REGISTERED COMPANY NUMBER: 07170030 (England and Wales)
REGISTERED CHARITY NUMBER: 1135646
Report of the Trustees and
Audited Financial Statements
for the Year Ended 31st March 2024
for
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
TC Group
Statutory Auditor
Office: Croydon - TC SWP
3rd Floor, Suffolk House
George Street
Croydon
CR0 0YN
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
Contents of the Financial Statements for the year ended 31st March 2024
|
|
Page |
|
Reference and Administrative Details |
|
1 |
|
Report of the Trustees |
2 |
to |
8 |
Statement of Trustees' Responsibilities |
|
9 |
|
Report of the Independent Auditors |
10 |
to |
13 |
Statement of Financial Activities |
|
14 |
|
Balance Sheet |
15 |
to |
16 |
Cash Flow Statement |
|
17 |
|
Notes to the Cash Flow Statement |
|
18 |
|
Notes to the Financial Statements |
19 |
to |
30 |
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
Reference and Administrative Details for the year ended 31st March 2024
TRUSTEES |
J P Fell (Chairman) |
|
S G Orlik |
|
A V Scanlan |
|
S P Curran |
|
K S Golding |
|
N Snook |
|
M A G Cooper |
|
J Donovan (appointed 9.5.23) |
|
J L Merton |
COMPANY SECRETARY |
S Stocker |
REGISTERED OFFICE |
Suffolk House |
|
George Street |
|
Croydon |
|
Surrey |
|
CR0 0YN |
REGISTERED COMPANY NUMBER |
07170030 (England and Wales) |
REGISTERED CHARITY NUMBER |
1135646 |
INDEPENDENT AUDITORS |
TC Group |
|
Statutory Auditor |
|
Office: Croydon - TC SWP |
|
3rd Floor, Suffolk House |
|
George Street |
|
Croydon |
|
CR0 0YN |
TREASURER |
I Venters |
INVESTMENT ADVISORS |
Quilter Cheviot Limited |
|
Senator House |
|
85 Queen Victoria Street |
|
London |
|
EC4V 4AB |
Page 1
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND (REGISTERED NUMBER: 07170030)
Report of the Trustees for the year ended 31st March 2024
The TrusteeswhoarealsoDirectorsof thecharityforthepurposesof theCompaniesAct2006,presenttheirreport with
thefinancialstatementsof thecharityfortheyearended31stMarch2024.TheTrusteeshaveadoptedtheprovisions of
AccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective 1 January 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
TheTobaccoPipeMakersandTobaccoTradeBenevolentFund(theFund)wasformedfromthe2010mergerof the
TobaccoTrade BenevolentAssociation(TTBA) and the WorshipfulCompanyof TobaccoPipe Makers and Tobacco Blenders
BenevolentFund.It is a charitablecompanylimitedby guaranteeand not havinga share capital,and was incorporated on
25 February 2010.
TheFundwasestablishedunderaMemorandumofAssociationwhichstatestheobjectsandpowersofthe charitable
company,andisgovernedunderitsArticlesofAssociation.TheFundwasregisteredwiththeCharityCommissionon 26
April 2010.
In2015,thecharityreceivedanendowmentfromtheBernhardBaronWelfareFund,followingapprovalbythe Charity
Commissionoverthedistributionofitsassets.Theseassetsarering-fencedinarestrictedfund,inaccordancewith the
terms of the endowment.
TheFundcontinuestheaimsofallpreviousentities.IncomefromtheRobertFreemanMaster'sFundisusedto support
UKcharitiesnominatedbytheMasteroftheWorshipfulCompanyofTobaccoPipeMakersandTobacco Blenders
BenevolentFundduringtheiryearinoffice.TheassetsofthepreviousTTBAarering-fencedinarestrictedfund (the
WelfareFund)toensurethattheincomefromtheseassetscontinuestobe usedtoassistthosewhohaveworkedin the
tobacco trade.
Appointment of Trustees
The Trustees who have served during the year and since the year end are:
Marie A G Cooper
Susan P Curran
Judith Donovan
Jonathan P Fell (Chairman)
Katherine S Golding
Jeremy L Merton
Simon G Orlik
Antony V Scanlan
Nicola Snook
The Trusteesare appointedby the Courtof the WorshipfulCompanyof TobaccoPipe MakersandTobaccoBlenders ("the
Court"),after endorsementby a majorityof the continuingTrustees,and are Directorsof the companyas well as Trustees
for the purposesof charitylaw. Underthe Articlesof Association,thereshallbe not less thanfourandno more than nine
Trustees,and one thirdof the Trustees shall retire each year. The retiringTrustees shall be eligiblefor re-appointment but
may not serve more than three terms without the approval of two-thirds of the other Trustees.
