REGISTERED COMPANY NUMBER: 05475876 (England and Wales) REGISTERED CHARITY NUMBER: 1111348 SWISS BENEVOLEtrif SOCIETY REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11 *AE55DXOI' 2110612025 COMPANIES HOUSE A12
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SSs BENEVOLENT SOCIETY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trustees 1 to 11 Indepenthrf Examlnees Report 12 Statement of Financial Activities 13 Balance Sheet 14 Notes to the Flnan¢lal Staternents 15 to 19 Detalled Statem•nt of Financlal Actlvltles 20 10 21
SWISS BENEVOLENT SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees who are also directors of the chafity for the purposes of the Companies Act 2006. present their report with the financial statements of the charity for the year ended 31 December 2024. The truslees have adopted the provisions of AoUntIng and Reporting by Charities.. Statement of Rrnrnended Practice applicable to charities preparing their accounts in accordan with the Financ4al Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectlves and Aims The Society's objectives are lo provide aSsiStsn to Swiss citizens in need of help vkno are tporarilY or pemanenlly residenl in the United Kingdom. Financial assistance is given by way of grants. In aiJdiliffl. the Society ernploys a Welfare (Xfice Administrator who provides support lo anyone irrespective of financial means. PUBLIC BENEFIT STATEMENT The "Objectives and Aclivilies". the 'Chaimian's Report - Review of Overall DevelopMt and Activities.. Mlelfara Office Report" and the -Treasurer's Report" sections of this Annual Rep¢Jrt set out the actNlties which the Society undertakes for public benefil. The Trustees confirm thal they've mplIed wslh the duty in sections 4 of the Charities Act 2011 lo have due regard to the public benefit guidance published by the Charity Commission in determining the aclivtties undertaken by Ihe charity. In the interest of transparency. the Tnjslees make the folk)wing obserrfations on the iwo key principles of publ benefit,. Principle 1.. There musl be identrfoble benefit or benefits la) il must be dear what the beneffts afe., The benefils are sel out in Ihe"Chairman's Report". the Vlelfare off Report- and else*there in this Annual Report. 1 b) the benefits musl be relatejj to aims: The benefits set out in the "Chaiman's Report". the "Wetfare orrice ReFQrt" and elsewhere in this Annual Report are dearly related to the aims of the Society as set out in the "ObJ"ectives and Activities- in this Annual Report. The Trustees review the aclivilies of the charity against its aims on an On9j basis and are satisfied that all activiknes continue lo be related to the aims. 1 cl benefits mltst be balanced againsl any detriment or ham: No specific issues of delrimenl or hami have 1dentrf1. Principle 2: Benefit must be to the wblic or a section of the public. 2a} the benefictaries must be appropriate to the aims- In accordance wilh the objectives of the charity as set in'objeclives and Activitses" of the Annual Report. the beneficiaries of the the charity in need of aid are Sviiss nats'onais livirg in the UK. 2b) where the bwiefit is lo a Secti ofthe Public. the ¢)pportunity to benefit must nol be unreasonably reslricled by geographical or other reslriclions.. or by the abilty to pay any fees charged. Benefit is provided to members of the Swiss o)mmunily in the UK. who are in need of SUPFQrt. The Swiss communily in the UK CUrrllY totsls approximately 40,000 and is considered sufficiently large. No fee is charged frjr any benefit granted by the charity- 2c) people in financial need are invited to apply for financial aid. Non-financial benefit is offered to all membws of the Swiss community irrespeclive of their financial situation. 2d) any private benefits must be inadental: A private benefit anses nessarilY from the activity of the d)arity: the charity fwKJs it essential to employ and remunerate one member of staff for two days per week. Page 1
SWISS BENEVOLENT SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 CHAIRMAN'S REPORT WHO WE HELP AND HOW WE HELP Charltsble Purpose and Focus In 2024 The Swiss Benevol1 Sooety (SBS) has been providing indispensable assistan to Swiss cilizens in the UK since 1703, serving as a crucial pillarof support lo those facing lrfe challerKJes. The organIsati 5$ dedicated lo helping Swiss facing difficult personal issues. suth as financial hardship, bereavemenl. mental and physThl health nrn$. and loneliness. While public authorities do their best to offer supportwherever possible. there are always situations where additional assistan is required. This is where the SBS cnmes in, providing appropriate support to our vulnerable Swis5 MpatriOts residing in the UK, through a range ol Wellbeing Services offered by our Welfare Ollice. Our focus is on enhancing individuals. qualty of lrfe and wellbeing through a 'LiviThJ Well. approach. promoting IndependeTr. and actsve lrfestyles. This encompasses activities to improve community connection. reduce isolation and loneliness. reduce loss of livelihood. as wdl as support and signpost on physical and mental health. We also provide guidance on UK benefit entitlements, and in limes of need other available resources such 85 extemal agencies and organtsats"ons. Additionally, we offer financial aid for te facing finanaal hardship. In 2024 we ceased our program aiding vulnerable Swiss with new enrolmenl for Settled-status Application Support {Brexitl in the capacity of OISC advisors, as the Appltn deadline expired.. yet the SBS maintained administrative support