THE AUTHORS' FOUNDATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE
YEAR ENDED 31 DECEMBER 2024
CHARITY No. 326605
THE AUTHORS' FOUNDATION
Charity Information
The Society of Authors Imtiaz Dharker (resigned 10 Dec 2024) Tracy Chevalier George Graham Sarah Waters Moniza Alvi (appointed 10 Dec 2024)
| Trustees | The Society of Authors |
| Imtiaz Dharker (resigned 10 | |
| Tracy Chevalier | |
| George Graham | |
| Sarah Waters | |
| Moniza Alvi (appointed 10 D | |
| Charity Number | 326605 |
| 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' FOUNDATION
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 – 10 |
REPORT OF THE TRUSTEES OF THE AUTHORS' FOUNDATION
YEAR ENDED 31 DECEMBER 2024
The Trustees present their report and financial statements for the year ended 31[st] December 2024. 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
Under the trust deed of the charity, the Society of Authors is authorised to appoint new Trustees. A list of trustees is shown in the Charity Information attached to these statements.
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 23rd February 1984 for the advancement of literature and the encouragement of creative writing. The purpose of the Foundation is to advance the education of the public by making grants and awards out of income to authors of outstanding literary merit to enable them to create and/or procure publication of literary works of educational value or artistic merit, and by promoting the publication and dissemination of literary works of educational value or artistic merit. The policy of the Authors' Foundation 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.
The Restricted Endowment was created in September 2001 from donations totalling £1,650,000 from the Royal Literary Fund (RLF) to support the work of the Authors’ Foundation. The donation was made on certain conditions to ensure that such an award falls within the object of its Charter, the conditions being that the whole of the annual income be spent; a member of the committee of the RLF should be a trustee of the Authors’ Foundation (currently George Graham); at least one member of the RLF committee should be appointed by the Authors’ Foundation to be an assessor each year; the RLF’s assessor should be satisfied that grants from the restricted fund be made towards time and research for works of public education and the improvement of public taste in the field of literary work, thus meeting the requirement of the RLF’s Charter (Clause 3b); and that the Authors’ Foundation should submit a draft and its final annual accounts to the RLF each year.
The RLF, when giving this donation, stated that the making of grants from this award should be entirely at the discretion of the Authors’ Foundation. To make the matter clear, the RLF stated that the funds having been received from them on special trust, the distribution of the income is a matter solely for the Authors’ Foundation.
Public Benefit
In reviewing the charity’s aims and objectives and in planning future activities, the Trustees refer to the Charity Commissions 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.
Financial Review
The results for the year ended 31st December 2024 appear on pages 4 to 10. A total of 110 authors received grants from the Foundation in 2024 (2023: 112 authors).
1
REPORT OF THE TRUSTEES OF THE AUTHORS' FOUNDATION
YEAR ENDED 31 DECEMBER 2024
Restricted Endowment: The income from investments for the year amounted to £94,232 (2023: £99,819) and the fund-raising income for the year amounted to £5,000 (2023: £12,000). After payment of charitable awards amounting to £186,545 (2023: £190,001) and other expenditure totalling £62,584 (2023: £56,435) there was a Net decrease in Funds for the year of £149,897 (2023: £134,617 decrease) before including the capital movements on investments - the realised gain on the sale of investments of £4,295 (2023: £164 gain) and the unrealised increase in the market value of £84,518 (2023: £136,641 increase). The Accumulated Fund carried forward at 31st December 2024 stands at £2,868,126 (2023: £2,929,210).
Unrestricted Fund: The income from investments totalled £95,007 (2023: £98,595) and fund-raising income for the year amounted to £1,155 (2023: £885). Charitable awards paid were £136,956 (2023: £143,334) and other expenditure totalled £49,798 (2023: £45,016). The net decrease in funds for the year was £90,592 (2023: £88,870 decrease). The capital movements on investments consisted of realised gain of £3,761 (2023: £166 loss) and the unrealised gain in market value was £79,458 (2023: £127,416 gain). The balance carried forward on the Accumulated Fund at the year-end is therefore £2,591,433 (2023: £2,598,806).
The trustees consider that both the Restricted Endowment and the Unrestricted Fund have sufficient income and capital to meet the obligations likely to be placed on each of the funds 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;
-
observe the methods and the principles of the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the board of Trustees on 24 July 2025 and signed on their behalf by:
Vanessa Fox O’Loughlin – Chair of the Management Committee, The Society of Authors
2
THE AUTHORS' FOUNDATION
YEAR ENDED 31 DECEMBER 2024
Independent Examiner’s Report to the Trustees of The Authors’ Foundation Fund
I report to the trustees on my examination of the accounts of The Authors’ Foundation Fund for the year ended 31 December 2024.