Page 2
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND (REGISTERED NUMBER: 07170030)
Report of the Trustees for the year ended 31st March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Boardof Trusteesreviews regularlythe compositionof itselfand plansfor the retirementof existingTrusteesand the
appointmentof newTrustees.TheTrusteeslookattheblendof experienceandskillsof allTrusteestoensurethat these
meet the needs of the charity.Where vacanciesarise, a selectionprocess will be undertakenand a recommendation made
totheCourt.TheSecretaryandChairmanensurethatanewTrusteeisprovidedwiththenecessary background
documentationandsupporttobeeffectivefromappointment.TheTrusteesseekprofessionaladvicetokeepupto date
with changes affecting the charity.
Powers
The Trustees are not restricted in their powers by the Trustee Investment Act 1961.
Management and objectives
The Trustees meet four times a year to review grants,policies,financialresults and investments.Day-to-dayrunningof the
FundisconductedbytheSecretaryandTreasurerinconsultationwiththeChairmanandwithotherTrustees, as
necessary. The ongoing administration of the Welfare Fund is supported by Forum Court Associates Ltd.
The objects of the Fund are quite widely drawn,restrictedonly to the charitablepurposesfallingwithinSection3(1) of the
CharitiesAct 2011,andthe Fund'sprimaryactivityto achievethese charitableobjectivesis throughgrant-makingand, for
the Welfare Fund, via relief, maintenance and one-off payments to beneficiaries.
TheTrusteesfocusgrant-givingfromtheGeneralFundontheadvancementofeducation,advancementofthearts, and
thereliefof thoseinneedbecauseof youth,age,ill-health,disability,financialhardshiporotherdisadvantage.Priority is
giventocharitieswithstronglinkstoLondonorothercitiesandregionswithstronghistoriclinkstothetobacco trade,
andto charitieswhere awardsfrom the Fundwill make a clearandsignificantdifference.The ring-fencedWelfareFund is
designatedspecificallyfortheprovisionofgrantstorelievehardshipforindividualsandfamiliesofthosewho have
worked in the tobacco trade.
The GeneralFundhasstronglinksto a numberof charitieswhichhavebeenthe recipientsof multipleannualgrants. The
Secretaryalsoreceivesnewproposalsforfunding,andafterreviewthesearepresentedtoTrusteesfor further
consideration in the context of the aims and priorities of the General Fund.
Trusteescollectivelymakeallgrant-makingdecisionsfortheGeneralFund,basedontherecipientcharity's strategy,
budgetandgovernance.Thosegrant-makingdecisions,aswellasregularreviewsofprogressofthosecharities which
receivegrants,areinformedbyannualreportsandaccounts,formalfundingapplications,otherperiodicupdates, and
visitsandmeetingswithkey personnel.Forthecharitieswhichreceivethebulkof theGeneralFund'sgrants,a Trustee is
designated as responsible for liaison between the charity and the Fund.
GrantsfromtheWelfareFundareoverseenbytheTTBAWelfareCommittee(theWelfareCommittee),which reports
regularlytotheBoardofTrustees.TheWelfareCommitteecomprisesanumberofTrustees,andalsosome non-Trustee
memberswithexpertiseinadministrationand/ orexperienceinthetobaccotrade.Itmeetsregularlyduringtheyear to
considerand review grantson the bases of need and lengthof service as a member of the tobaccotrade,and can exercise
itsdiscretioninapplyingtheeligibilitycriteriabytakingintoaccountotherfactorsincluding,redundancy, retirement,
ill-healthandexceptionalneed.Beneficiariesarevisitedregularlyandareprovidedwithapointofcontact.The Welfare
CommitteemaintainscontactwithsimilarcharitiessuchasGroceryAid,theRoyalBritishLegionandSSAFA,to see
whether it is possible to share in assisting people in need.
TheTrusteeshavecompliedwiththeirdutyundersection17(5)oftheCharitiesAct2011toconsiderthe Charity
Commission's guidance on public benefit and believe that their activities meet the requirements.
Page 3
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND (REGISTERED NUMBER: 07170030)
Report of the Trustees for the year ended 31st March 2024
Fundraising
Thecharity'smainsourceofincomeisinvestmentincome.Otherincome,includingdonationsfromcorporations and
individuals,isusedtosupplementtheinvestmentincome.Fundraisingfocusesonsecuringdonationsfrom existing
contacts:membersof theWorshipfulCompanyof TobaccoPipeMakersandTobaccoBlendersfortheGeneralFund, and
companiesinthetobaccotradefortheWelfareFund.Thecharitydoesnotoutsourcefundraisingvia professional
fundraisersorotherthirdparties.Consequently,thecharitablecompanyis notregisteredwiththeFundraising Regulator
and has received no fundraising complaints in the year.
Risk Management
TheTrusteesmaintain,andupdateannually,ariskregisterandhaveconsideredthevulnerabilityoftheFundto factors
thatcouldseriouslyimpairitsabilitytoachieveitsobjectives.TheTrusteesareresponsiblefortheinternal financial
control systems of the Fund as set out below in the Statement of Responsibilities of the Trustees.