for those already enrolled. We newly added an empowemenl coaching approach to guide all client inleraclions toward discovering self-relianl soluti$ wilh the support of t1 SBS'S newly certtfied Wellbeing coach. Nadine Hoffzimmer. The Wdfare Crffice is a safe and conffidenlial spac8 for clients, offering sUPPOrt through guided eA)nversations aThJ promoting positive mindsets. Living Well Services to Nurture Wellbeing and Efflpower Holistic Self-Reliance .JUJI'DANCE Solution-based Coaching approach to navigate challenges, Offering up-to- date research & information plus how to address rising living costs in the UK. Providing means-tested financial aid, including one-off grants, ongoing regular assistance. and educational support through studentships Assisting with application procedures, UK benefit entitlements, technological barriers, embassy-related information, and other administrative tasks. Compassionate and reliable presence to turn to and confide in during times of difficulty, offering support and understanding. Enabling our clients to experience and enjoy traditional Swiss Heritage and connett with fellow compatriots. Reducing isolation and loneliness. Offering contatt details for relevant organisations and agencies and referring individuals to specialist support services when their needs go beyond our scope. Page 2
SWISS BENEVOLENT SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 310ECEMBER 2024 State of the Natlon - 2024 amid significant geopolitical changes and uncertainty. war, political elections. economic pressures and slow recovery. The geopolitical challenges in 2024 indeed VrerSC0red the need for adaptr¥e arKI robust wellb&'r¥J support for vulnerable the world over. as the UkraineRussian war and new US political regime woul(i cause unforeseen global inslabilily, polilical unrest. e¢or¢omic fluctuations and raise alarming questions as we headed into 2025. As well on the home front, the United Kingdom elected a new palilical party which resulted in changes to legislalNe and administrative tasks raising admin complexities for SBS clienis. The Swiss cfjmmunily in the UK faced numerous challenges as UK living standards remained under significant pressure. with limited signs of improvement. While headline inflation eased and real wages began lo rerxjver. many households continued lo fa financial strain due to high housing costs. reduced govemment support. and stagnant income growth. This continued hardship carried on from 2023 when the UK economy even fdl briefly into tethnical re$Sion. Aihough 2024 saw signs of a slow reo)very. many of these themes are still significantly affectirwJ a nSiderae number of SBS dienls. A tangible example of Ihis context which became a reality for many is the impa(X that rising interest rates had on households. 11 is estimated thal in the UK rising mortgage rates pushed approximalely 320.000 people into povety in 2024, di5proportionately affecting low- income hoLKseholds (ifs.org.L). In response to the challenging environmenlal or(aJmstances of UnrtaintY. fxM)fiict, and eo)nomic pressures in 2024, the SBS remained a pillar of support by extending wellbeing assistance to 78 cases", to those in distress encompassing financial aid, administrative help. physical and mentsl health support, UK benefits assistance and referrals. 37 Info & Admin Cases 47% HOWSBS HELPED IN 2024 1 20 Welfare Cases 26% CASE WORK LOAD: 78 20Welfare Cases 37 Info & Admin Cases 15 Regular FinancialAid 3 One-off Grants A 2 Interest Free Loans l Educational Grant l Educational Grant 1% IS Regular Financial Aid 19% 2 Interest Free 3 One-off Grants Loans 30/0 The Welfare Office's Report discusses in4epth the SBS'S work through Wellbeing guKlance. encouragement and empowerment cruual in improving the quality of life for 78 cases of which 37 general information and administralion, 21 were rinancial aid. 20 welfare (wellbeing and solacel. As well. the report discusses SBS Events such as the Tea Paty. fostering an increasgj sense of belongirvJ. heritsge and ser6e of Swiss o)mmunity aimed to also reduce kK*liness and isolation. The Welfare Office guided dients Using a coaching approad) and ernpered Swiss citizens to navigale and address their challerrfjes. with a more self-reliant and solulion-based approach. This CA)mplimented the enhanced research in gathering infomation and facilitating better administrative support on key areas in 2024 such as the Cost-of-Living Crisis. UK Health & Social Systems. entillements in the UK, and providing referral contact infomation. Financial Aid was enriched with the further development of the Studentship Pilot Program offenng eduCatnal grants. primarily for further educalion. The use of greater multime(lia communications and newsletters provided a broader (iutreach to those in need. 'Please see the Welfare Office Repcrt, which covers Ihe swviGes. ffleliics. and success sknyes in greater detail. Page 3
