**REGISTERED CHARITY NUMBER: 514912**
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 5 April 2024
for
The Austin Bailey Foundation
Ashmole & Co First Floor 1 St John's Court Upper Fforest Way Enterprise Park Swansea SA6 8QQ
The Austin Bailey Foundation
Contents of the Financial Statements for the Year Ended 5 April 2024
||Page|
|---|---|
|Report of the Trustees|1 to 7|
|Independent Examiner's Report|8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Notes to the Financial Statements|11 to 16|
|Detailed Statement of Financial Activities|17|
The Austin Bailey Foundation
## Report of the Trustees for the Year Ended 5 April 2024
The trustees present their report with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of 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) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
Austin Bailey Foundation, ABF, was founded by Keith Bailey in 1984. His experience as a Japanese prisoner of war 1942-1945 gave him a profound sense of his own good fortune in surviving what so many colleagues did not. This was reinforced by his subsequent success in business in Swansea and led him to set up the Austin Bailey Foundation. His desire was to do something to improve the lives of the poor and disadvantaged in the Swansea area through local charities and the church. The prayer of the Foundation includes the words 'Lord, who expects much of those to whom much is given'. This summarises the ethic of both Keith Bailey, the present chairman Clive Bailey, and the trustees, in driving ABF forward.
ABF has remained faithful to its founding vision in supporting local community action with a focus on lasting impact, through the involvement of those who are most in need. In addition to working in the Swansea area, a quarter of ABF's unrestricted resources are devoted to the developing world.
## **Ethos and Focus**
ABF's principal focus in the Swansea region is on helping disadvantaged people in one of the poorer regions of the UK. Our aim is to redress disadvantage, relieve economic and social poverty as well as poverty of opportunity and aspiration.
We encourage self-sustaining projects, often in an entrepreneurial manner, whilst always keeping an eye on real need where charitable hand outs are more appropriate.
Small charities in the Swansea region tell us that whilst provision of funds for large projects has improved through the Lottery Fund and the Welsh Assembly, the provision of smaller sums (£500 to £4,000) has diminished. This is the area which ABF sees as its core activity.
We see our role as one of partnership with people and communities, encouraging their own vision for the changes they believe they can make. We believe that small amounts of money, well-used and carefully spent, can make large changes.
The Foundation's trust deed states that unrestricted income should be delivered as follows: -
- Approximately 50% of unrestricted income is used to assist Swansea charities or the Swansea branches of National charities operating locally. The aim is to redress disadvantage, relieve economic and social poverty as well as poverty of opportunity and aspiration
- Approximately 25% of unrestricted income is given to local churches and faith groups to advance the Christian faith as well as supporting the community objectives listed above.
- Approximately 25% of unrestricted funds are donated to relief organisations for the relief of poverty and ill health and the fostering of opportunities for young people in the developing world.
Page 1
The Austin Bailey Foundation
## Report of the Trustees for the Year Ended 5 April 2024
## **OBJECTIVES AND ACTIVITIES**
## **Activities - Trustee Meetings**
The charity's website austinbaileyfoundation.charity contains guidance on how to apply for grants along with application forms and a section for frequently asked questions. Applicants are asked to apply some weeks ahead of the trustees' meetings.
The trustees meet three times a year (usually in January, May and September). Ahead of the meetings, trustees in each category - Local Charities, Local Churches and Overseas, meet to identify the most promising applications which will then been confirmed at the main trustees' meeting. Local grants are of two types, small one-off grants and larger recurring grants. Overseas include small grants and larger Recurring or Flagship grants.
## **Activities - Local Small Grants**
The standard one-off grant is £1,000 although this can vary from £500 to £2,000. These single grants enable the trustees to understand the applicant charity's (or CIC's) activities which is further enhanced by a feedback form which applicants must complete some months after they receive the grant. Applicants cannot reapply within 12 months of receiving a grant.
In 2023-24 a total of 38 small grants were made to Local Charities totalling £51,325. Six small grants were made to Local Churches totalling £10,500.
## **Activities - Local Charity Large grants**
Good interaction and feedback from small grant recipients over a two- or three-year period will encourage the trustees to invite the organisation to apply for a recurring 3-year grant. Charities are asked to give a presentation to trustees followed by a question-and-answer session. Such grants are usually larger (anything up to £4,000 per annum).
