2023-12-31-accounts - Newstraid Benevolent Fund

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NewstrAidF The helping hand of the New5trade 2023 ANNUAL REPORT

	Investment Income
1	Economic volatility and/or the market declines severely affecting investment	The investment fund continues to perform to target. An external review post year end confirms the value the fund
	Income and Impacting the sustainability	management is providing.
	of NewstrAid.
		Current economic climate has resulted in an increase in one-
	Purpose ofCharity Significant decline in beneficlaiy numbers, impacting raison d'etre of	offflnancial support. An application has been submitted post year-end to the Charity Commission and OSCR to request a change to the charity Objects to support those with a shorter trade connection than Syears, on the basis that the value of
	NewstrAid.	financial support is proportionate to the length ofthe trade
		connection.
3	Purpose ofCharity The relevance of the charity's activities	The new schemes introduced ensure that the charity remains relevant to the individuals In the trade and are cognisant of
	and welfare offer diminishes,	the macro environment.
	Security and Privacy ofData A breach ofsecurity or contravention of legislation, resulting in loss ofdata, data being compromised or cyber ransom.	There have been no breaches in 2023. Security matters are considered annually with the charity's ITpartner and a penetration test carried out every 18 months.
	Action by Regulators	KC review scheduled for2025
	Leading to loss ofopt out method
	Industry Support Wholesalers withdraw support from the charity Including a change ofownership	Wholesalers have secured publisher contracts through to 2028 and both are pursuing diversification strategies to ensure sustainability.
	structure.
7	Industry Decline Matedial decline in support for the	The charity remains relevant across the industry as evidenced by the increase in support, donations, event attendance and
	charity,	applications.

		General	General
	Note	Unrestricted	Designated	Restricted	2023Total	2022Total
		E	E	E	E	E
Income Donations and legacies Income from other trading activities Investment and other Income	2 3 4	353,320 1,174,179 458,236	4,655		357,975 1,174,179 458,236	360,640 1,264,419 413,343
Totallncome		1,985,735	4,655		1,990,390	2,038,402
Expenditure Costs ofraising funds and other income Charitable activities - Other Charitable activities -Welfare payments	5 6	548,503 122,865 1,045,021	105,320		548,503 122,865 1,150,341	527,753 110,491 1,082,159
Total expenditure	7	1,716,389	105,320		1,821,709	1,720,403
Net income before other recognisetl gain" and losses Realised gain on disposal ofinvestments Unrea lised gain/(losses)	13 16	269,346 2,326 429,607	(100,665)		168,681 2,326 429,607	317,999 9,969 (1,543,659)
Net Income		701,279	(100,665)		600,614	(1,215,691)
Gross transfers between funds Net movement in funds	18	(6,648,189) (5,946,910)	6,648,189 6,547,524		600,614	{1,215,691)
Reconciliation offunds
Total funds brought forward		12,475,167	592,480	48,352	13,115,999	14,331,690
Total funds carried forward		6,528,257	7,140,004	48,352	13,716,613	13,115,999

		Note		2023Total		2022Tota I
						(Restated)
						E
Fixecl assets
Intangible assets		11		3,228		1,323
Tangible assets		12		18,806		18,427
Investments		13		13,620,361		13,075,106
Total Fixed Assets				13,642,395		13,094,856
Current assets
Debtors, prepayments	and accrued income	14	157,581		138,826
Cash at bank and in hand			208,699		167,730
Total Current Assets				366,280		306,556
tlabilitles
Creditors falling due within one year		15	(292,062)		(285,413)
Net current assets				74,218		21,143
Net assets				13,716,613		13,115,999
The fun&is ofthe charity:
unrestricted funds
Designated funds				7,140,004		592,480
General funds			3,068,196		9,444,713
Investment gains	fund	16	3,460,061		3,030,454
				6,528,257		12,475,167
Restricted funds				48,352		48,352
Total charity funds		18		13,716,613		13,115,999