TheabilityoftheFundtomakeawardsandgrantsisdependentuponinvestmentincomeanddonations.The financial
controlsoperatedbytheTrusteesincludetheauthorisationofinvestmentpolicy,allocationofresources,and regular
reviews of financialresultsand investmentperformance.The investmentadvisor,QuilterCheviotLimited(Quilter Cheviot)
issuesmonthlyvaluationandquarterlyinvestmentreportstotheTrusteesandadvisesoninvestmentpolicy and
performance.TheTrusteeshavedelegatedtoCheviotCapitalNomineesLimited(CCN),awholly-ownedsubsidiary of
QuilterCheviot,custodialservicesfortheFund'ssecurities,includingsafeguardingofassets,monitoringof corporate
activity,andcollectionofincome.CCNmaintainsaninternalcontrolframework,whichisreviewedbythe investment
advisor'scomplianceandinternalauditdepartmentsandexternalauditors,toprovidereasonableassuranceasto the
effectivenessoftheirinternalcontrols.TheTrusteesconfirmthat,takingintoaccounttheReservesPolicybelow, they
receive regular reports to ensure that necessary steps may be taken in good time to manage this financial risk.
TrusteesmonitortheriskthatgrantsmadebytheFundarenotachievingcharitableobjectivesbyregularreviewof the
progressofthosecharitiestowhichtheGeneralFundmakesgrants.MembersoftheWelfareCommitteereview the
grants made by the Welfare Fund, and report back to the Trustees on this activity.
Page 4
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND (REGISTERED NUMBER: 07170030)
Report of the Trustees for the year ended 31st March 2024
ACHIEVEMENTS AND PERFORMANCE
Duringthe 12 monthsto 31st March2024Trusteesmade grantstotalling£152,546from unrestrictedfunds,compared to
anannualgranttargetof£153,570budgetedatthestartoftheyear.TrusteesthereforeconsiderthattheFundmet its
aims in relationto the level of grant-makingfromthe GeneralFundand,further,believethatthe grantsmadeduring the
year promotethe Fund'sobjectivesof the advancementof educationand the arts, and the relief of those in need because
of youth, age, ill-health, disability, financial hardship or other disadvantage.
AwardsarelistedinmoredetailinNote4tothefinancialstatements;thosecharitiesreceivinglargergrants, accounting
for 95% of giving from unrestricted funds, were:
Arundel Castle Cricket Foundation (youth)
Barrow Farm RDA (disability)
The Bobath Centre (disability)
City Harvest (disadvantage, financial hardship)
The Garwood Foundation (disability)
Guildhall School of Music & Drama (education, arts)
Irish Guards Benevolent Fund (Support, armed services)
KEEN London (youth, disability)
Katherine Low Settlement (education, youth)
Mark Evison Foundation (youth)
Pembroke House (education, arts, youth)
Physics Partners (education)
Sheriffs' & Recorders' Fund (other disadvantage)
Spitalfields Crypt Trust (ill-health, financial hardship)
Street storage (disadvantage, homelessness)
Us in a bus (disability)
Inthe12monthsto31stMarch2024theRobertFreemanMaster'sFundmadegrantstotalling£5,000to charities
nominated by the serving Master of the Worshipful Company of Tobacco Pipe Makers and Tobacco Blenders.
TheWelfareandBernhardBaronfundsaimtorespondtorequestsforaidfromthosewithapriorconnectionto the
tobaccotrade,makinggrantswhichprimarilytaketheformofmaintenancepayments,pensionsandgeneral relief,
welfare assistance,one-offgrants,TV licensesand Christmasand birthdaygifts.Duringthe 12 monthsto 31st March 2024
theWelfareFundwasabletoassistalleligibleapplicants,makinggrantstotalling£260,587wellabovethetotalfor the
prioryear(2023:£237,928).Thatincreasewasdrivenbyadecisiontoincreasesignificantlythepaymentsmade to
beneficiaries for maintenance, regular relief and gifts, in response to the rising cost of living hitting many households.
DuringtheyeartheWelfareCommitteeundertookastudytogaugetheimpactoftheFund'sworkonbeneficiaries. All
respondentssaidthattheirwelfarehadbeenimprovedby the financialsupportfromthe Fund(97%of them significantly
so), and all also said that their quality of life had been improved (94% significantly).
Page 5
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND (REGISTERED NUMBER: 07170030)
Report of the Trustees for the year ended 31st March 2024
INVESTMENT PERFORMANCE REVIEW
TheCharity'sinvestmentsaremanagedonadiscretionarybasisbyQuilterCheviot.Theinvestmentobjectiveacross the
fourfundsistomaximisethetotalreturnoverthelongterm,whilstmaintainingalevelofincomeconsistentwith the
Fund's level of giving.