In 2023-24 eight such recipients received grants as follows; -
- Bikeabilty
- Changing Tunes
- Circus Eruption
- Coeden Fach
- Discovery Swansea University
- Matthew's House
- Swansea Asylum Seekers' Support
- Swansea Mind
## **Activities - Local Church Flagship Grants; -**
In 2023-24 three recipients received grants as follows; -
- St. James' Church Swansea.
- St Thomas' Church Kilvey.
- St Peters Church Cockett
## **Activities - Overseas**
Overseas follows the same model as for local small grants. In 2023-24 there were 32 small grants totalling £33,000. In addition, there were 6 Flagship grants recipients who received £36,001 as follows: -
- Tiyeni - deep bed farming method in Malawi
- Pump Aid - irrigation pumps in Malawi
- Send a Cow - agricultural development in Burundi
- Renewable World - solar pumps in Nepal
- ATE - drought resistant farming in Ghana
Page 2
The Austin Bailey Foundation
## Report of the Trustees for the Year Ended 5 April 2024
## **OBJECTIVES AND ACTIVITIES**
- Shining Star - improving health and safety for sex workers in Zimbabwe and enabling them to leave the profession.
Total 48 grants, totalling £69,001.
All Overseas Flagship grants are paid for from restricted funds provided by the chairman and his companies.
## **Activities - Monitoring and Evaluation**
Monitoring and evaluation is an essential process in the Foundation's grant-making activities. For small grants these consist of feedback forms after a period of 12 months after the grant is given. Recipients of larger grants will be asked to engage with trustees through site visits, presentations, and annual reports. Likewise, where feasible, visits are made to overseas Flagship locations. In June 2023 the chairman and two other trustees visited four of our Flagship projects in Malawi, Zimbabwe and Rwanda. In addition, annual progress reports are made by recipients comparing actual and anticipated performance. A yearly meeting enables the recipients to discuss their progress and difficulties with the overseas trustees.
## **Public benefit**
The trustees confirm that they have complied with section 2(1)(b) of the Charities Act 2011, having due regard for the Charity Commissioner's guidance on public benefit when reviewing the Foundation's aims and objectives, when setting the grant-making policy and in making awards.
## **ACHIEVEMENT AND PERFORMANCE**
## **Grants paid to beneficiaries**
In the year to 5 April 2024, 125 individual grants were made totalling £179,194, a 20% increase on the £149,384 donated the previous year.
Included in this figure were 16 overseas flagship awards totalling £36,001 which were covered by designated funds donated specifically for these projects. After excluding these designated funds, the awards for the year agreed by the trustees from unrestricted funds totalled £143,193. This sum was apportioned as follows:
Local Charities - 62 awards totalling £60,025 (49%)
Local Churches - 15 awards totalling £40,168 (28%)
Overseas Charities - 32 awards totalling £33,000 (23%)
## **Social Media**
The Foundation has a presence on social media to increase awareness of the Foundation's activities in the Swansea area. A social media committee was formed, and a presence was established on Facebook that is updated monthly giving information about the Foundation and the activities of its grantees.
Page 3
The Austin Bailey Foundation
## Report of the Trustees for the Year Ended 5 April 2024
## **FINANCIAL REVIEW**
## **Financial position**
The Foundation's portfolio is managed by the stockbrokers, Brewin Dolphin's charity team. It was agreed that Risk Category 7 - Income, best matches the Foundation's investment objectives, taking due note of the Trustees' ethical preferences. At 5 April 2024 the portfolio asset allocation compared to the benchmark for Risk Category 7 was:
Portfolio Fixed Income 6.6% Equities 84.3% Alternatives 5.3% Cash 3.2% Other 0.6%
The trustees are satisfied that this diversification of investments is the best method of achieving investment objectives.
## **Investment performance**
In order to comply with the Charities SORP, the Foundation's quoted investment assets are valued at market price as at the balance sheet date. Their value at 5 April 2024 was £1,833,131, an increase of 21.6% on the prior year figure of £1,507,076. The 2024 figure however includes a capital injection of £225,000. Allowing for this, the portfolio has increased in value by a modest 6.7% in the year, slightly underperforming the FTSE100, but significantly underperforming most overseas markets.
Income from investments was £59,574 giving a yield of 3.25% on the closing capital value as at 5th April 2024.
The broker's management fees for the year were £13,006 including VAT.
Over the past forty years the Foundation has benefited considerably from the generous financial support provided by the late Founder and his family. Clive Bailey continues to make both income and capital donations towards the charitable activities of the Foundation which have ensured that the Foundation operates from a sound financial footing.