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 Trust’s accounts carried out 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 giving me cause to believe that in any material aspect:
-
a) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
b) the accounts do not accord with those records; or
-
c) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than the requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Simon Goodridge FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD Date 25 July 2025
3
THE AUTHORS’ FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2024
| Notes Income and Endowments from: Fund Raising Income Donations and Legacies CAF Fund Raising Income from Investments Dividends and Interest - Listed Investments 2 Dividends from other investments Bank Interest Total Income Expenditure on: Cost of Generating Funds Investment Management Fees Direct Charitable Activities Awards Paid 3 Support Costs 4 Total Expenditure Net income/(expenditure) before investment gains/(losses) Net gains/(losses) on investments 6 Net income/(expenditure) Reconciliation of Funds: Total Funds Brought Forward Total Funds Carried Forward 9 |
Unrestricted Funds £ 270 885 1,155 86,250 7,350 1,407 95,007 96,162 13,558 136,956 36,240 186,754 (90,592) 83,219 (7,373) 2,598,806 £2,591,433 |
Restricted Endowment £ 5,000 - 5,000 92,734 - 1,498 94,232 99,232 14,545 186,545 48,039 249,129 (149,897) 88,813 (61,084) 2,929,210 £2,868,126 |
2024 Total Funds £ 5,270 885 6,155 178,984 7,350 2,905 189,239 195,394 28,103 323,501 84,279 435,883 (240,489) 172,032 (68,457) 5,528,016 £5,459,559 |
2023 Total Funds £ 12,000 885 |
|---|---|---|---|---|
| 12,885 190,908 6,370 1,136 |
||||
| 198,414 | ||||
| 211,299 | ||||
| 27,335 333,335 74,116 |
||||
| 434,786 | ||||
| (223,487) 264,055 |
||||
| 40,568 5,487,448 |
||||
| £5,528,016 |
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements.
4
THE AUTHORS’ FOUNDATION
BALANCE SHEET
31 DECEMBER 2024
| 2024 | 2023 | 2023 | ||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Fixed Assets | ||||||
| Listed Investments | 5,6 | 5,358,245 | 5,437,563 | |||
| Other Investments | 5 | 49 | 49 | |||
| 5,358,294 | 5,437,612 | |||||
| Current Assets | ||||||
| Debtors | 7 | 5,000 | 5,000 | - | - | |
| Cash held by Investment Managers | 98,863 | 98,863 | 98,880 | 98,880 | ||
| Cash at Bank | 10,195 | 10,195 | 4,169 | 4,169 | ||
| 114,058 | 114,058 | 103,049 | 103,049 | |||
| Creditors | ||||||
| Amounts falling due within one year | 8 | (12,793) | (12,793) | (12,645) | (12,645) | |
| Net Current Assets | 101,265 | 90,404 | ||||
| Total Net Assets | 9 | £5,459,559 | £5,528,016 | |||
| Accumulated Funds | ||||||
| Unrestricted Fund | 2,591,433 | 2,598,806 | ||||
| Restricted Endowment Fund | 2,868,126 | 2,929,210 | ||||
| Total Funds | £5,459,559 | £5,528,016 |
The Financial Statements were approved by the Trustees on 24 July 2025 and signed on their behalf by:
Vanessa Fox O’Loughlin – Chair of the Management Committee, The Society of Authors
The notes form part of these financial statements
5
THE AUTHORS’ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1 ACCOUNTING POLICIES
-
a) The Financial Statements of the charity, which is a public benefit entity under FRS 102, have been prepared under the historical cost convention, as modified by the revaluation of investments, and include the results of the charity’s operations, which are described in the Trustees’ Report, all of which are continuing. The Financial Statements have been prepared in accordance with the Financial Reporting Standard 102 and the Charities SORP (FRS102 second edition) and in compliance with the Charities Act 2011.
-
b) The income from Investments and Bank Interest received represents the actual income receivable in the year.
-
c) Donations are accounted for when the charity is unconditionally entitled to receipt.
-
d) Awards paid include all amounts payable in the year in accordance with the terms of the Trust Deed and in accordance with the charter of the Royal Literary Fund.