Performance
Inthetwelvemonthsto31stMarch2024,onatotalreturnbasis(representingthecombinedmovementofcapital and
income)the GeneralFund increasedby 12.0%, the Welfare Fund 12.2%, the Freeman Fund 10.1% and the Bernhard Baron
WelfareFundby12.8%.ThesewereagainstcomparativeincreasesintheBenchmark(theQCCharities Composite
Benchmark) of 11.7% and the Asset Risk Consultants (ARC) Charity Steady Growth Index of 9.7%.
Duringtheperiod,likelastyear,theWelfareFundbenefittedfrommarkedoutperformancefromthefixed interest
investments.EveniftheywereaheadofGilts,alternativeinvestmentsdisappointedagainbutrecoveredstronglyin the
finalquarterof2023,benefittingfromanexpectationthatinterestrateshadpeakedandwereexpected,atthetime, to
retreatoverthenext12months.Inthecurrentyearthattrendisexpectedtocontinue.Amongsttheequities, North
Americaninvestmentssignificantlyoutperformed(37.1% against26.9% for the MSCI NorthAmericanindex)European and
EmergingMarketinvestmentsenjoyedabsoluteoutperformance,andtheAsianPacificandDomesticinvestments moved
broadlyin-linewithlocalmarkets.OurfundselectioninJapanhasbeenreorganised,andperformancehas subsequently
improved.
Over the five years to 31st March 2024 the General Fund enjoyed annualisedtotal returnsof 6.7%, the Welfare Fund 7.4%,
BernhardBaron 5.5%, and the Freeman Fund 4.1%, comparedto an annualisedrise in the Benchmarkof 6.0% and the ARC
Charity Steady Growth Index of 5.0%.
TheGeneralandWelfarefundshavethusoutperformedboththebenchmarkandthepeergroup.TheFreeman Fund's
returnshavebeenimpactedbyweaknessamongstthetobaccostocks,especiallyoverthreeofthelastfiveyears (the
mandate of this specific fund requiressignificantexposureto that sector) and the BernhardBaron fund has been impacted
bythecompositionoffunds.Separately,toaddressthechallengesfacedbythesmallertwofunds,alongside retaining
directpositionsintobaccostocks,thetrusteescompletedtheswitchof themajorityof thesefunds'investmentsinto the
QuilterCheviotGlobalIncomeandGrowthFundforcharities,itselfaCharityAuthorisedInvestmentFund(CAIF).This is
reflected in improved and market beating returns since the switch was completed last autumn.
Duringthe year,reflectingthe challengesof the ongoingwar in Ukraineandthe impactof an earlyEaster(which delayed
£3kofincomeintheWelfarefund),incomelevelsonboththeGeneralandWelfareFundsremainedbroadly unchanged
comparedto thoseachievedin the previousperiod.The GeneralFunddeliveredincomeof £132,656(FY 22/23 £132,038)
andtheWelfareFund£149,363(FY 22/23£152,078),equivalentto yieldsof 3.3%and3.4%.The managersexpectto see
income levels at least maintained in the period ahead.
Lookingforward,themanagershighlightthateconomicdatacontinuestopaintamixedpicture,leavingcentral bankers
morereluctanttoloosenmonetarypolicythanwaswidelyassumedatthestartoftheyear.Althoughinflationis back at
farmorepalatablelevelsinyear-on-yearterms,ratesettersremainconcernedthatthefightisnotoverandthat a
significantreductionin interestrates couldcause anotherpush higherin price pressures.We are now in the early days of
thenewLabourGovernment.Fromaninvestmentpointofview,themanagersconductedsignificantpreparatory work
andplantomonitordevelopmentsclosely.Thatsaid,thelackoffiscalheadroomandacloseralignmenttothe political
centrereducesthe probabilitythatthe outcomeis as biga marketmover for UK governmentbondsandindividual equity
sectors as we may have seen in previous years.
The US electionin Novemberposes a biggerrisk to globalmarkets,particularlyregardingthe treatmentof the burgeoning
USbudgetdeficit.Themanagersareguardedagainstcomplacencyandstandreadytoactshouldany attractive
investment opportunities arise.
Page 6
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND (REGISTERED NUMBER: 07170030)
Report of the Trustees for the year ended 31st March 2024
They believethatthe portfolios,followingthe agreedreorganisationof the two smallerfunds,remainsufficiently resilient
towithstandareasonablelevelofcapitalvolatilityoverthemediumtolong-term,butcannotexcludethechallenges of
maintainingrealvaluesin the shortterm.They remaincommittedto the long-terminvestmentobjectivebutcontinue to
highlightthat,to incorporatethe impactof elevatedinflationin 2022 and 2023, it shouldbe regardedas a 10-year, rather
than5-year,target.Overall,asidefromthemanymacroeconomicandclimaticchallenges,theyremainpositivefor the
long-term prospects of the current investment strategy.
