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2023-10-31-accounts

ARTISTS’ BENEVOLENT FUND

(The Society for the Management and Distribution of the Artists’ Fund – Benevolent Fund)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR

THE YEAR ENDED OCTOBER 31 2023

Charlty number 270686

ARTISTS’ BENEVOLENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31 2023

INDEX
Administrative information 1
Trustees’ and Directors’ annual report 2 – 6
Auditors’ report 7 - 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 – 18

ARTIST BENEVOLENT FUND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED OCTOBER 31 2023

TRUSTEES

L Gee B Hare Duke M Collins D Hooson V Farrow (Retired August 2023)

INDEPENDENT EXAMINER Naveed Ahmad BA(hons) FCCA ACA & ACCOUNTANTS HGA Accountants & Financial Consultants Ltd t/a Chittenden Horley – Chartered Accountants Hyde Park House Cartwright Street Hyde, SK14 4EH BANKERS Santander UK PLC CAF Bank Ltd

1

ARTIST BENEVOLENT FUND TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED OCTOBER 31 2023

The trustees present their annual report together with the financial statements of the charity for the year ended October 31 2023.

REPORTING FRAMEWORK

The financial statements comply with the Charities Act 2011, the charity’s constitution 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 (FRS102) (effective 1 January 2015), referred to as the Charities SORP (FRS 102).

OBJECTIVES AND ACTIVITIES

Chartable objects

The charitable objectives are:

“The relief in need of artists, their widows, widowers and orphans, including those whose needs arise by having a physical or mental disability.”

Activities

The charity makes grants to support artists.

Public benefit

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.

ACHIEVEMENTS AND PERFORMANCE

In December 2022, initial findings from the Strategic Development Consultancy Report were received. They noted that: perspectives had been shared by Trustees and other internal stakeholders, key considerations moving forward, concept grant-making models for ongoing testing, and an updated project timeline. In January 2023, The Artists’ Benevolent Fund, having had sufficient agreement from a quorum of trustees agreed to appoint Rathbones and CCLA as professional investment managers to manage assets on a discretionary basis.

In March 2023 the Board agreed new Vision Statement, Mission Statement, Object Statement and Value Statement, as part of the strategic development process. In June 2023, the Strategic Development Consultancy Report and Five-Year Financial Model was presented to the board by John Nicolls, Arts Quarter. There was full board agreement on the principles summarised in the report.

In August 2023, the Fund’s Bye Laws were updated to specify the minimum number of trustees, as well as the currently specified quorum. The change also removed the current maximum number of trustees, to allow the Fund to appoint more trustees if and when it is in the best interests of the Fund to do so. A further change was made in the Bye Laws to provide clarification for situations when the term of a trustee’s office may terminate, in additional to the expiry of a fixed term, as per the Charity Commission of England and Wales suggested model wording (CIO Foundation Constitution).

In September the recruitment process commenced for a new charity Director and ABF appointed a recruitment agency – Prospectus to lead the process. In October 2023, ABF saw the completion of the 2022/23 Fellowship Cohort. The five 2022/23 Fellows completed their year-long fellowships, hosted by five HEI partners in October 2023 and had the opportunity to present some of their outcomes to the Trustees in December.

2

ARTIST BENEVOLENT FUND TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED OCTOBER 31 2023

FINANCIAL REVIEW

Overview

The charity benefitted from a large legacy during the year, a balance of which is still outstanding.

Principal funding sources

The charity chiefly derives its income its investments, augmented by donations and periodic legacies.

Investment policy and review

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

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 £1,382,648 (2022: £518,892). Free reserves (unrestricted reserves not invested in tangible fixed assets or otherwise designated) amounted to £1,382,318 (2022: £518,362). 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.

Going concern

There are no concerns to note regarding going concern.

FUTURE PLANS

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 2022 – 2023 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 2023-2027.

3

ARTIST BENEVOLENT FUND TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED OCTOBER 31 2023

STRUCTURE GOVERNANCE AND MANAGEMENT

Governing document

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, 11[th] April 2000 and August 2023.

Appointment of trustees

The Board of Trustees shall consist of at least three trustees who shall elect a chair and treasurer. The trustees shall have a quorum of three. If the number falls below this minimum, the remaining trustee or trustees may act only to call a meeting of the trustees or appoint a new trustee. There is no maximum number of trustees that may be appointed to the Fund.

Trustee induction and training

Inductions for new trustees include meetings with other trustees, including meeting with the Chair, review of minutes and the governance manual. Trustees receive training in board responsibilities, legal framework, vison, risk and the strategic plan.