-
e) Other expenditure is on the basis of amounts payable for the year and includes provisions for amounts paid after the Balance Sheet date.
-
f) Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objects of the charity.
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 purpose.
-
g) The Quoted Investments are included in the Financial Statements at market value to comply with the Statement of Recommended Practice. Other investments are stated at cost.
-
h) 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.
2 INVESTMENT INCOME
| INVESTMENT INCOME | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Restricted | ||||
| Unrestricted | Endowment | |||
| Fund | Fund | Total | Total | |
| £ | £ | £ | £ | |
| NON GOVERNMENT BOND FUNDS | ||||
| Volare Global Fixed Interest Offshore | ||||
| Fund Z Income | 11,025 | 12,135 | 23,160 | 26,852 |
| Volare Sterling Fixed Interest | ||||
| Offshore Fund Z | 10,469 | 11,373 | 21,842 | 19,058 |
| MULTI ASSET CHARITY INVESTMENT | FUNDS | |||
| Volare Income Offshore Fund Z | 64,756 | 69,226 | 133,982 | 144,998 |
| Income | ||||
| 86,250 | 92,734 | £178,984 | £190,908 |
6
THE AUTHORS’ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
2 INVESTMENT INCOME (continued)
| 2023 | |||
|---|---|---|---|
| Restricted | |||
| Unrestricted | Endowment | ||
| Fund | Fund | Total | |
| £ | £ | £ | |
| NON GOVERNMENT BOND FUNDS | |||
| Volare Global Fixed Interest Offshore | |||
| Fund Z Income | 12,782 | 14,070 | 26,852 |
| Volare Sterling Fixed Interest | |||
| Offshore Fund Z | 9,135 | 9,923 | 19,058 |
| MULTI ASSET CHARITY INVESTMENT | FUNDS | ||
| Volare Income Offshore Fund Z | 69,757 | 75,241 | 144,998 |
| Income | |||
| £91,674 | £99,234 | £190,908 |
3 AWARDS
Awards were paid to 110 individuals during the year (2023: 112).
4 ANALYSIS OF SUPPORT COSTS
| Administration Costs Judges Fees and Expenses Bank Charges Other expenses Governance Independent Examiners Fees Administration Costs Judges Fees and Expenses Bank Charges Other expenses Governance Independent Examiners Fees |
2024 2023 Unrestricted Fund Restricted Endowment Fund Total Total £ £ £ £ 26,739 35,445 62,184 59,220 3,440 4,560 8,000 8,563 48 63 111 195 3,433 4,551 7,984 438 2,580 3,420 6,000 5,700 |
|---|---|
| 36,240 48,039 84,279 £74,116 |
|
| 2023 Unrestricted Fund Restricted Endowment Fund Total £ £ £ 25,465 33,755 59,220 3,682 4,881 8,563 84 111 195 188 250 438 2,451 3,249 5,700 £31,870 £42,246 £74,116 |
7
THE AUTHORS’ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
5 INVESTMENTS
| 5 INVESTMENTS |
||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Restricted | ||||
| Unrestricted | Endowment | |||
| Fund | Fund | Total | Total | |
| £ | £ | £ | £ | |
| Listed Investments | ||||
| NON GOVERNMENT BOND FUNDS | ||||
| Volare Global Fixed Interest | ||||
| Offshore Fund Z Income | 229,366 | 252,485 | 481,851 | 486,350 |
| Volare Sterling Fixed Interest | ||||
| Offshore Fund Z | 224,578 | 243,967 | 468,545 | 474,413 |
| MULTI ASSET CHARITY INVESTMENT FUNDS | ||||
| Volare Income Offshore Fund Z | ||||
| Income | 2,134,159 | 2,273,690 | 4,407,849 | 4,476,800 |
| Total Market Value | £2,588,103 | £2,770,142 | £5,358,245 | £5,437,563 |
| Historic Cost | £2,521,256 | £2,694,157 | £5,215,413 | £5,451,062 |
| 2023 | 2022 | |||
| Restricted | ||||
| Unrestricted | Endowment | |||
| Fund | Fund | Total | Total | |
| £ | £ | £ | £ | |
| Listed Investments | ||||
| NON GOVERNMENT BOND FUNDS | ||||
| Volare Global Fixed Interest | ||||
| Offshore Fund Z Income | 231,508 | 254,842 | 486,350 | 465,198 |
| Volare Sterling Fixed Interest | ||||
| Offshore Fund Z | 227,390 | 247,023 | 474,413 | 450,833 |
| MULTI ASSET CHARITY INVESTMENT FUNDS | ||||
| Volare Income Offshore Fund Z | ||||
| Income | 2,164,562 | 2,312,238 | 4,476,800 | 4,450,476 |
| Total Market Value | £2,623,460 | £2,814,103 | £5,437,563 | £5,366,507 |
| Historic Cost | £2,632,469 | £2,818,593 | £5,451,062 | £5,647,629 |
Other investments
The Foundation has a 49% shareholding in Eric Ambler Literary Management Limited, representing a nominal value of 49 £1 shares. A controlling 51% holding is held by Worldwrites Limited (formerly Legacy Books Limited) which is part of the Peter Fraser & Dunlop Group.