FINANCIAL REVIEW
Performance
Incomingresourcesfortheyearwere£978,610(2023:£418,900)includinginvestmentincomeof£290,506 (2023:
£295,789)andasurplusondisposalofproperty£562,054(2023:Nil).Donationswere£126,050(2023:£123,111). The
Trusteesare especiallygratefulto ImperialBrands,BritishAmericanTobaccoand JTI for theircontinuedgenerous support
oftheWelfareFund.Totalresourcesexpendedwere£568,612(2023:£503,781).TheTrusteesalsoreport realised
investmentgainsof £154,299(2023:lossesof £131,459)andunrealisedgainsof £613,500(2023:lossesof £632,921). The
net consequence of realised and unrealised movements during the year was a gain of £767,799 (2023: loss of £764,380).
TheWelfareFundsupportsaround110formermembersofthetobaccotradeandtheGeneralFundcontinuesto give
grants to other charities, as described in more detail above.
Position
The charityheld Fixed assets of £9,688,670(2023: £8,220,118)and Cash at bank of £339,401(2023: £667,222).Total funds
were £10,055,314 (2023: £8,887,517).
Reserves policy
TheTrusteeshaveconsideredthevulnerabilityoftheFundtofactorsthatcouldseriouslyimpairitsabilitytoachieve its
objectives.The most seriousimpairmentwouldbe a significantreductionin its investmentincome.The abilityof the Fund
tomakeawardsandgrants,however,is notdirectlydependentuponthevalueofitsinvestments.TheTrusteeshold the
equivalentof50-75%ofoneyear'sgivinginthebankaccountoftheGeneralFundandaimfor80-100%ofone year's
givinginthebankaccountoftheWelfareFund,tomitigatetheimpactoffinancialmarketvolatilityonthe Fund's
investments and enable giving to continue if investment income were to fall sharply.
Plans for Future Periods
Trustees will continueto monitorthe performanceand projectedincome of the Fund's investmentscarefullyin the light of
ongoingvolatilityinfinancialmarkets.NochangeisexpectedintheobjectsfortheGeneralFundandTrustees will
continuetoseektomeetthoseobjectsthroughgrant-making.Trusteeswillcontinuetomonitortheprogressof those
charitiesinreceiptofgrantsandwillconsidernewapplicationsforgrantsastheyarereceivedanddependingon the
development of investment income and donations.
The WelfareFundwillcontinueto makegrantsto relievehardshipforindividualsandfamiliesof thosewhohave worked
inthetobaccotrade.DuringtheyearTrusteesundertookastrategicreviewoftheWelfareFundanditsoperations. In
ordertoprotecttheinterestsofbeneficiaries,andinthecontextofthesignificant,ongoingdeclineinthesizeofthe UK
tobaccoindustry,Trusteesareexploringthepotentialtoworkwithothersimilarcharities,andthereisapossibility -
though no guarantee - that this could lead to a merger of the Welfare Fund with another charity.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So faras theTrusteesareaware,thereis norelevantinformation(asdefinedbySection418of theCompaniesAct 2006)
of whichthe charitablecompany'sauditorsare unaware,and each Trustee has takenall the steps that they oughtto have
takenasa Trusteeinordertomakethemawareofanyauditinformationandtoestablishthatthecharitable company's
auditors are aware of that information.
Page 7
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND (REGISTERED NUMBER: 07170030)
Report of the Trustees for the year ended 31st March 2024
AUDITORS
The Trustees will be reviewing the provision of audit services during the coming year.
Thisreporthasbeenpreparedin accordancewiththe specialprovisionsof Part15 of the CompaniesAct 2006relating to
small companies.
Approved by order of the Board of Trustees on 3rd December 2024 and signed on its behalf by:
J P Fell - Trustee
Page 8
THE TOBACCO PIPE MAKERS AND TOBACCO TRADE BENEVOLENT FUND
Statement of Trustees' Responsibilities for the year ended 31st March 2024
TheTrustees(whoarealsothedirectorsofTheTobaccoPipeMakersandTobaccoTradeBenevolentFundfor the
purposesofcompanylaw)areresponsibleforpreparingtheReportoftheTrusteesandtheFinancialStatements in
accordancewithapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerally Accepted
Accounting Practice).
Companylaw requiresthe Trusteesto preparefinancialstatementsfor eachfinancialyearwhichgive a trueandfair view
of the state of affairsof the charitablecompanyand of the incomingresourcesand applicationof resources,including the
incomeandexpenditure,of the charitablecompanyforthatperiod.In preparingthosefinancialstatements,the Trustees
are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
-preparethefinancialstatementsonthegoingconcernbasisunlessitisinappropriatetopresumethatthe charitable
company will continue in business.
TheTrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyatany time
thefinancialpositionof thecharitablecompanyandtoenablethemtoensurethatthefinancialstatementscomply with
theCompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassetsofthecharitablecompanyandhence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 9
Report of the Independent Auditors to the Members of The Tobacco Pipe Makers and Tobacco Trade Benevolent Fund (Registered number: 07170030)
Opinion
WehaveauditedthefinancialstatementsofTheTobaccoPipeMakersandTobaccoTradeBenevolentFund (the
'charitablecompany')fortheyearended31stMarch2024whichcomprisetheStatementofFinancialActivities, the
BalanceSheet,theCashFlowStatementandnotestothefinancialstatements,includingasummaryof significant
accountingpolicies.Thefinancialreportingframeworkthathasbeenappliedintheirpreparationisapplicablelaw and
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31st March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw. Our
responsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditofthe financial
statementssectionofourreport.Weareindependentofthecharitablecompanyinaccordancewiththe ethical
requirementsthat are relevantto our auditof the financialstatementsin the UK, includingthe FRC's EthicalStandard, and
wehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethatthe audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditingthe financialstatements,we have concludedthatthe trustees'use of the goingconcernbasisof accounting in
the preparation of the financial statements is appropriate.
Basedon the workwe have performed,we have notidentifiedanymaterialuncertaintiesrelatingto eventsor conditions
that,individuallyorcollectively,maycastsignificantdoubtonthecharitablecompany'sabilitytocontinueasa going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedinthe relevant
sections of this report.
Other information
Theotherinformationcomprisestheinformationincludedintheannualreportotherthanthefinancialstatements and
ourauditor’sreportthereon.Thetrusteesareresponsiblefortheotherinformationcontainedwithintheannual report.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitlystatedinourreport,we donotexpressanyformofassuranceconclusionthereon.Ourresponsibilityisto read
the other informationand, in doing so, considerwhether the other informationis materiallyinconsistentwith the financial
statementsorourknowledgeobtainedinthecourseoftheaudit,orotherwiseappearstobemateriallymisstated.If we
identifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhether this
gives rise to a materialmisstatementin the financialstatementsthemselves.If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 10
Report of the Independent Auditors to the Members of
The Tobacco Pipe Makers and Tobacco Trade Benevolent Fund (Registered number: 07170030)
Matters on which we are required to report by exception
In the lightof our knowledgeand understandingof the charitablecompanyand its environmentobtainedin the course of
the audit, we have not identified material misstatements in the directors' report.
We have nothingto reportin respectof the followingmattersin relationto whichthe CompaniesAct 2006 requiresus to
report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director's report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of trustees
AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothedirectorsof the
charitablecompanyfor the purposesof companylaw) are responsiblefor the preparationof the financialstatements and
forbeingsatisfiedthattheygive a trueandfairview,andforsuchinternalcontrolas the trusteesdetermineis necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitablecompany'sability to
continueas a goingconcern,disclosing,as applicable,mattersrelatedto goingconcernandusingthe goingconcern basis
ofaccountingunlessthetrusteeseitherintendtoliquidatethecharitablecompanyortoceaseoperations,orhave no
realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whether due to fraud or error, and to issue a Report of the IndependentAuditorsthat includes our
opinion.Reasonableassuranceis a highlevel of assurance,butis nota guaranteethatan auditconductedin accordance
withISAs (UK) willalwaysdetecta materialmisstatementwhenit exists.Misstatementscan arisefrom fraudor error and
areconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybe expectedtoinfluencethe economic
decisions of users taken on the basis of these financial statements.
Page 11
Report of the Independent Auditors to the Members of The Tobacco Pipe Makers and Tobacco Trade Benevolent Fund (Registered number: 07170030)
Irregularities, including fraud, are instances of non-compliance with laws and regulations.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Extent to which the audit was considered capable of detecting irregularities, including fraud
Theobjectivesofouraudit,inrespecttofraud,are:toidentifyandassesstherisksofmaterialmisstatementof the
financialstatementsdueto fraud;to obtainsufficientappropriateauditevidenceregardingtheassessedrisksof material
misstatementdueto fraud,throughdesigningandimplementingappropriateresponses;andto respondappropriately to
fraudor suspectedfraudidentifiedduringthe audit.However,the primaryresponsibilityfor the preventionand detection
of fraud rests with both those charged with governance of the entity and its management.
Our approach was as follows:
-
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
-
We identified the following areas as those most likely to have such an effect: General Data Protection Regulations and The Safeguarding Vulnerable Groups Act 2006. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any.
-
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006 and the Charities Act 2011) and the relevant tax compliance regulations in the UK;
-
We considered the nature of the charitable company's operations, the control environment and business performance.