SWISS BENEVOLENT SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ffic• and stsff - Enhan¢ln our Soclal Car• Su Nadine Hoffzimmer, is employed as Welfare Offi(* Administralor. Company Secretary and 1st line ofseThice user conlacl. This year Nadine was certified as Wellbeing Coach, after following a o)urse to enhance her skills in supporting clients Ihrou9h empowermenl conversations promoting self-re11an and solution-based approaches. In Ihis capacity Ihe Offi has new hours for 2024 offering dients wellbeing Servi 3 days a week. Monday to Wednesday from 3pm. In the absen of a Welfa Officerlcounallof. we ethically and transparently infomi people of our inability to advise. counol or advocate. When this occurs, we offer an allemative support solution signpostire1errlng dients to experts can offer Ihese seThices for cnmplex matters. Income and Investin to Sustain SBS Charitable SeThices The Swiss Benevolent Society's available funds are derived from the income and retums generated by ils investrnent portfolio, government grants, donations. and legacies. In 2024 the SBS investment portfolio generated a positive retum as Ihe global economy exhibited resilience amidst various challenges. Despite sluggish growth in many major economies, a global slowdown was avoided. thanks also partly to the US economy leading the way as one of the main growth contributors in the Wesl. CenlRI banks worldwide shifted towards easing their monetary policy. a trend that was dnven by moderalirvj inflation and the need to support economic gr0h. The outlook for 2025 is likely to be shaped by ongoiNJ (x)nflicts and shifbrKJ Irade poliues, wrth the US takiryJ the centre stage as the new administration begins lo unfold its plans. (xjntinues to be a transfomialive force across industries. which, together with the emphasis on environmentsl (¥Jncems 8ner9y transition these are expected to remain important themes in 2025 and the near future. Our financial investments, objective remains that of income generation and capital appreciation to fund our charitable activitiès and sustain our mission for today and future generations. We believe that il is our duty be effective stewards of the financial resources entrusted to us by our generous donors. "Please sea the Treasurer's Rewt. wthch Cove the financials in greater detail. The Dedi¢at•d and Passionate Team Drivirb the S8S Charitable O anisation - 2024 The Chairman extends her sincere gratitude lo the Welfare Office. Board of Trustees and Advisors for their dedicated and compassionate seNice. Their efforts. time, expertise and skills have greatly enhanced the ser¥ice piovided by the SBS. that which users rdy upon. Iri )011 Iplear swiss BENEVO SOCIET Our Potron. Swss Ambossador Morku5 Leimer S85 frustee Morc Petef ond 58SAdvi50r Elsbeth Baxter Chain4t>man Suzonne Egloff wlth former We¥ore Officer Morgrif LJster Page 4
SWISS BENEVOLENT SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Board of Trustees and Advisors The Swiss Benevolent Soaety Trustees deeply appreciate the support and cx)mmitment of Patron His Excellency Swiss Ambassador Markus Leitner and the Embassy staff. Laurent Vuillemez and Thomas Wagner. representatives to the board from the Swiss Embassy. have been invaluable in our partnership which has been significant in our efforts to improve the wellbeing of the Swiss Community. The Trustees also Ihank the Advisors to the Board of Trustees. who enriched our Charitab support for Swiss in the UK. Emmanuel Robert. a PhD student and President of the Cambridge Swiss Sooety. advised on the SBS University Scholarship Pilot Program Cambridge University starting in 2024. Elsbeth Baxler. a formei Trustee. remains ever dedicated to client wellbeing. 585 Chainvornan Suzanne Esloff (ffrom left) with S8SAdvisor and President of the swiss Society Emmonuel Robert (r) ond students of other Cambridge Unwersity societies. Left to righr Emmonuel Robert (585 Adwsor)." Federico Sossoli de Bianchi (585 Treasurer. Ad-lnterim Vice Choirmon).. Elsberh 8axter fSBS Advisor).. Morc Peter (SBS Trustee).. Nodine Hoffzimmer (SBS Welfore Office Admin, Comp Sec.).- Suzonne Egloff fsBS Chairman),. Lourent Vuillemez (Swi55 Embossy Representotrye)." Thomas WagnerSS Embassy Representative) Special Note of Thanks- Donors Financlal Support On behalf of all the Trustees, we wish lo extend our deep gratitude lo those vtho generousty donated financial support towards our chanlable cause. These generous financial dOnatiS significantty u)ntribute lo funding (Mjr operalional seTr1. enhancing the wellbeing and livelihoods of Ihe Swiss oynmunity. Memoriam We honour the memory of those we lost in 2024.. Mrs Ingeborg Gulliver-Pfaendler. Mr J. RM Parker. Mrs Margot Ilsley. M Maya Harhalakis, Mrs Helena Szlachta, Mrs Annemarie Nelson. and Mrs Anne M. Marquis. May they rest in pea. Page 5
SWISS BENEVOLENT SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 SBS WELFARE OFFICE REPORT 2024 Empowering the Swiss Community Through Changlng Tlmes The Welfare Office- A Lifoline for Swiss Nationals livin intheUK In 2024, the S8S Welfare (re remained a pillar of support for the Swiss ¢ommunity in the UK promoting wellbeing amidst risirvJ costs. Throughout the year. clients faced mounts'ng challenges. particularly due lo the ongoing costvof-living crisis, increased administrative teChlOgIcal complexities. and the nee(1 for reliable, digeslible infomiation on legislative changes affecting their daily live5. With a cnnsistenl. compassionate. and dient-focused approach. we helped Swiss nationals navigale Ihese diificulties with confidence. Recognising Ihe growing need for dear and accessible inffxmaln. we prioritised co1c.1¥j arKI simplrfying complèx updates on public services, benefit schemes. and administrative predureS relevant to Swiss natnalS living in the UK. Our onli ommunication channels. induding the websile, newsletlers. and social media became trusted sources of valuable insights. empowering clients lo make infomied decisions or to take further aclion and cDnt8Ct the SBS office for further guidance. New Welfare Office Develo ents in 2024: Evolution of Wellbeing Servlces for Greater Cllent Empowerment and Support In 2024, we inlroduced several enhancements to tyJr