8
THE AUTHORS’ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
6 MOVEMENTS ON INVESTMENTS
| Unrestricted Fund Restricted Endowment Fund £ £ Market Value as at beginning of year 2,623,460 2,814,103 Disposal Proceeds (118,576) (132,774) Investment Gains 83,219 88,813 Market Value as at end of year £2,588,103 £2,770,142 Analysis of Investment Gains Realised Gains/(Losses) 3,761 4,295 Unrealised Gains/(Losses) 79,458 84,518 £83,219 £88,813 7 DEBTORS Accrued income 8 CREDITORS: Amounts falling due within one year Investment Managers Fees Professional Fees |
Unrestricted Fund Restricted Endowment Fund £ £ 2,623,460 2,814,103 (118,576) (132,774) 83,219 88,813 |
2024 2023 Total Total £ £ 5,437,563 5,366,507 (251,350) (192,999) 172,032 264,055 |
|---|---|---|
| £2,588,103 £2,770,142 |
£5,358,245 £5,437,563 |
|
| 3,761 4,295 79,458 84,518 |
8,056 (2) 163,976 264,057 |
|
| £83,219 £88,813 |
£172,032 £264,055 |
|
| 2024 2023 £ £ 5,000 - £5,000 £- 2024 2023 £ £ 6,793 6,945 6,000 5,700 £12,793 £12,645 |
9 NET ASSETS BY FUND
| NET ASSETS BY FUND | |
|---|---|
| Fixed Asset Investments Net Current Assets/(Liabilities) Total Fixed Asset Investments Net Current Assets/(Liabilities) Total |
2024 Unrestricted Fund Restricted Endowment Fund Total £ £ £ 2,588,152 2,770,142 5,358,294 3,281 97,984 101,265 |
| £2,591,433 £2,868,126 £5,459,559 |
|
| 2023 Unrestricted Fund Restricted Endowment Fund Total £ £ £ 2,623,509 2,814,103 5,437,612 (24,703) 115,107 90,404 |
|
| £2,598,806 £2,929,210 £5,528,016 |
9
THE AUTHORS’ FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
10 RELATED PARTY DISCLOSURES
The Society of Authors, which is a Trustee of the Foundation, carried out management services for the Foundation and charged management fee for the year amounting to £62,184 (2023: £59,220). There were no other related party transactions in the year.
11 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Notes Income and Endowments from: Fund Raising Income Donations and Legacies CAF Fund Raising Income from Investments Dividends and Interest - Listed Investments 2 Dividends from other investments Bank Interest Other Income Total Income Expenditure on: Cost of Generating Funds Investment Management Fees Direct Charitable Activities Awards Paid Support Costs 4 Total Expenditure Net income/(expenditure) before investment gains/(losses) Net gains/(losses) on investments 6 Net income/(expenditure) Reconciliation of Funds: Total Funds Brought Forward Total Funds Carried Forward 8 |
Unrestricted Funds £ - 885 885 91,674 6,370 551 98,595 - 99,480 13,146 143,334 31,870 188,350 (88,870) 127,250 38,380 2,560,426 £2,598,806 |
Restricted Endowment £ 12,000 - 12,000 99,234 - 585 99,819 - 111,819 14,189 190,001 42,246 246,436 (134,617) 136,805 2,188 2,927,022 £2,929,210 |
2023 Total Funds £ 12,000 885 |
|---|---|---|---|
| 12,885 190,908 6,370 1,136 |
|||
| 198,414 - |
|||
| 211,299 | |||
| 27,335 333,335 74,116 |
|||
| 434,786 | |||
| (223,487) 264,055 |
|||
| 40,568 5,487,448 |
|||
| £5,528,016 |
10