-
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
-
We considered the procedures and controls that the charitable company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and
regulations.Wherethe risk was consideredto be higher,we performedauditproceduresto addresseach identified fraud
risk.Theseproceduresincluded:testingmanualjournals;reviewingthefinancialstatementdisclosuresandtesting to
supportingdocumentation;performinganalyticalprocedures;andenquiringofmanagement,andweredesigned to
provide reasonable assurance that the financial statements were free from fraud or error.
Owingtotheinherentlimitationsof anaudit,thereis anunavoidableriskthatwe maynothavedetectedsome material
misstatementsin the financialstatements,even thoughwe have properlyplannedand performedour auditin accordance
withauditingstandards.Forexample,thefurtherremovednon-compliancewithlawsandregulations(irregularities) is
fromtheeventsandtransactionsreflectedinthefinancialstatements,thelesslikelytheinherentlylimited procedures
requiredbyauditingstandardswouldidentifyit.Theriskisalsogreaterregardingirregularitiesoccurringdueto fraud
rather than error, as fraud involves intentionalconcealment,forgery,collusion,omissionor misrepresentation.We are not
responsibleforpreventingnon-complianceandcannotbeexpectedtodetectnon-compliancewithalllaws and
regulations.
A furtherdescriptionof ourresponsibilitiesfortheauditof thefinancialstatementsis locatedontheFinancial Reporting
Council'swebsite at www.frc.org.uk/auditorsresponsibilities.This descriptionforms part of our Reportof the Independent
Auditors.
Page 12
Report of the Independent Auditors to the Members of The Tobacco Pipe Makers and Tobacco Trade Benevolent Fund (Registered number: 07170030)
Use of our report
This reportis made solely to the charitablecompany'smembers, as a body,in accordancewith Chapter3 of Part 16 of the
CompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstatetothecharitablecompany's members
thosematterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.Tothefullest extent
permittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecharitablecompanyand the
charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Timothy Lindfield (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
Office: Croydon - TC SWP
3rd Floor, Suffolk House
George Street
Croydon
CR0 0YN
13th December 2024
Page 13
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
Statement of Financial Activities for the year ended 31st March 2024
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Investment income
4
Other income
5
Total
EXPENDITURE ON
Charitable activities
6
General
Maintenance Grants
Robert Freeman Master's Fund
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
26,379
131,891
-
158,270
182,182
-
-
182,182
333,489
309,577
3,974,600
4,284,177 |
Restricted
funds
£
99,671
158,615
562,054
820,340
-
381,032
5,398
386,430
434,310
868,220
4,902,917
5,771,137 |
31.3.24
Total
funds
£
126,050
290,506
562,054
978,610
182,182
381,032
5,398
568,612
767,799
1,177,797
8,877,517
10,055,314 |
31.3.23
Total
funds
£
123,111
295,789
- |
|
|
|
|
418,900 |
|
|
|
|
179,635
318,653
5,493 |
|
|
|
|
503,781 |
|
|
|
|
(764,380) |
|
|
|
|
(849,261)
9,726,778 |
|
|
|
|
8,877,517 |
The notes form part of these financial statements
Page 14
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND (REGISTERED NUMBER: 07170030)
Balance Sheet 31st March 2024
Notes
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Debtors
15
Cash at bank
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds:
General fund
Restricted funds:
Robert Freeman Master's Fund
Welfare Fund
TOTAL FUNDS |
Unrestricted
funds
£
-
4,128,241
4,128,241
612
159,049
159,661
(3,725)
155,936
4,284,177
4,284,177 |
Restricted
funds
£
-
5,560,429
5,560,429
50,613
180,352
230,965
(20,257)
210,708
5,771,137
5,771,137 |
31.3.24
Total
funds
£
-
9,688,670
9,688,670
51,225
339,401
390,626
(23,982)
366,644
10,055,314
10,055,314
4,284,177
157,604
5,613,533
5,771,137
10,055,314 |
31.3.23
Total
funds
£
22,946
8,197,172 |
|
|
|
|
8,220,118
-
667,222 |
|
|
|
|
667,222
(9,823) |
|
|
|
|
657,399 |
|
|
|
|
8,877,517 |
|
|
|
|
8,877,517 |
|
|
|
|
3,974,600
147,872
4,755,045 |
|
|
|
|
4,902,917 |
|
|
|
|
|
|
|
|
|
8,877,517 |
The notes form part of these financial statements
continued...