services, refiecting our ongoing ojmmitrnenl to efficiency. accessibility. and client wellbeing.. Refined Clientlentric Approach: With a recent c£rtifution in Wellbeing CoachiNJ. l introduced a more empowering, solulion-focused melhodology. While not offeriThJ formal coaching sessi)ns. coaching principles were incorporated into every dient interaction, fostering self-reliance and resilience. Through guiding questions and goal- setting techniques, dients were encouraged to idenbfy their own strengths and Solulic$. promoting long-term self- sufficiency. Enhanced Admlnlstralive Support through In4lepth Research: The increasiry complexity of public seNices made administrative assislance a core part of our offering in 2024. We dedicated substantial lime lo researching on behalf of clients. Iranslaling official correspondence. darifying entitlements, and providiThJ step-by-step guidance through administrative prOSe$. Improved Informatlon Sharlng: We expanded the reIrS on our websile and blog. regularfy publishing clear. practical articles addressing benefits, repatriation. and othw relevant topic5. This ensured that dients Id acces$ reliable infomialion vthenever they needed it. Wellbeing.Focused Holiday Brochure: Our 2024 Hdiday Brochure embodied Ihis theme. offering Practical self- improvement tools. reflects.ve prompts. and wellbeing tips. DLstributed to dients, members. and donors. it was warmly received as a meaningful and useful resource. Extended support 3 days a weeK 9:ODam-3:00pm extended offl¢e hours. Consistent and Reliable Client Su holdin our charitable mission: Guldlng tho Swiss Community with Compassion The SBS Welfare Office conlinued lo provide lailored assistance across a wide range of needs. always aiming to empower clients through knowledge and practiczl support. Our seThi induded". Inlomiation and Guidance: W8 offered petsonalised Supp via phone calls. written ojrrespondence. and in- person consultations. Our team helped dients UnderStd complex adminislrative prcKesses. access UK and Swiss public services, and remain informed about changes that c¢yJd affect them. Flnancial Aid: Throughwt 2024. we provided direct finanaal support in the form of 15 regular financial aid grants. 3 onfroff grants, and 1 educational grant. We also distnbuted 8 wellbeing focused lIdaY gtfts to dients with children, offering a small upltft during the holiday season. Page 6
SSs BENEVOLENT SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Adminlstrative Assistance: Many dients required hards•on help with administrative tasks. We aided with fofm- filling. Corresponden translation, and navigating offia81 prc¢esses. This was particukrly valuable for dients facing language barriers or struggling with digilal literacy. Signposting to External Servicos: For cases requiring specialist support, we referred clients to trusted organisatsons, induding legal experts. healthcare professionals. and other charities. Our goal was lo connect dienls with the mosl appropriate resources for their speafic needs. Wellbelng Coa¢hlng: clil-cent¢ wdlbeing support whereby every dient interactw)n was shaped by )achIng principles. fostering self-awareness. iesilience. and personal agency. ThrOh encthiraging self-refleclion and goal setting. we heFped clients build Confiden arKI develop thw'r own solutions. Fosterlng Community with highlKJhted events to enc4rage grealer (xmnection. heritsge, purpose and reduce isolal¢on and k)neliness. We concluded the year on a positive note with a printed holiday card senl lo MberS and clients, lo promote wellbeing, care and lo engage individuals and families of all age in inleraclive discussions and activilies. To ensure that people fell apprecialed and connected we designed the eThJ-of year holiday cards around Swiss heritage. remembrance, engagement. and with the hope to reduce feelir¥Js of solilude. -of Client Success Stories Throughout 2024. the SBS Welfare Office made a meaningfvll rfferen in the lives of Swiss natnals. Here are three anonymised examples that illustrale our impact= Restoring Financial Stability: A dient. farAng finanaal hardship due to rising renl ots. was * risk of losing their home. Through regular financial aid and help with benefil applications. we supp)rted the clienl covering essential expenses. enabling the cjienl lo slabilise thar situation. Empowering Through Infomiation: A dient struggliThJ with language barriers and unclear administrative correspondence reached out for help. We Iranslated offiaal documents, explained the rx)ntent, and assisted in drafting effective response5. This empowered the dient lo take rJ)ntrol of their siluation and engage o)nfidently wtth authorities. Supporting Educational Ambltions: Through our educational grant sche. we enabled a promising Swiss student to pursue a specialised academic coutse. The grant covered part of their tuit)n. giving the student the financial Sta"lIty needed to foujs on their studies. Page 7
SSs BENEVOLENT %)CIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 SBS Welfare Offl¢e's Cllent Slatlstlcs 2024 2 Interest-Free Loans iOQ/o Means-tested Financial Aid Clients 15 Regular Financial Aid . 3 One-off Grants l Educational Grant l Educational Grant 2 Interest-Free Loans 3 One-off Grants 14% 15 Regular Financial Aid Throughout 2024, we handled 924 interaclions with service users, including: 716 written communlcatlons (emails. letters. and messages) 206 phone calls providing direct support and guidan 2 fa¢e-tO-face appointments for complex cases 24 OISC referrals & 8 welfare referrals, c(nnecting dienls wilh extemal experts. User Interaction Overview 2024 120 96 ffj 80 C 60 41 40 34 37 21 21 20 -12_ LOW-uptoS interactions MED-6-15 )teractions HIGH- 16+ interactions Total InteractK)ns 20 37 • Welfare Information Educational Program Financkal Total 21 12 27 16 34 41 21 96 We categorised ojr user interactions by levd of erNJwent: Low-level (up lo 5 interactions): 41 users Medium-level (6-15 interactions).. 21 users Hlgh.level (16+ interacti¢x6): 34 users Page 8