The Foundation's work is reliant on its investment returns from its share portfolio and donations received from the chairman or companies controlled by him.
## **Results for the year**
A summary of the year's results can be found in the accounts that follow this report.
Income for the year was £200,382 (2023 - £390,944). Income arising from the Foundation's share portfolio was £59,574 (2023 - £65,316), property income was £17,463 (2023 - £13,429) and income donations totalling £122,988 (2023 - £312,162) from Clive Bailey and companies controlled by him together with related tax refunds. There was £347 (2023 - £37) miscellaneous income.
Income for the year was £6,682 more than expenditure.
The charity held unrestricted funds of £2,271,980 (2023 - £2,150,047) at the balance sheet date.
## **Risk Assessment**
Page 4
The Austin Bailey Foundation
## Report of the Trustees for the Year Ended 5 April 2024
Following the sale of the investment property in 2020 the Foundation is now more reliant upon income from dividends than previously. This was corrected in part when the chairman transferred a buy to let property in Hayes, Middlesex to the Foundation in 2022.
Whilst the trustees consider the variability of investment returns to constitute the Foundation's major financial risk this is mitigated by employing professional investment managers and having a diversified investment portfolio.
Other than the above, the trustees have not identified any other significant risks, financial or otherwise which are not monitored or controlled.
## **Reserves policy**
In setting a reserves policy the trustees are mindful of a possible shortfall in funding to cover the April distribution to charities that falls soon after the financial year-end. The trustees' aspiration for annual charitable giving of £200,000 or £67,000 per meeting would require an end of year balance or reserve of around £67,000.
The trustees are content however, to allow this figure to fluctuate in the knowledge that if the distribution of £67,000 cannot be achieved in April then additional funds in the form of donations will be introduced by the chairman to cover any shortfall.
## **FUTURE PLANS**
- To continue to make grants and commitments, at a similar or higher level, to the range of beneficiaries listed under objectives.
- To launch our Bridging the Gap (BtG) programme during the summer of 2024 which aims to give targeted help to school children and teenagers to overcome the barriers of poverty and to let them aspire to their ambitions in education and employment.
- The Trustees will continue to work towards the aims set out in the recent strategic plans and an annual target of awarding grants totalling a minimum of £200,000.
- To further raise the profile of the Foundation through the new website and further engagement in social media.
Page 5
The Austin Bailey Foundation
## Report of the Trustees for the Year Ended 5 April 2024
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Foundation is a registered charity, number 514912, and is constituted under a trust deed dated 1 February 1984. The Foundation was established by an initial gift from Keith Cyril Austin Bailey who, despite having spent three years as a prisoner of war under the Japanese during World War 11, wished to express his gratitude for the happiness and good fortune he had otherwise received during his life, by giving help to those in need or adversity. Over the years the Bailey family has made substantial gifts to the charity and the legacy of the Austin Bailey Foundation is a lasting tribute to Keith Bailey. The Foundation does not actively fundraise and seeks to continue the charitable work desired by the donor through the careful stewardship of its existing resources.
The Trustees meet three times a year, in April, September and December/January, to agree the broad strategy and areas of activities for the Foundation including consideration of grant making, investment, reserves and risk management policies and performance. All activities of the charity are carried out by the Trustees without the need for additional staff.
The Chairman of Trustees, Clive Bailey, has the authority to appoint new trustees but the support of the Foundation's existing Trustees is usually sought prior to any appointment. Candidates for the role of Trustee are either recommended by one of the existing Trustees or through a recruitment agency. Candidates must demonstrate the skills necessary to contribute to the charity's development. In anticipation of a substantial increase in income over the coming years, the Foundation appointed four new trustees in 2021.
Each new Trustee will be directed towards guidance for new trustees issued by the Charity Commission.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
514912
## **Principal address**
25 Onslow Square Unit 4 LONDON SW7 3NJ
## **Trustees**
Mr C V A Bailey Chair DR A S I Mikhail Ms E Norton Ms S R Goldstone Mr J A Leach Rev S Buting Ms S Popper (resigned 11/9/24) Mrs S J Morton Vice Chair
## **Independent Examiner**
Ashmole & Co First Floor 1 St John's Court Upper Fforest Way Enterprise Park Swansea SA6 8QQ
Page 6
The Austin Bailey Foundation
## Report of the Trustees for the Year Ended 5 April 2024
## **REFERENCE AND ADMINISTRATIVE DETAILS Bankers**
Lloyds Banking Group Market Branch Oxford Street Swansea SA1 3AF
## **Investment Managers**
Brewin Dolphin Ltd 2nd Floor 5 Callaghan Square Cardiff CF10 5BT
28/01/2025 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. Mr C V A Bailey - Trustee
Page 7
Independent Examiner's Report to the Trustees of The Austin Bailey Foundation
## **Independent examiner's report to the trustees of The Austin Bailey Foundation**
I report to the charity trustees on my examination of the accounts of The Austin Bailey Foundation (the Trust) for the year ended 5 April 2024.