Organisation

The trustees normally meet three or four times a year. They are supported in their work by the Secretary to whom they have delegated authority for the day-to-day management of the charity, and who ensures that their decisions are implemented.

Related parties

There are no related party transactions.

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The trustees (who are also directors of Artists’ Benevolent Fund for the purposes of company law) are responsible for preparing the Trustees’ Annual and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Charities Act 2011. 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.

APPROVAL

Approved by the Board of Trustees and signed on its behalf by:

Lisa Gee (Chair)

– trustee

Date: 02/07/2024

4

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE ARTISTS’ BENEVOLENT FUND FOR THE YEAR ENDED OCTOBER 31 2023

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31[st] October 2023 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.

Naveed Ahmad BA (hons) FCCA ACA

HGA Accountants & Financial Consultants Ltd t/a Chittenden Horley - Chartered Accountants The Wesley Centre

Royce Road Hulme Manchester M15 5BP

Date: 10/07/2024

5

ARTISTS’ BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED OCTOBER 31 2023
Notes
Incoming resources from generated funds:
Donations
2
Other trading income
3
Investment income
4
TOTAL INCOME
EXPENDITURE
Costs of raising funds
5
Expenditure on charitable activities
6
TOTAL EXPENDITURE
Net gains/losses on investments
NET INCOME/(EXPENDITURE)
BEFORE TRANSFERS
Transfers between funds
NET MOVEMENT IN FUNDS
8
TOTAL FUNDS BROUGHT FORWARD
13
TOTAL FUNDS CARRIED FORWARD
13		 Unrestricted
Funds
£
877,187
-
17,264		 Restricted
Funds
£
-
-		 Total
2023
£
877,187
17,264
894,451
4,000
44,067
48,067
17,372
863,756
-
863,756
518,892
1,382,648		 Total
2022
£
6,116
-
17,729
894,451 - 23,845
4,000
44,067		 -
-		 3,059
85,278
48,067 - 88,337
17,372
863,756
-		 -
-
-		 (47,634)
(112,126)
-
863,756
518,362		 -
530		 (112,126)
631,018
1,382,118 530 518,892

The notes on pages 9 to 14 form part of these financial statements.

6

ARTISTS’ BENEVOLENT FUND BALANCE SHEET AS AT OCTOBER 31 2023

Notes
FIXED ASSETS
Investments
9
CURRENT ASSETS
Debtors
10
Cash at Bank and in Hand
CREDITORS
Amounts falling due in one year
11
NET CURRENT ASSETS
TOTAL NET ASSETS
FUNDS
Unrestricted
12
Restricted
12
TOTAL FUNDS		 2023
£
198,144

78,793

276,937

1,140		 2023
£
1,106,851
275,797		 2022
£
-
15,487		 2022
£
532,195
(13,303)
15,487
28,790
1,382,648 518,892
1,382,118
530		 518,362
530
1,382,648 518,892

Approved by the Board of Trustees and authorised for issue on:

Lisa Gee (Chair).

Date: 02/07/2024

7

ARTISTS’ BENEVOLENT FUND STATEMENT OF CASH FLOWS AS AT OCTOBER 31 2023
notes
Cash used in operating activities
16
Cashflows from investing activities
Interest and dividends
Disposal / addition of investments
Cash provided by/(used in) investing activities
Cashflows from financing activities
Proceeds from new borrowings
Repayment of borrowing
Cash used in financing activities
Increase/(decrease) in cash & cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Cash and cash equivalents consist of:
Cash at bank and in hand		 2023
£
603,326
17,264
(557,286)
(540,022)
-
-
-
63,304
15,487
78,791
78,791
78,791		 2022
£
(127,035)
17,729
62,064
79,793
-
-
-
(47,242)
62,729
15,487
15,487
15,487

8

ARTISTS’ BENEVOLENT FUND

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

1 ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared: under the historic cost convention, as modified by the revaluation of investments (as set out below) through the statement of financial activities; in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on July 16 2014; FRS102; and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS102.

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 in £ sterling, the functional currency of the charity.

Estimates and judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. The following applies to particular types of income:

Donations from individuals and other bodies (not being of the nature of a grant) are recognised when receivable.

Earned income is measured at the fair value of the consideration received or receivable for services and goods supplied, net of discounts and VAT.

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.

Deferred income

Income is only deferred and included in creditors when:

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds

including those associated with fundraising activities, managing investments and commercial trading by the subsidiary company.

Charitable activities costs of undertaking the work of the charity.

The charity is not registered for VAT and cannot recover any input tax charged. Costs are stated inclusive of VAT were charged.