SWISS BENEVOLENT SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OECEMBER 2024 FINANCIAL REVIEW Tieasurerfs report Financial Results In referen lo the 2024 Finanual Statement5. the Sv*rySS Benevolent Society reported positive Net movement in funds of £25,784 (cnmpared to £47.401 in the prevrous year). The positive result was mainly driven by an inuease in value of investrnenls {i.e. Revaluation of fixed assets) of £41.38712023.' increase of £55,263). In 2024 the Swiss Benevolent Society's results tolalled a Nel Expenditure of £1 5,603 (2023.. Net Expenditure of £7.862). The resulls were, characlerised by Income and Endowments remaining relatively stable. albal with a slight decrease in 2024 at £43.000 (2023.. £45,399) whilè the overall Expendilure increased lo £58,60312023. £54.345). ExndIture The Swss Benevolent Society's 2024 Expenditure of £58.603 corresponded lo approximately a 7.8% increase to the previous year (2023: £54.345). This was mainty due to slightly hpjher govemance LY)sIs. Income and Endowments The Swiss Benevolent Society's Income and Endowments in 2024 were £43.000. corresponding lo a decrease of approximately 5.3% compared to the previous year (2023.. £45.3991. Ck)nalions and legacies {including grants) in 2024 amounled lo £9,329 (1.8. down 31.1 % from £13,527 in 20231. Regarding the inwme derived from our investment portfolio and bank interests. there has been an In¢aSe of 5.6% in Investment IrA)Me compared to the previous year. The Investment income in 2024 amounted 10 £33.671 (2023. £31,872). Investrnents The investment portfolio's valuation was positively Impact increasing rnarket valuations in 2024. The inveslmenls, market value as of the of the year increased £41.387 (2023: increase of £55.263). Portfolio C mm nla The year-end portfolio value sId at £1.079.241. Al the end of the year the allocation of Ihe portfolio consisted in 10.3Yo in cash, and 89.7Yo in the Bardays Charity Fund. The overall perfonnance for the year resulled in a +6.12% relum versus previous year end valuation {2023 perfomance.. +7.49%), ofwhich +2.83% from investments. income and +3.29°A from capilal value appreciation. Market Commenta In 2024. markets delivered a more nuanced and mixed perfomance rx)mpared to the broad-based rebound seen in 2023. While investor sentiment remained generalty constructive at the start of the year-buoyed by optimism around falling inflation and anticipated monetary easing-the year proved lo be more (x)mplex as the global macroeconomic and 9eopolilical landscape evofved. Expectations of early and aggressive inte¢ rale cuts frorn major cenlral banks were gradually tempered throughoul the year as inflation proved stickier than initially hoped and economic resilience continued. particularly in the United States. As a result. monetary policy remained lighter for longer. which cA)nslrained market upside and renewed concerns about ¢xsrporate margins and borrowing costs. On the other hand. a soft-landing scenario•where inflation moderales without tippirKJ the economy into recession-conbnue(i lo gain traction, helFyng markets avoid deeper drawdowns. Political risk also look centre stage in 2024. A wave of elections across key economie5-including ihe Unrted States. European Union. and several emerging markets-inlroduced pockets of volatility and raised quests.ons about future fiscal policy, regulation. and global trade relationships. Geopolitical tensions in areas such as the Middle East and Eastem Europe (xjntinued lo acl as source of potential disruption. From a perforrnan standpoint. global equily markets delivered sizeable gains. The MSCI World Index posted a Telum of approximately 19.22Vo (USD lemis). refleth'ng a more balanced contribution befvfftn largethcap tech names and other sectors suth as industrials and financials. The S&P 500 Index retumed 25.¢XI h. driven once again by slrong eamings from major lechnology companies. although the dominance of the-magnificent Seven" slighlty faded as valuabons came under increased scrutiny and rolalion into other sectors gained pace. European equities Istoxx Europe 600 Index) relumed 9.62¥0, SUPPOrted by resilient ecA)nomic data arml a continued push lowards green industrial policy. UK equities (FTSE 100 Index) were also moderately up for the year. returning 9.59%. in line with their European UnlerpartS as a stror@er sterling and lower energy prices weighed on the index's intemats'onalty exposed comrwents. In fixed incorne, performance refiected the shrfbng interest rate (Ajllook. Global sovereign bond retums remained under pressure, with the Bloomberg Global TaSUry Index down 1.85% {GBP lerms). as long-daled yields remained èlevated. In cnntrast. corporate bonds farejj beller, up 2.51% in aggregate (GBP lerms). Global investrnenl grade ended flat al 0.07V• (in GBP). while high yield bonds outperfomed at 11.14% (in GBP), b&riting from o)nlinued investor search for yield and ltrwer- Ihan-expected defautt rales. Cfverall. spreals remaine(I tKJht. and duralion remained a heattwind. Page 9
