Core Issues Trust
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations including Gift Aid 152,867 Other trading activities 2 28,646 Investment income 3 82 Total 181,595 EXPENDITURE ON Cost of generating voluntary income Cost of generating voluntary income - Other trading activities 89,337 89,337 Charitable activities charitiable expense 2,000 Management & Governance expenses - Support costs 98,979 Total 190,316 NET INCOME/(EXPENDITURE) (8,721) RECONCILIATION OF FUNDS Total funds brought forward 32,713 TOTAL FUNDS CARRIED FORWARD 23,992 |
Restricted 2023 Total 2022 Total fund funds funds £ £ £ - 152,867 162,704 - 28,646 98,353 - 82 35 - 181,595 261,092 - - 718 - 89,337 170,211 - 89,337 170,929 - 2,000 2,065 - - 3,040 - 98,979 77,265 - 190,316 253,299 - (8,721) 7,793 - 32,713 24,920 - 23,992 32,713 |
|---|---|
The notes form part of these financial statements
Page 6
Core Issues Trust
Balance Sheet 31 December 2023
| Unrestricted Restricted fund fund Notes £ £ FIXED ASSETS Intangible assets 9 6,400 - Tangible assets 10 12,159 - 18,559 - CURRENT ASSETS Debtors 11 8,155 - Cash at bank 1,730 - 9,885 - CREDITORS Amounts falling due within one year 12 (2,575) - NET CURRENT ASSETS 7,310 - TOTAL ASSETS LESS CURRENT LIABILITIES 25,869 - CREDITORS Amounts falling due after more than one year 13 (1,877) - NET ASSETS 23,992 - FUNDS Unrestricted funds: General fund 15 TOTAL FUNDS |
2023 Total funds £ 6,400 12,159 18,559 8,155 1,730 9,885 (2,575) 7,310 25,869 (1,877) 23,992 23,992 23,992 |
2022 Total funds £ - 12,159 12,159 11,417 17,350 28,767 (6,910) 21,857 34,016 (1,303) 32,713 32,713 32,713 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.
The notes form part of these financial statements
continued...
Page 7
Core Issues Trust
Balance Sheet - continued 31 December 2023
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 23 August 2024 and were signed on its behalf by:
Mike Davidson (Aug 23, 2024 12:31 GMT+1)
M R Davidson - Trustee
Simon Wyatt
Simon Wyatt (Aug 23, 2024 12:44 GMT+1)
SAG Wyatt - Trustee
The notes form part of these financial statements
Page 8
Core Issues Trust
Notes to the Financial Statements for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. 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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 20% on reducing balance
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 9
Core Issues Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
2. OTHER TRADING ACTIVITIES
| 2. | OTHER TRADING ACTIVITIES | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Conference & events | 24,913 | 89,968 | ||
| Sale of merchandise CIT | 3,733 | 8,385 | ||
| 28,646 | 98,353 | |||
| 3. | INVESTMENT INCOME | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Deposit account interest | 82 | 35 | ||
| 4. | SUPPORT COSTS | |||
| Information | ||||
| Management | Finance | technology | ||
| £ | £ | £ | ||
| Support costs | 89,614 | 2,216 | 688 | |
| Governance | ||||
| Other | costs | Totals | ||
| £ | £ | £ | ||
| Support costs | 100 | 6,361 | 98,979 | |
| Support costs, included in the above, are as follows: | ||||
| 2023 | 2022 | |||
| Support | Total | |||
| costs | activities | |||
| £ | £ | |||
| Consultancy | 80,401 | 42,850 | ||
| Insurance | 335 | 193 | ||
| Telephone | 1,296 | 5,523 | ||
| Post, stationary & office | 6,876 | 8,264 | ||
| General expenses | 706 | 838 | ||
| Depreciation of tangible and heritage | ||||
| assets | - | 3,040 | ||
| Bank charges | 2,216 | - | ||
| Repairs and renewals | 688 | - | ||
| Interest payable and sim chs | 100 | - | ||
| Accountancy | 1,608 | 14,420 | ||
| Legal, prof and consultancy | 4,753 | 5,177 | ||
| 98,979 | 80,305 |
Page 10
continued...
Core Issues Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accountancy | 1,608 | 14,420 |
| Depreciation - owned assets | - | 3,040 |
3. TRUSTEES' REMUNERATION AND BENEFITS
One Trustee serving as CEO has received a monthly payment since 2015 of £400 for professional services. Where any personal expenses were paid by the Trust any subsequent reimbursements made, the accounts reflect this.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
5.
| 2023 No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ Restricted fund £ INCOME AND ENDOWMENTS FROM Donations including Gift Aid 162,704 - Other trading activities 98,353 - Investment income 35 - Total 261,092 - EXPENDITURE ON Cost of generating voluntary income Cost of generating voluntary income 718 - Other trading activities 170,211 - 170,929 - |
2022 Total funds £ 162,704 98,353 35 261,092 718 170,211 170,929 |
|---|---|
Page 11
continued...
