statements Year Ended 31 October 2021**
## **(d) Expenditure recognition**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Costs of raising funds includes advertising and website costs;
- Expenditure on charitable activities includes grants, administrative, support and governance costs; and
- Other expenditure represents those items not falling into the categories above.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants are included as expenditure in the period once they have been approved by the trustees and notified to the recipient or to a partner in funding. The fellowships and projects funded by grants are regularly reviewed and monitored. The trustees retain the right to terminate grant commitments if they are not satisfied with the progress of the programmes during the monitoring process, in which case the grants will be written back. Grants payable are included in accruals where a constructive obligation exists.
## **(e) Support costs allocation**
Support costs included in charitable activities include all costs that assist the work of the charity but do not directly represent charitable activities and include office costs, grant making costs, governance costs and administrative costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to the cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
## **(f) Costs of raising funds**
Fund-raising costs are those incurred in seeking voluntary donations and do not include the costs of disseminating information in support of the charitable activities.
## **(g) Investments**
Investments are recognised initially at cost which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. The investments of the charity are detailed in note 11.
## **(h) Debtors and creditors receivable / payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **(i) Provisions**
Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
12
**Artists’ Benevolent Fund Notes to the Financial Statements Year Ended 31 October 2021**
## **(j) Tax**
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010.
## **(k) Going concern**
The financial statements have been prepared on a going concern basis as the Trustees consider that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from the date of approval of these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **(l) Judgements and key sources of estimation uncertainty**
There are no judgements or estimates that have been made in the process of applying the above accounting policies.
## **2 Income from donations and legacies**
|Gifts|2021
£
5,500
5,500|2020
£
4,048|
|---|---|---|
|||4,048|
Income from donations and legacies was £5,500 (2020 - £4,048) of which £5,500 (2020 - £4,048) was attributable to unrestricted funds.
## **3 Other trading income**
|Partnership with Bombay Sapphire
**4**
**Income from investments**
Dividends - equities
Interest - fixed interest securities
Interest - deposits|2021
£
16,000
16,000
2021
£
17,024
2,275
-
19,299|2020
£
-|
|---|---|---|
|||-|
|||2020
£
21,607
2,235
2|
|||23,844|
Income from investments was £19,299 (2020 - £23,844) of which £15 (2020 - £15) was attributable to restricted and £19,284 (2020 - £23,829) was attributable to unrestricted funds.
13
## **Artists’ Benevolent Fund Notes to the Financial Statements Year Ended 31 October 2021**
## **5 Analysis of expenditure on charitable activities**
|Support of artists in training|Grant funding of
Grant making
Total
activities
and support
costs
2021
2020
2021
2020
2021
2020
£
£
£
£
£
£
149,000
162,500
13,335
15,698
162,335
178,198|
|---|---|
||149,000
162,500
13,335
15,698
162,335
178,198|
£162,335 (2020 - £178,198) of the above costs were attributable to unrestricted funds.
## **6 Allocation of support costs**
Charitable activities
|Governance
Accountancy &
Finance
Total|Support of
Total
artists in training
2021
2020
2021
2020
£
£
£
£
11,837
14,636
11,837
14,636
1,498
1,062
1,498
1,062|
|---|---|
||13,335
15,698
13,335
15,698|
## **7 Governance costs**
|Trustee travel expenses
Independent Examiner’s remuneration
Support and grant making costs
Meeting costs
Trustee Indemnity Insurance & Other|2021
£
42
749
10,739
101
206
11,837|2020
£
151
765
13,334
180
206|
|---|---|---|
|||14,636|
14
**Artists’ Benevolent Fund Notes to the Financial Statements Year Ended 31 October 2021**
## **8 Analysis of grants**
|Grants to artists in training|Grants to
Support costs
Total
individuals
2021
2020
2021
2020
2021
2020
£
£
£
£
£
£
149,000
162,500
13,335
15,698
162,335
178,198|
|---|---|
||149,000
162,500
13,335
15,698
162,335
178,198|
All grants were to individuals.