	Note	2023Total	2022Total
		f.	5
Cash used by operating activities	24	(287,506)	(89,324)
Cash flows from investing activities Investment and interest income		458,236	413,343
Purchase ofintangible fixed assets		(2,976)
Purchase oftangible fixed assets		(6,648]	(15,861)
Investment Additions		(132,531)	(366,884)
Investment Disposal Proceeds		12,394	49,449
Cash generated by investing activities		328,475	80,047
Increase I(Decrease) in cash for the year		40,969	(9,277)
Cash atthe beginning ofthe year		167,730	177,007
Total cash at the end ofthe year		208,699	167,730

2.Income from Donations	Unrestricted	Designated	Restricted	2023 Total
2023	F.	E		E
Donations	323,320	4,655		327,975
Gifts in kind	30,000			30,000
	353320	4655		357,975
2022	Unrestricted	Designated	Restricted	2022Total
	E	E		E
Donations	325,002	5,630		330,632
Gifts In kind	30,008			30,008
	355,010	5,630		360,640

In accordance with FRS102and the Charities SORP accounts.	In accordance with FRS102and the Charities SORP accounts.	(FRS102), the economic co	ntribution	of	general volunte	ers Is not recogn	ised in the
3.Income from Other Trarling Activities		Unrestricted	Designated		Restricted	2023Total	2022Total
		E		E		E	E
Membership Area Committee fundraising Events fundra ising		50 1,116,096 58,033 1,174,179				50 1,116,096 58,033 1,174,179	70 1,205,310 59,039 1,264,419
All income from other trading activities	in 2022 related to unrestricted funds.
4.Investment and Other Income		Unrestricted E	Designated	E	Restricted	2023Total E	2022Total E
Income from quoted investments Bank deposit interest		456,545 1,691 458,236				456,545 1,691 458236	413,202 141 413343

5.Costs ofRaising	Funds	and Other Income	Unrestricted E	Designated	E	Restricted E	2023Tata I E	2022Total E
Area Committee fundraising Events fundralslng costs Other		costs	480,035 38,468 30,000				480,035 38,468 30,000	455,725 37,549 34,479
			548,503				548,503	527,753

6.Costs ofCharitable	Activities	Unrestricted E	Designated	E	Restricted E	2023Total E	2022Total E
Cost ofraising funds		122,865 122,865				122,865 122,865	110,491 110,491

7.Total Expenditure	7.Total Expenditure							Costs	of		Costs of
								Raising		Charitable		Support
2023							Voluntary	Income			Activities	Costs	2023Total
									F.		E	E	E
Staff costs (Including		recruitment			costs)			21,709			159,070	288,256	469,035
Fundralsing	costs							273,404					273,404
Governance	costs											64,083	64,083
Other costs								30,000			841,102	136,745	1,007,847
Depreciation												5,977	5,977
Amortlsatlon												1,071	1,071
Loss on disposal												292	292
Supportcosts								223,390			273,034	(496,424)
								548,503			1,273,206		1,821,709
								Costs	of		Costs of
								Raising		Charitable		Support
2022							Voluntary	Income			Activities	Costs	2022Total
									E		E	E
Staffcosts								19,947			133,043	266,159	419,149
Fundraising	costs							276,903					276,903
Governance	costs											56,551	56,551
Other costs								30,008			814,071	117,340	961,419
Depreciation												6,381	6,381
Support costs								200,895			245,536	(446,431)
								527,753			1,192,650		1,720,403
E30,000(2022:F30,008)within costs ofraising voluntary							income relates to gifts in kind.
8.Analysis ofGovernance				and	Support Costs							2023Total	2022Total
Governance	costs	comprise:										E	E
Legal and professional			fees									20,781	15,499
Audit and accountancy												22,800	25,440
Meeting costs												18,162	14,483
Annual report and accounts												2,340	1,129
												64,083	56,551
											Costs of	Costs of
											Raising	Charitable
								Voluntary			Income	Activities
2023											454/a	55%	2023Total
Support costs are		allocated to			charitable	activities	as follows:				E	E	E
Staffcosts and recruitment											129,715	158,541	288,256
Stafftraining	and expenses										3,878	4,741	8,619
Senior manager expenses											2,529	3,091	5,620
Office overheads											38,123	46,595	84,718
Computers											9,488	11,596	21,084
Advertising	and promotion										6,956	8,502	15,458
Governance	costs										28,837	35,246	64,083
Webslte											561	685	1,246
Depreciation											2,690	3,287	5,977
Amortlsatlon											482	589	1,071
Loss on disposal											131	161	292
											223,390	273,034	496,424