9

ARTISTS’ BENEVOLENT FUND

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

1 ACCOUNTING POLICIES

Tangible fixed assets and depreciation

Individual fixed assets costing more

than £500 are capitalised at cost and are depreciated over their estimated useful lives on a straight-line basis. The charity does not have any tangible fixed assets.

Investments, gains and losses

Fixed asset investments are a form of basic financial instrument and are initially recorded at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The SoFA includes the net gains and losses arising on revaluation and on disposals throughout the year.

Gains and losses on are taken to the Statement of Financial Activities as they arise. Realised gains and losses are calculated as the difference between sale proceeds (net of transaction costs) and the opening carrying value or cost, if acquired during the year. Unrealised gains and losses are calculated on the difference between opening and closing fair values.

Debtors

Trade and other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably 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 provisions are normally recognised at their settlement amount.

Financial instruments

The charity has only basic financial instruments which are initially recorded at cost, and with the exception of investments (as set out above) subsequently measured at their settlement value.

10

ARTISTS’ BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31 2023

1 2023 1 2023 1 2023
11
2
3
4
5
**6 **		 Unrestricted
£
DONATIONS
Donations
16,759
Legacies
860,428
877,187
OTHER TRADING INCOME
Partnership with Bombat Sapphire
-
Total
-
INCOME FROM INVESTMENTS
Dividends
16,019
Interest - fixed interest ecurities
1,245
Interest - deposists
0
17,264
COST OF RAISING FUNDS
Support costs
4,000
4,000
CHARITABLE EXPENDITURE
Grants - support of artists in training
Individuals
5,000
Support costs
39,067
44,067
Grants awarded		 Unrestricted 2023
Restricted		 Total Unrestricted 2022
Restricted
Total
£
16,759
860,428		 £
-
-		 £
16,759
860,428		 £
6,116
-		 £
£
-
6,116
-
-
-
6,116
-
-
-
-
-
15,971
-
1,758
-
-
-
17,729
3,059
-
3,059
-
60,900
-
24,378
-
85,278
877,187 - 877,187 6,116
- - - -
- - - -
16,019
1,245
0		 0
0
0		 16,019
1,245
-		 15,971
1,758
-
17,264 - 17,264 17,729
4,000 0 4,000 3,059
4,000 - 4,000 3,059
-
-		 5,000
39,067		 60,900
24,378
44,067 - 44,067 85,278
SUPPORT & GOVERNANCE COSTS
Other support
Governance
Costs
Total
Support costs
£
£
£
Secretary's fees
3,300
3,300
6,600
Accountancy
1,140
-
1,140
Consutancy, legal & professional
31,208
-
31,208
Trustees' meetings and expenses
2,332
-
2,181
Trustee Indemnity insurance
151
-
151
Office costs & other costs
-
1,787
1,787
Total support costs
38,131
5,087
43,067
less allocated to fundraising
(4,000)
(4,000)
38,131
1,087
39,067
2023
Other support
Governance
Costs
Total
2023		 Other support
Governance
Costs
Total
2022
£
3,300
1,140
31,208
2,332
151
-		 £
3,300
-
-
-
-
1,787		 £
6,600
1,140
31,208
2,181
151
1,787		 £
2,846
1,140
14,309
515
588
-		 £
£
2,846
5,691
1,400
2,540
-
14,309
-
515
-
588
3,794
3,794
8,040
27,437
(3,059)
(3,059)
4,981
24,378
38,131 5,087
(4,000)		 43,067
(4,000)		 19,398
-
38,131 1,087 39,067 19,398
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
**2 ** DONATIONS
Donations 16,759 - 16,759 6,116 - 6,116
Legacies 860,428 - 860,428 - - -
877,187 - 877,187 6,116 - 6,116
**3 ** OTHER TRADING INCOME
Partnership with Bombat Sapphire - - - - - -
Total - - - - - -
**4 ** INCOME FROM INVESTMENTS
Dividends 16,019 0 16,019 15,971 - 15,971
Interest - fixed interest ecurities 1,245 0 1,245 1,758 - 1,758
Interest - deposists 0 0 - - - -
17,264 - 17,264 17,729 - 17,729
**5 ** COST OF RAISING FUNDS
Support costs 4,000 0 4,000 3,059 3,059
4,000 - 4,000 3,059 - 3,059
**6 ** CHARITABLE EXPENDITURE
Grants - support of artists in training
Individuals 5,000 - 5,000 60,900 - 60,900
Support costs 39,067 - 39,067 24,378 - 24,378
44,067 - 44,067 85,278 - 85,278
Grants awarded