## **9 Independent Examiner’s remuneration**
Fees payable to the charity’s independent examiner for the examination of the charity’s annual accounts
|2021|2020|
|---|---|
|£|£|
|749|765|
## **10 Trustees' and key management personnel remuneration and expenses**
The Trustees received no remuneration during the year (2020: £Nil).
The reimbursement of travel expenses to 3 Trustees (2020: 3) was £42 (2020: £151).
## **11 Staff costs and employee benefits**
There were no employees in the year.
## **12 Fixed asset investments**
|Cost or valuation
At 1 November 2020
Disposals
Revaluation
At 31 October 2021
Carrying amount:
At 31 October 2020
At 31 October 2021|Total
£
667,802
(140,000)
114,091|
|---|---|
||641,893
667,802|
||641,893|
15
**Artists’ Benevolent Fund Notes to the Financial Statements Year Ended 31 October 2021**
## **13 Debtors**
|Prepayments and accrued income
**reditors: amounts falling due within one year**
Accruals for grants payable
Accruals and deferred income|2021
£
174
174
2021
£
70,000
3,778
73,778|2020
£
166|
|---|---|---|
|||166|
|||2020
£
65,000
4,567|
|||69,567|
## **14 Creditors: amounts falling due within one year**
## **15 Fund reconciliation**
## **Unrestricted funds**
||Balance at||||Balance at|
|---|---|---|---|---|---|
||1 November|Income|Expenditure|Gains/(Losses)|31 October|
||2020||||2021|
||£|£|£|£|£|
|Unrestricted|640,215|40,784|164,602|114,091|630,488|
||640,215|40,784|164,602|114,091|630,488|
|**Restricted funds**||||||
||Balance at||||Balance at|
||1 November|Income|Expenditure|Gains/Losses)|31 October|
||2020||||2021|
||£|£|£|£|£|
|Miss Pye|515|15|-|-|530|
## **Fund descriptions**
## a) Unrestricted funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
## b) Restricted funds
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
The fund represents a bequest by Miss Pye, the income from which is used to provide a Christmas gift to any widows in receipt of funding.
16
**Artists’ Benevolent Fund Notes to the Financial Statements Year Ended 31 October 2021**
## **16 Analysis of net assets between funds**
|Investments
Cash and current investments
Other current assets /(liabilities)
Total|Unrestricted
Restricted
funds
funds
Total
£
£
£
641,363
530
641,893
62,729
-
62,729
(73,604)
-
(73,604)|
|---|---|
||630,488
530
631,018|
## **17 Reconciliation of net income to net cash flow from operating activities**
|Net income/(expenditure) for year
Dividends and interest received
Net (gains)/losses on investments
(Increase)/decrease in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities|2021
£
(9,712)
(19,299)
(114,091)
(8)
4,211
(138,899)|2020
£
(218,313)
(23,844)
66,560
-
12,131|
|---|---|---|
|||(163,466)|
## **18 Analysis of Net Debt**
|Cash and cash equivalents
Liquid investments
Total net debt|At 1 November
Non cash
At 31 October
2020
Cash flows
changes
2021
£
£
£
£|
|---|---|
||42,329
20,400
-
62,729
667,802
(140,000)
114,091
641,893|
|||
||710,131
(119,600)
114,091
704,622|
## **19 Related party transactions**
There are no related party transactions during the year (2020: £ nil).
17
**Artists’ Benevolent Fund Notes to the Financial Statements Year Ended 31 October 2021**
## **20 Statement of financial activities 31 October 2020**
|**Income and endowments from:**
Donations and legacies
Investments
**Total income and endowments**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
Net gains (losses) on
investments
**Net income/(expenditure)**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|2020
Unrestricted
Restricted
funds
funds
Total
£
£
£
4,048
-
4,048
23,829
15
23,844
27,877
15
27,892
1,447
-
1,447
178,198
-
178,198
179,645
-
179,645
(66,560)
-
(66,560)
(218,328)
15
(218,313)
(218,328)
15
(218,313)
858,543
500
859,043
640,215
515
640,730|2019
Total
£
4,073
27,650|
|---|---|---|
|||31,723
2,248
79,972|
|||82,220
51,943|
|||1,446|
|||1,446
857,597|
|||859,043|
18