SWISS BENEVOLENT SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 As we look ahead lo 2025. the palh of inflation. the liming and exlenl of central bank rale cuts. and the global polilical landscape will remain the primary drivers of market direction. Corporate earnings. parlicularly outside the tech secior. will be Und the microscope as companies face a new wjuilibrium of slower grovrth and higher funding o)sls. With market leadership beginning lo broaden. selectivity and risk management will be e5senti81 tools for investots navigating Ihis late-cycle environment. Suslainabilit - Investrnents Oversi ht As part of the Charity's commitment lo slep up our efforts to ensure ils activities have a sensible approach towards Environmental. Social and Govemance ('ESG-l rn3ttets. the SBS has taken steps to assess. monitor and report also if ils investments are orienled towards companies or mutual funds thal can reasonably be deemed to score highty according lo reliable ESG Sring providers. Ai the lime of this report. it could be assessed Ihal the SBS'S investments. namdy. the Barclays Charity Fund scored "Above Average" acujrding to the Morning51ar ESG Risk Rating. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The Swiss Benevolent Soeietywas founded as a TrLtst charity govemed by its own statutes (ffi 1 January 1870. Itwas r¥Jistered on 22 September 1962 (Charity registration number.. 212144). The Society is registered as a charrtable company limited by gvaranlee and was sel up by a Memorandum of Association. The incorporated rnPany (company number.. 05475876 and charity number.. 1111348). with the same name a5 the Trust, was sel up on 8 June 2005. The Swiss Benevolent Society is R8Jistered with OISC. register number N2010015. Organlsatlonal structure It is managed by the executive cornmittee, who are a150 Trustees for the purpose5 of the Charities Acl.11 ts responsible for the general administration of Ihe Society and conlrols its charilable activities. They meet at leasl four times a year to forrnulate the policies for the Society. and lo approve budgets, annua acwunts and reports. The Society is govemed by its Members. Membership of the Society is open to any person of Swiss nationalty or any personl organisalion with strong Swiss o)nnections or inlerest in the soaety's work. The Members also elect Trustees at the AGM. The Articles of Association provide for Iwo represenlalives of Ihe Swiss Embassy lo be elected Trustees. The Trustee board must consist of al least 3 and not more Ihan 12 individuals all of whom must be aged under 75 years at the dale of appointment. Appolntment of new trustees New Trustees are appointed by the Sooety's Members. usually at the Societys AGM. Trustees are made familiar with Ihe operalion of the Society by an Inducti by one or of the existing Trustees and by the Welfare Officer. Related party relationship The Sociely's investrnent administrators are Bard8y5. Rlsk management The Trustees have assessed the major risks to which the Society is exposed. in particular those related lo the operations and finances of the Society. and are satisfied thal the systems are in place to mitigate its exposure to the major risks. REFERENCE AND ADMINISTRATIVE DETAILS Re9lStered Company number 05475876 {England and Wales) Regislered Charlty number 1111348 Registsred offi 79 Endell Street London WC2H 9DY Page 10
SWISS BENEVOLENT SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Suzanne Egloff Federico Sassoli de &"anchi Marc Peter Chair Treasurer Company Secretary Ms Nadine Hoffzimmer Independent Examiner LEES Charteret1 Certifie(I Puountsnts Hogarth House 136 High Holborn London WC1V 6PX TRUSTEES. LIABILITY Each of the Trustees of the Society guarantees lo ntribUte an amounl r#)1 exceeding £1 to Ihe assets of the Chanty in the event of winding up. Approved by order of Ihe board of trustees on . . arKJ signed on its behalf by: Mrs S Egloff Trus Mr F Sassoli de anchi - stee Page 11
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SWISS BENEVOLENT SOCIETY (REGISTERED NUMBER: 05475876) Independent examlnerfs report to the trustees of Swiss Benevolent Society (Ihe Company.) I report lo the charity trustees on my examination of the accounts of the Company for the year ended 31 Dmber 2024. Rosponslbililios and baslg of feport As the tharity's Iruslees of the Company {and also ils directors for the purposes of company law) you are responsible for the preparation of the accounts in aCCA)rdan with the requirements of the Companies Act 2006 ('Ihe 2006 kt.). Having satisfied myself that the accovnts ot the Company are rK)I rU[red to be audiled under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of yr charity's accounts as carried out under Section 145 of the Chanlies Act 2011 (Ihe 2011 Act,). In carryir¥J out my examinalion I have followed the Directions given by the Charity Commission under Section 14515) (b) of the 2011 Acl. Independent examlnerfs statement I have cornpleled my examination. I confirm that no matters have come lo my attentM)n in connection V•rylh the examination giving me cause to believe.. a¢nting records were not kept in spect of the Company as required by SectKJn 386 of Ihe 26 Act: or the accounts do not accord with Ite records.. or the accounts do not mplY with the accounling reqU1MlS of Sectii)n 396 ofthe 2006 Actotherthan any requiremenl thal the accounts give a true and fair view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance with the methots and principles of the Slalemenl of Recommended Practice for accounting and reporting by charities (applicable to charitie5 preparing their accLsunts in accxjrdance with Ihe Financial Rewting Standard applicable in the UK and Republ of Ireland (FRS 102)). I have no concems and have tme across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understandirKJ of the accounts lo be reacd. Mr Jeremy Hyde FCCA FCA LEES Chartered Certffied Accountants Hogarth House 136 High Holborn London WC1V6PX Page 12