6 SUPPORT & GOVERNANCE COSTS

ARTISTS’ BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31 2023

7 NET INCOMING RESOURCES AFTER TRANSFERS
2023
This is stated after charging/(crediting):
£
Accountant/Independent examiner's fees
Report
Accountancy
1,140
Trustee remuneration
Directors' remuneration & trustees' expenses
-
Number of trustees caiming expenses
8 STAFF INFORMATION
The charity does not have any employees.
The key management personnel comprise the trustees and the freelance project manager.
9 INVESTMENTS
2023
£
Cost or valauation
Brought forward
532,195
Additions
557,284
Disposals
-
Gain or loss on revalaution
17,372
Carried forward
1,106,851
10 DEBTORS
Settlement & Loan due from Sir Stanley Spencer Fernley Trust
198,144
Prepayments & other debtors
-
198,144
11 CREDITORS falling due within one year
Grants payable
-
Accruals
1,140
1,140		 2022
£
-
1,140
-
-
0
2022
£
641,893
-
(62,064)
(47,634)
532,195
-
-
27,500
1,290
28,790

12

ARTISTS’ BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31 2023

12 STATEMENT OF FUNDS

Unrestricted Funds:
General fund
Restricted Funds:
Miss Pye		 Balance
01/11/2021
£
630,488		 Income
£
23,845		 Expenditure
£
(88,337)		 Gains & Losse
£
(47,634)		 s
Transfers
£
-		 Balance
31/10/2022
£
518,362		 Income
£
894,451		 Expenditure
£
(48,067)		 Gains & Losse
£
17,372		 s
Transfers
£
-		 Balance
31/10/2023
£
1,382,118
630,488 23,845 (88,337) (47,634) - 518,362 894,451 (48,067) 17,372 - 1,382,118
530 - - - - 530 - - - - 530
530 - - - - 530 - - - - 530
631,018 23,845 (88,337) (47,634) - 518,892 894,451 (48,067) 17,372 - 1,382,648

13

ARTISTS’ BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31 2023

ANALYSIS OF COMPANY NET ASSETS BETWEEN FUNDS
Unrestricted
Restricted
Funds
Funds
Fund balances at October 31 2023 are represented by:-
£
£
Investments
1,106,321
530
Net current assets
275,797
-
1,382,118
530
Fund balances at October 31 2022 are represented by:-
Investments
531,665
530
Net current assets
(13,303)
-
518,362
530
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES
2023
£
Net income/(expenditure)
863,756
Deduct interest income shown in investing activities
(17,264)
Deduct/add net (gains)/losses on investments
(17,372)
Decrease/(increase) in debtors
(198,144)
Increase/(decrease) in creditors
(27,650)
Net cash generated from/(used in) operating activities
603,326
The Charity had no net debt at the year end (2021 - none).
TAXATION
CAPITAL COMMITMENTS
RELATED PARTY TRANSACTIONS
There were no related party transactions that required to be disclosed in this or the previous year.
At October 31 2022 the charity had capital commitments (authorised and contracted for) nil (2021 - none).
As a registered charity, the charity is exempt from income tax.		 Total
£
1,106,851
275,797
1,382,648
532,195
(13,303)
518,892

2022
£
(112,126)
(17,729)
47,634
174
(44,988)
(127,035)
ANALYSIS OF COMPANY NET ASSETS BETWEEN FUNDS
Unrestricted
Restricted
Funds
Funds
Fund balances at October 31 2023 are represented by:-
£
£
Investments
1,106,321
530
Net current assets
275,797
-
1,382,118
530
Fund balances at October 31 2022 are represented by:-
Investments
531,665
530
Net current assets
(13,303)
-
518,362
530
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES
2023
£
Net income/(expenditure)
863,756
Deduct interest income shown in investing activities
(17,264)
Deduct/add net (gains)/losses on investments
(17,372)
Decrease/(increase) in debtors
(198,144)
Increase/(decrease) in creditors
(27,650)
Net cash generated from/(used in) operating activities
603,326
The Charity had no net debt at the year end (2021 - none).
TAXATION
CAPITAL COMMITMENTS
RELATED PARTY TRANSACTIONS
There were no related party transactions that required to be disclosed in this or the previous year.
At October 31 2022 the charity had capital commitments (authorised and contracted for) nil (2021 - none).
As a registered charity, the charity is exempt from income tax.		 Total
£
1,106,851
275,797
1,382,648
532,195
(13,303)
518,892

2022
£
(112,126)
(17,729)
47,634
174
(44,988)
(127,035)

13 ANALYSIS OF COMPANY NET ASSETS BETWEEN FUNDS

14 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES

15 TAXATION

16 CAPITAL COMMITMENTS

17 RELATED PARTY TRANSACTIONS

14