Core Issues Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 8. | 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 | ||
| fund | fund | funds | ||
| £ | £ | £ | ||
| Charitable activities | ||||
| charitiable expense | 2,065 | - | 2,065 | |
| Management & Governance expenses | ||||
| 3,040 | - | 3,040 | ||
| Support costs | 77,265 | - | 77,265 | |
| Total | 253,299 | - | 253,299 | |
| NET INCOME | 7,793 | - | 7,793 | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 24,920 | - | 24,920 | |
| TOTAL FUNDS CARRIED | ||||
| FORWARD | 32,713 | - | 32,713 | |
| 9. | INTANGIBLE FIXED ASSETS | |||
| Computer | ||||
| software | ||||
| £ | ||||
| COST | ||||
| Additions | 6,400 | |||
| NET BOOK VALUE | ||||
| At 31 December 2023 | 6,400 | |||
| At 31 December 2022 | - |
Page 12
continued...
Core Issues Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
10. TANGIBLE FIXED ASSETS
| COST At 1 January 2023 and 31 December 2023 DEPRECIATION At 1 January 2023 and 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 14) IFTCC Accruals and deferred income |
Computer equipment £ 25,074 12,915 12,159 12,159 2023 2022 £ 8,155 £ 11,417 2023 2022 £ £ 800 2,173 169 884 1,606 3,853 2,575 6,910 |
|
|---|---|---|
Page 13
continued...
Core Issues Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN | ONE YEAR | |
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Bank loans (see note 14) | 1,877 | 1,303 | ||
| 14. | LOANS | |||
| An analysis of the maturity of loans is given below: | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Amounts falling due within one year on demand: | ||||
| Bank loans | 800 | 2,173 | ||
| Amounts falling between one and two years: | ||||
| Bank loans - 1-2 years | 1,877 | 1,303 | ||
| 15. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1/1/23 | in funds | 31/12/23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 32,713 | (8,721) | 23,992 | |
| TOTAL FUNDS | 32,713 | (8,721) | 23,992 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 181,595 | (190,316) | (8,721) | |
| TOTAL FUNDS | 181,595 | (190,316) | (8,721) |
Page 14
continued...
Core Issues Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/1/22 £ Unrestricted funds General fund 24,920 TOTAL FUNDS 24,920 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 261,092 TOTAL FUNDS 261,092 |
Net movement At in funds 31/12/22 £ £ 7,793 32,713 7,793 32,713 Resources expended £ Movement in funds £ (253,299) 7,793 (253,299) 7,793 |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/1/22 | in funds | 31/12/23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 24,920 | (928) | 23,992 |
| TOTAL FUNDS | 24,920 | (928) | 23,992 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 442,687 442,687 |
Resources expended £ Movement in funds £ (443,615) (928) (443,615) (928) |
|---|---|---|
Page 15
continued...
Core Issues Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
16. RELATED PARTY DISCLOSURES
During the financial year the tranactions with related parties the balance owing to the Charity was £11,417.
Page 16
Core Issues Trust
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
| INCOME AND ENDOWMENTS Donations including Gift Aid CIT Donations Gift aid IFTCC Donations Other trading activities Conference & events Sale of merchandise CIT Investment income Deposit account interest Total incoming resources EXPENDITURE Cost of generating voluntary income Bank interest Other trading activities Film, Production & Events Travel & subsistence Conference, events & speakers Computer, Web & Social Media Charitable activities Grants to IFTCC Donations Support costs Management Consultancy Insurance Carried forward |
2023 £ 145,463 7,404 - 152,867 24,913 3,733 28,646 82 181,595 - 3,160 6,426 62,932 16,819 89,337 2,000 - 2,000 80,401 335 80,736 |
2022 £ 155,584 7,082 38 |
|---|---|---|
| 162,704 89,968 8,385 |
||
| 98,353 35 |
||
| 261,092 718 7,605 5,060 139,090 18,456 |
||
| 170,211 2,015 50 |
||
| 2,065 42,850 193 43,043 |
This page does not form part of the statutory financial statements
Page 17
Core Issues Trust
Detailed Statement of Financial Activities
for the Year Ended 31 December 2023
| Management Brought forward Telephone Post, stationary & office General expenses Computer equipment Finance Bank charges Information technology Repairs and renewals Other Bank loan interest Governance costs Accountancy Legal, prof and consultancy Total resources expended Net (expenditure)/income |
2023 £ 2022 £ 80,736 43,043 1,296 5,523 6,876 8,264 706 838 - 3,040 89,614 60,708 2,216 - 688 - 100 - 1,608 14,420 4,753 5,177 6,361 19,597 190,316 253,299 (8,721) 7,793 |
|---|---|
This page does not form part of the statutory financial statements
Page 18