SWISS BENEVOLENT SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Unrestricted funds 2023 Total funds tes INCOME AND ENDOWMENTS FROM tknnations and legacies 9.329 13,527 Investment income 33.671 31.872 Total 43.000 45,399 EXPENDITURE ON Raising funds 2,502 2.266 Charitable activiti•s Advice and relief Governance costs 50,715 5,386 48.981 3.098 Total 58.603 54,345 Net gain5 on investments 1.084 NET INCOMEI(EXPENDITURE) Other recognised gainsl(losses) Gains on revaluation of fixed assets {15,6031 {7.862) 41,387 55,263 Net movement In funds 25,784 47,401 RECONCILIATION OF FUNDS Total funds brought forward 1,194,309 1,146,908 TOTAL FUNDS CARRIED FORWARD 1.220.093 1.194.309 The notes fom part of these finan(ial statements Page 13
SWISS BENEVOLENT SOCIETY {REGISTERED NUMBER: 05475876) BALANCE SHEET 31 DECEMBER 2024 2024 Unrestricted funds 2023 Total funds Notes FIXED ASSETS Tangible assets Investments 1.333 1.079.241 1,830 1,037,854 1.080.574 1.039.684 CURRENT ASSETS Debtors Cash al bank 3.492 139,327 3,672 153,017 142.819 156.689 CREDITORS Amounts falling due thIn one year 10 (3.300) (2,064) NET CURRENT ASSETS 139,S19 154,625 TOTAL ASSETS LESS CURRENT LIABILITIES 1,220.093 1,194,309 NET ASSETS 1.220.093 1.194,309 FUNDS Unreslricled funds 1 220 093 1 194,309 TOTAL FUNDS 1,220.093 1,194,309 . The charitable company is entitled lo exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The membets have not required the C47mpany to obtain an audil of its financtal statements for the year ended 31 December 2024 in acA)r¢Jance wilh Section 476 of Ihe Companies Act 2006. The trustees acknowledge their responsibilities f( (a) ensurin9 that the charitable company keeps acc(xJntir*J records that (J)mpty with Sections 386 and 387 of ihe Companies Act 2006 and preparing finanaal statements which give a.true and fair view of the state of affaifs of the charitable (x)mpany as at the end of each financial year and of its surplus or deffiat for each financial year in accordance with the requirements of Sections 394 and 395 and which othenHise comply wilh the requirements of the Companies Acl 21X)6 relating lo financial slatemenls, so far as applicable to the charitable company. (b) These financial statements have beén prepared in accord¥th with the provisicS applicabl8 lo charitable companies subject to the small companies regime. The financial ateMentS were approved by the Board ofTrustees and authorised for issue on .................. were signed on ils behaw by.. Mrs S Egloff rusl Mr F Sassoli de Biarthi e notes fomi part of these finanaal slatements Page 14
SWISS BENEVOLENT SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing the financial slatements The financial statemenls of the charitable company. which is a public benefit entity under FRS 102. have been prepared in accordance with the Charitie5 SORP {FRS 102) 'Accounling and Reporting by Charities.. Slalemenl of Recommended Practsce applicable to charities preparing thLTr acuunts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015),. 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 c05t convention with the exception of investments which are induded al market value. Incomo All income is cOgnised in the Statement of Finanaal Adtvities once the charity has entitlement to the funds. it is probable that the inu)me wll be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as the is a legal or c(Mstruclive obligation committing the charity lo that expenditure. it is probable that a Iransfer of economic ber71S will be required in settlement and the amount of the obligation can be measure¢ reliably. Expenditure is accounted for on an arualS basis and has been classified under headings that aggregate all cnsl related lo the category. Where costs cannot be directly attributed lo particular headings they have been allocated lo activities on a basis consistent V4ith the use of resourr2s. Grants offered subject to cDnditions which have nol been met al ihe year end date are noted as a commitment but not accrued as expenditure. Tangible fixed assets All assets costing more than £250 are capitalised. Depreaalion is provided al the folkming rates in order lo wrtle off eath asset over its useful life. Plant and machinery etc - 20% on cosi and 10% on C1. Taxation The charity is exempt from corporatK)n tax on its charitable achvilies. Fund accountlng General funds are unrestricted funds vknich are available f(x use al the discretion of the trustees in fvrtheranr£ of the general ci)jeclives of the swety and which have been designated for other purFrf)ses. Oesignated funds crynprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated furKI is set out in the notes to the financial statements. Forèign currencies Assets and liabilities in foreign currenaes are translated into sterling at the rates of exchange ruling al Ihe balance sheet dale. Transactions in foreign currencies are translated inlo sleding al the rate of exchange wling at the date of transaction. Exchange differences are taken into account in arriving al the operating ult. Investrnents Investments are staled at market Val at the balance sheet date. The sialanenl of financial activities includes the net gains and losses arisin9 on revalUatiS and disposals throughoul the year. Pagè 15 continued...