8.Analysis of Governance and Support Costs (continued)	8.Analysis of Governance and Support Costs (continued)	8.Analysis of Governance and Support Costs (continued)				Costs of Raising	Costs of Charitable
					Voluntary	income	Activities
						4596	55ek	2022Total
2022							E	E
Support costs are allocated Staff costs Staff training and recruitment	to charitable activities	as follows:				122,827 1,264 564	150,122 1,545 689	272,949 2,809 1,253
Senior manager expenses Otfice overheads Computers Lease charge Advertising and promotion Governance costs						31,135 10,786 1,008 4,888 25,448 103	38,054 13,182 1,232 5,974 31,103 126	69,189 23,968 2,240 10,862 56,551 229
Website Depreciation						2,872 200,895	3,509 245,536	6,381 446,431
Support costs ofgenerating support costs ofcharitable	funds are allocated to fundraising events activities are allocated between welfare paytnents			and	costs ofraising funds		In the ratio of55:45
							2023Total	2022Total
9.Net Income for the year							f	E
This is stated after charging: Operating leases - equipment							5,904 1,071	2,240
Amortlsatlon							5,977	6,381
Depreciation							22,800	25,440
Audit of charitable company							1,089	797
Trustees' reimbursed expenses
During the year 4(2022:4)	trustees were reimbursed	for travel	and subsistence.
							2023Total	2022Total
10,Staff Costs							f	f
Staff costs were as follows:							411,256	365,468
Salaries and wages							41,496	37,075
Social security costs							12t322	16,606
Pension contributions Total emoluments paid tostaff							465,074	419,149

11.Intangible Assets			Total 2023
Cost
AtlJanuary 2023
Reclassification at 1January 2023			19,389
Additions			2,976
At 31December 2023			22,365
Depreciation
At I January 2023
Reciassification			18,066
Charge foryear			1,071
At31December 2023			19i137
Net BookValue
At 31December 2023			3,228
At 31December 2022(Restated)			1323
12.Tangible Assets		Office Fixings,	Computer
	Furniture	and Equipment	Equipment	Total
Cost		E	F.	E
At I January 2023		5,860	44,806	50,666
Reclasslflcation			(19,389)	(19,389)
		5,860	25,417	31.277
Additions			6,648	6,648
Disposals		(648)	(4,472)	(5,120)
At 31 December 2023		5,212	27,593	32,805
Depreciation
At IJanuary 2023		3,917	26,999	30,916
Reclasslfication			(18,066)	(18,066)
		3,917	8,933	12,850
Charge for year		433	5,544	5,977
Dlsposals		(356)	(4,472)	(4,828)
At 31December 2023		3,994	10,005	13,999
Net Book Value
At 3'I December 2023		1,218	17,588	18,806
At 31December 2022 (Restated)		1,943	16,484	18,427
13.Investments			2023Total	2022Tote I
Quoted investments			E	E
Market value at I January			13,075,106	14,248,925
Additions			132,531	366,884
Disposal proceeds			(I2,394)	(49,449)
Gain on disposal ofInvestments			2,326	9,969
linrealised gain/(loss)			429,607	(1,543,659)
Movement In cash held			(6,815)	42,436
Market value at 31December			13,620,361	13,075,106
Cost at I January (2022 restated)			10,044,652	9,674,811
Additions			132,531	366,884
Dlsposals			(10,067)	(39,480)
Movement In cash held			(6,816)	42,437
Cost at31December			10,160,300	10,044,652

14.Debtors	2023Total E	2022Total E
Trade debtors	78,783	76,909
Other debtors	36,893	24,669
Prepayments	41,905 157,58'I	37,248 138,826

15.Creditors Due Within One Year	2023Total	2022Total
	E	E
Trade creditors	1 237	3,979
Other creditors	199,166	194,535
PAVE and pensions Accruals	11,715 79,944	9,854 77,045
	.292;062	285,413