## **Responsibilities and basis of report**
As the charity trustees of the Trust 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 Act and in carrying out my examination I have followed all 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:
1. accounting records were not kept in respect of the Trust 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.
Samantha Keith
The Association of Chartered Certified Accountants
Ashmole & Co First Floor 1 St John's Court Upper Fforest Way Enterprise Park Swansea SA6 8QQ
28/01/2025 Date: .............................................
Page 8
## The Austin Bailey Foundation
## Statement of Financial Activities for the Year Ended 5 April 2024
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
**Total**
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
91st distribution
92nd distribution
93rd distribution
94th distribution
95th distribution
96th distribution
Other
**Total**
Net gains/(losses) on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
122,998
77,384
200,382
13,006
-
-
-
54,592
62,951
61,651
1,500
193,700
115,259
121,941
2,150,047
2,271,988|Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|2024
Total
funds
£
122,998
77,384
200,382
13,006
-
-
-
54,592
62,951
61,651
1,500
193,700
115,259
121,941
2,150,047
2,271,988|2023
Total
funds
£
312,162
78,782
390,944
13,141
42,041
51,231
56,112
-
-
-
555
163,080
(84,149)
143,715
2,006,332
2,150,047|
|---|---|---|---|---|
The notes form part of these financial statements
Page 9
The Austin Bailey Foundation
## Balance Sheet
## 5 April 2024
|Notes
**FIXED ASSETS**
Tangible assets
6
**CURRENT ASSETS**
Debtors
7
Investments
8
Cash at bank
**CREDITORS**
Amounts falling due within one year
9
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
10
Unrestricted funds
**TOTAL FUNDS**|Unrestricted
funds
£
387,398
5,515
1,833,131
47,384
1,886,030
(1,440)
1,884,590
2,271,988
2,271,988|Restricted
fund
£
-
-
-
-
-
-
-
-
-|2024
Total
funds
£
387,398
5,515
1,833,131
47,384
1,886,030
(1,440)
1,884,590
2,271,988
2,271,988
2,271,988
2,271,988|2023
Total
funds
£
387,398
-
1,507,076
256,232
1,763,308
(659)
1,762,649
2,150,047
2,150,047
2,150,047
2,150,047|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28/01/2025 ............................................. and were signed on its behalf by:
............................................. Mr C V A Bailey - Trustee
The notes form part of these financial statements
Page 10
The Austin Bailey Foundation
## Notes to the Financial Statements
## for the Year Ended 5 April 2024
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
No depreciation is provided on leasehold property as the amount that is depreciated is the difference between cost and residual value. In the opinion of the Trustees, the residual value of the property equates to at least its carrying value and there is therefore no depreciation to provide.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 11
The Austin Bailey Foundation
## Notes to the Financial Statements - continued
## for the Year Ended 5 April 2024
## **2. INVESTMENT INCOME**
|Rents received
Dividend
Deposit account interest
**3.**
**RAISING FUNDS**
**Investment management costs**
Portfolio management|2024
£
17,463
59,574
347
77,384
2024
£
13,006|2023
£
13,429
65,316
37|
|---|---|---|
|||78,782|
|||2023
£
13,141|
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 5 April 2024 nor for the year ended 5 April 2023.
## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
91st distribution
92nd distribution
93rd distribution
Other
**Total**|Unrestricted
funds
£
312,162
78,782
390,944
13,141
42,041
51,231
56,112
555
163,080|Restricted
fund
£
-
-
-
-
-
-
-
-
-|Total
funds
£
312,162
78,782|
|---|---|---|---|
||||390,944|
||||13,141
42,041
51,231
56,112
555|
||||163,080|
continued...