SWISS BENEVOLEMf SOCIETY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT INCOME 2024 2023 Income from UK listed inveslmenls Deposit account InteSt 33,396 275 31,759 113 33.671 31.872 RAISING FUNDS Inveslmenl management costs 2024 2023 Portfolio management 2.502 2.266 NET INCOMEI{EXPENDITURE) Net incomel(expendilure) is staled after chargingl(crediting): 2024 2023 Depreciation - owned assets Independenl examiner's fee Independent examinels fee - other 497 750 2,550 687 750 1,896 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneralK>n or other benefits for the year ended 31 rnber 2024 nor for the year ended 31 December 2023. Trustees. expenses There were no trustees. expw)ses paid for the year ended 31 December2024 nor for the year ended 31 December 2023. STAFF COSTS The aver4e monthly number of employees during the year was as follows: 2024 2023 Charitable and support activities No employees received emoluments in excess of £60.(MJ). Page16 continued...
SWISS BENEVOLENT SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 TANGIBLE FIXED ASSETS Computer equipmenl COST Ai 1 January 2024 and 31 December 2024 5,182 DEPRECIATION At 1 January 2024 Charge for year 3.352 497 At 31 Dmber 2024 3,849 NET BOOK VALUE Al 31 C)ecember 2024 1,333 Al 31 Oecember 2023 1,830 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE Al 1 January 2024 Revalualions 1.037,854 41,387 At 31 DeCber 2024 1.079,241 NET BOOK VALUE At 31 t)ecember 2024 1.079.241 Al 31 December 2023 1.037,854 There wwe no investment assels outside Ihe UK. Cost or valuation at 31 fk(wnber 2024 is represented by: Listed investments Valuation in 2024 1.079.241 The historic cost of the investments was £888.391 {2023 - £888.501). DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Other debtors Prepayments and accrued irKX)me 1.992 1.500 2,172 1.500 3,492 3.672 Page 17 ontinuaj...
SWISS BENEVOLEMT SOCIETY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accruals and deferred incA)me 3,300 2,064 11. MOVEMENT IN FUNDS movement in funds At 31.12.24 At 1.1.24 Unrestricted funds General fund Designated Funds 294.309 900.000 25.784 320.093 900.000 1.194.309 25.784 1,220,093 TOTAL FUNDS 1.194.309 25.784 1,220.093 Net movement in funds. induded in the above are as fdlows.. Incoming Resources expended Gains and losses Movemenl in funds Unrestricted funds General fund 43.0 (58.603) 41,387 25.784 TOTAL FUNDS 43.000 58,603) 41,387 Comparalives for movement in funds Nel movement in funds At 31.12.23 At 1.1.23 Unrestricted funds General fund Designated Funds 246. 900.000 47.401 294,309 900.000 1.146.8 47.401 1,194,309 TOTAL FUNDS 1.146.908 47.401 1.194,309 Comparativè nel rnovement in funds. included in the above are as follows: IncLvning resources Gains and losses Movement in funds expwKled Unrestricted funds General fund 45.399 {54.3451 56,347 47,401 TOTAL FUNDS 4S.399 54.345) 56,347 47.401 Page 18 continued...
SSs BENEVOLENT SOCIETY NOTES TO THE FINANCIAL STATEMENTS- contlnu FOR THE YEAR ENDED 31 OECEMBER 2024 11. MOVEMENT IN FUNDS- continued Designated Funds The purpose of the designated furKls is to guaranlee a suslainable devebpmenl and to maintain the charity's task of providing grants to pensioners in Ihe future. As al December 2024. the trustees have decided lo keep the designated funds in the amount of £900.000. 12. RELATED PARTY DISCLOSURES There were no related party Iransa¢lh)ns for the year ended 31 DeCber 2024. 13. COMPANY LIMITED BY GUARANTEE The Sooety is a eA)mpany limiled by guarantee. The membets of the ojnpany are the Trustees named on page 8. In the evenl of the Society being wound up. the liability in fe5pect of the guarantee limited to £1 per member of the Society. Page 19
SWISS BENEVOLENT SOCIETY DETAILED STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 INCOME AND ENDOWMENTS Donations and lègacies Gift aid on donalions Donalions Legacies Subsidy from Swiss federalion 5.012 8.092 1,000 4,432 4.316 9.329 13,527 Invèstmènt incomè Income from UK listed investments Deposit account interest 33.396 275 31,759 113 33.671 31.872 Total Incomlng resources 43.OtKI 45.399 EXPENDITURE Investment management costs Portfolio management 2.502 2.266 Charitable activities Payroll Special events Grants lo individuals 16.209 2,645 21,922 25,154 673 40.776 40.190 Support costs Management Visiting expertses Telephone Printing, postage and stationery Sundries Rent IT costs Subscriptions Computer equiprnent depreciation 28 621 565 800 2,360 181 545 687 620 622 1,61J) 2.160 131 257 497 5.887 5,787 Governance costs Payroll Insurance Accountancy and legal fees 8ank charges 4,052 790 4.536 3,004 377 2,646 75 6,102 Total resources expended 54,345 Net oxpendltur• before galns and10s505 (15.603) 18.946) This page does mt fom part of the slalutory financ1 statwnents Page 20
SWISS BENEVOLENT SOCIETY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Realised recognised gains and losses Realised g8inslllossesl on fixed asset investments 1.084 Net expendlture 15,603> This page does not fom part of the statutory finaral stalements Page 21