16.Investments	gains funds	2023Total E	2022Total E
At 1January Gain/(loss) In year At 31 December		3,030,454 429,607 ' xg)480I061"	4,574,113 (1,543,659) 3,030,454


17.Analysis ofnet	assets		between	funds						Restricted	2023
							Unrestricted	Designated		J Steele	Total
2023							E	E		E	E
Funds balances at 31 December 2023are					represented	by:
Intangible fixed assets							3,228				3228
Tangible fixed assets							18,806				18,806
Investments							6,437,466	7,140,004		42,891	13,620,361
Current assets							360,819			5,461	366,280
Creditors: amounts	falling	due within		one	year		(292,062)				(292,062)
							6,528,257	7,140,004		48,352	'I3,716,613
										Restricted	2022
							Unrestricted Designated			J Steele	Total
2022							(Restated) E				(Restated) E
Funds balances at 31 December 2022				are	represented	by:
Intangible fixed assets							I 323				1,323
Tangible fixed assets							18,427				18,427
Investments							12,482,626	592,480			13,075,106
Current assets							258,204			48,352	306,556
Creditors: amounts falling		due within		one	year		(285,413)				(285,413)
							12,475,167	592,480		48352	13,115,999
18.Analysis ofCharitable			Funds
			Brought				Unrealised Realised
			Forward		IncomeExpenditure		Gain Gain	Impairment		Transfers	2023
2023					E	E	E E		E	E	E
Restricted funds Jane Steele			48,352								48,352
Total restricted funds			48,352								48,352
Designated funds
ACE					4,655	(25,024)				20,369
Legacy Income			592,480			(80,296)					512,184
Regular benefit commitment										6,627,820	6,627,820
Total designated funds			592,480		4,655	(105,320)				6,648,189	7,140,004
General funds			12,475,167		1,985,735	(1,716,389)	429,607 2,326		-	(6,648,189)	6,528,257
Total general funds			12,475,167		1,985,735	(1,716„389)	429,607 2,326		-(6,648,189)		6,528,257
Totalfunds			13,115,999		1,990,390	(1,821,709)	429,607 2,326				13,716,613

		Brought Forward	Income Expenditure	Income Expenditure	Unreagsed Gain	Realised Gain		Transfers	2022
2022 Restricted funds Jane Steele		E 48,352	E	E	F.	E	E	E	E 48,352
Total restricted	funds	48,352							48,352,
Designated funds ACE Legacy Income Total designated	funds	605,687 605,687	5,630 5,630	{20,193) (13,207) (33,400)				14,563 14,563	592,480 592,480
General funds		13,677,651	?„032,772	(1,687,003)	(1,543,659)	9,969		(14563)	12475167
Total general funds		13,677,651	2,032,772	(1,687,003)	(1,543,659)	9,969		14,563	12;475r167
Total funds		14,331,690	2,038,402	(1,720,403)	(1,543,659)	9,969			13,115,999

20.Financial Instruments	20.Financial Instruments					2023 E	2022
Financial Financial	assets measured assets measured	at at	fair value amortlsed	through cost	profit or loss	'I3,620,361 318,914	13,075,106 263,847
Financial	llabgltles measured		at amortised cost			(212,118)	(208,368)

24.Reconciliation ofnet movement	24.Reconciliation ofnet movement	in funds/debt	and net	movement
funds to net cash flow from operating activities					At the start		At the end
					ofthe year		ofthe year
a)net movement in funds/debt					E		E
Cash at bank and in hand					167,730	40,969	208,699
Netfunds					167,730	40,969	208,699
						2023Total	2022Total
b)net movement in funds to net	cash flow	from	operating	activities		E	E
Net movement In funds						600,614	(1,215,691)
Add back depreciation charge						5,977	6,381
Add back Amortisartlon						1,071
Add back loss on disposal						292
Add back profit on disposal ofInvestments						(2,326)	(9,969)
Less unreallsed (gain) /loss on Investments						(429,607)	1,543,659
interest income shown In investing	activities					(458,236)	(413,343)
Increase/(decrease) In cash held at	investment	managers				6,8'I5	(42,436)
(Increase)/decrease In debtors						(18,755)	7,400
Increase fn creditors						6,649	34,675
Net cash used by operating activities						(287,506)	(89,324)