Page 12
The Austin Bailey Foundation
## Notes to the Financial Statements - continued for the Year Ended 5 April 2024
|**5.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|||funds|fund|funds|
|||£|£|£|
||Net gains/(losses) on investments|(84,149)|-|(84,149)|
||**NET INCOME**|143,715|-|143,715|
||**RECONCILIATION OF FUNDS**||||
||Total funds brought forward|2,006,332|-|2,006,332|
||**TOTAL FUNDS CARRIED**||||
||**FORWARD**|2,150,047|-|2,150,047|
|**6.**|**TANGIBLE FIXED ASSETS**||||
|||||Long|
|||||leasehold|
|||||£|
||**COST**||||
||At 6 April 2023 and 5 April 2024|||387,398|
||**NET BOOK VALUE**||||
||At 5 April 2024|||387,398|
||At 5 April 2023|||387,398|
|**7.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||
||||2024|2023|
||||£|£|
||Other debtors||5,515|-|
continued...
Page 13
The Austin Bailey Foundation
## Notes to the Financial Statements - continued for the Year Ended 5 April 2024
## **8. CURRENT ASSET INVESTMENTS**
|Listed investments
**9.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**10.**
**MOVEMENT IN FUNDS**
At 6/4/23
£
**Unrestricted funds**
Income fund
15,708
Capital fund
2,134,339
2,150,047
**TOTAL FUNDS**
2,150,047||2024
£
1,833,131
2024
£
1,440
Net
movement
in funds
£
6,682
115,259
121,941
121,941||2023
£
1,507,076|2023
£
1,507,076|
|---|---|---|---|---|---|
|||||2023
£
659
At
5/4/24
£
22,390
2,249,598|2023
£
659|
|||||2,271,988||
|||||2,271,988||
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
Income fund
Capital fund
**TOTAL FUNDS**|Incoming
resources
£
200,382
-
200,382
200,382|Resources
expended
£
(193,700)
-
(193,700)
(193,700)|Gains and
Movement
losses
in funds
£
£
-
6,682
115,259
115,259
115,259
121,941
115,259
121,941|
|---|---|---|---|
continued...
Page 14
The Austin Bailey Foundation
## Notes to the Financial Statements - continued for the Year Ended 5 April 2024
## **10. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
Income fund
Capital fund
**TOTAL FUNDS**|At 6/4/22
£
12,844
1,993,488
2,006,332
2,006,332|Net
movement
in funds
£
2,864
140,851
143,715
143,715|At
5/4/23
£
15,708
2,134,339|
|---|---|---|---|
||||2,150,047|
||||2,150,047|
Comparative net movement in funds, included in the above are as follows:
|Incoming
Resources
Gains and
resources
expended
losses
£
£
£
**Unrestricted funds**
Income fund
165,944
(163,080)
-
Capital fund
225,000
-
(84,149)
390,944
(163,080)
(84,149)
**TOTAL FUNDS**
390,944
(163,080)
(84,149)
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 6/4/22
in funds
£
£
**Unrestricted funds**
Income fund
12,844
9,546
Capital fund
1,993,488
256,110
2,006,332
265,656
**TOTAL FUNDS**
2,006,332
265,656|Movement
in funds
£
2,864
140,851
143,715
143,715
At
5/4/24
£
22,390
2,249,598
2,271,988
2,271,988|
|---|---|
continued...
Page 15
The Austin Bailey Foundation
## Notes to the Financial Statements - continued for the Year Ended 5 April 2024
## **10. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
Income fund
Capital fund
**TOTAL FUNDS**|Incoming
resources
£
366,326
225,000
591,326
591,326|Resources
expended
£
(356,780)
-
(356,780)
(356,780)|Gains and
Movement
losses
in funds
£
£
-
9,546
31,110
256,110
31,110
265,656
31,110
265,656|
|---|---|---|---|
## **11. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 5 April 2024.
Page 16
## The Austin Bailey Foundation
|Detailed Statement of Financial Activities
for the Year Ended 5 April 2024
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Investment income**
Rents received
Dividend
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Investment management costs**
Portfolio management
**Charitable activities**
Distribution to good causes
**Support costs**
**Governance costs**
Accountancy and legal fees
Total resources expended
**Net income**|2024
£
122,998
17,463
59,574
347
77,384
200,382
13,006
179,194
1,500
193,700
6,682|2023
£
312,162
13,429
65,316
37|
|---|---|---|
|||78,782|
|||390,944
13,141
149,384
555|
|||163,080|
|||227,864|
This page does not form part of the statutory financial statements
Page 17