Page 15
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND (REGISTERED NUMBER: 07170030)
Balance Sheet - continued 31st March 2024
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon3rdDecember2024 and
were signed on its behalf by:
J P Fell - Trustee
The notes form part of these financial statements
Page 16
THE TOBACCO PIPE MAKERS AND TOBACCO TRADE BENEVOLENT FUND
Cash Flow Statement for the year ended 31st March 2024
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of tangible fixed assets
Sale of fixed asset investments
Interest received
Dividends received
Net cash provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period |
31.3.24
£
(479,628)
(479,628)
(3,188,908)
585,000
2,465,209
271
290,235
151,807
(327,821)
667,222
339,401 |
31.3.23
£
(378,226)
(378,226)
(874,014)
-
1,065,408
-
295,789
487,183
108,957
558,265
667,222 |
|
|
|
The notes form part of these financial statements
Page 17
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
Notes to the Cash Flow Statement for the year ended 31st March 2024
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES |
|
31.3.24
£
Net income/(expenditure) for the reporting period (as per the Statement
of Financial Activities)
1,177,797
Adjustments for:
Depreciation charges
-
(Gain)/losses on investments
(767,799)
Profit on disposal of fixed assets
(562,054)
Interest received
(271)
Dividends received
(290,235)
Increase in debtors
(51,225)
Increase in creditors
14,159
Net cash used in operations
(479,628) |
31.3.23
£
(849,261)
400
764,380
-
-
(295,789)
-
2,044 |
|
(378,226) |
2.
ANALYSIS OF CHANGES IN NET FUNDS
|
At 1.4.23 |
Cash flow |
At 31.3.24 |
|
£ |
£ |
£ |
Net cash |
|
|
|
Cash at bank |
667,222 |
(327,821) |
339,401 |
|
667,222 |
(327,821) |
339,401 |
Total |
667,222 |
(327,821) |
339,401 |
The notes form part of these financial statements
Page 18
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
Notes to the Financial Statements for the year ended 31st March 2024
1. STATUTORY INFORMATION
Thecompanyisacharitablecompanylimitedbyguaranteeandnothavingasharecapitalandisregistered in
England and Wales. The address of its registered office is Suffolk House, George Street, Croydon, Surrey, CR0 0YN.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicableto charitiespreparingtheir accountsin accordancewith the Financial Reporting
StandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',Financial Reporting
Standard102'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andthe Companies
Act 2006. The financialstatementshave been preparedunderthe historicalcost convention,with the exception of
investments which are included at market value, as modified by the revaluation of certain assets.
ThepresentationalcurrencyofthefinancialstatementsisshowninpoundsGBP(£)andareroundedto the
nearest pound.
Critical accounting judgements and key sources of estimation uncertainty
Inapplyingthecharity'saccountingpolicies,theTrusteesarerequiredtomakejudgements,estimates and
assumptionsindeterminingthecarryingvalueofassetsandliabilities.TheTrustees'judgements,estimates and
assumptionsarebasedonthebestandmostreliableevidenceatthetimewhenthedecisionsaremadeand are
basedonhistoricalexperienceandotherfactorsthatareconsideredtobeapplicable.Duetothe inherent
sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.
Theestimatesandunderlyingassumptionsarereviewedonanongoingbasis.Anyrevisionsto accounting
estimates are recognised prospectively.
Investments
Investmentscomprisepubliclyquoted,listedsecurities,includingshares,bondsandunits.Investmentsare stated
atfairvalueatthebalancesheetdate.Thebasisoffairvalueforinvestmentsisequivalenttothemarket value,
using the mid-price. Asset sales and purchases are recognised at the date of trade.
Income
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the income, it
is probable that the income will be receivable and the amount of income can be measured reliably.
Expenditure
Expenditureisrecognisedoncethereisalegalorconstructiveobligationtotransfereconomicbenefittoa third
party,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlementandtheamountof the
obligation can be measured reliably.
Charitableactivitiescomprisethosecostsincurredby the charityin the deliveryof its activitiesandinclude grants
and donations paid to its beneficiaries.
Supportand governancecosts includethose costs that assist the work of the charitybut do not directly undertake
charitableactivities,andincludeinvestmentmanagementfees,auditors'remunerationandother such
administration costs.
continued...
Page 19
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31st March 2024
2. ACCOUNTING POLICIES - continued
Expenditure
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasa commitment
but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rate in order to write off the asset over its estimated useful life.
Freehold Property - 1% on Cost
Debtors
Short term debtors are measured at transaction price, less any impairment.
Cash and cash equivalents
Cashisrepresentedbycashonhandanddepositswithfinancialinstitutionsrepayablewithoutpenaltyon notice
of not more than 24 hours.
Creditors
Short term creditorsare recognisedwhere the charityhas a presentobligationresultingfrom a past event that will
probablyresultinthetransferoffundstoathirdpartyandtheamountduetosettletheobligationcan be
measured or estimated reliably. Creditors are measured at the transaction price.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybe usedforparticularrestrictedpurposeswithinthe objectsof 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.
Financial instruments
Thecharityonlyentersintobasicfinancialinstrumentstransactionsthatresultintherecognitionof financial
assets and liabilities like investments, trade and other accounts receivable and payable.
Debtinstrumentsthatarepayableorreceivablewithinoneyear,typicallytradecreditors,aremeasured, initially
and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
InvestmentsaremeasuredatfairvalueintheBalancesheet.Thegainsandlossesarisingarerecognised in
Statement of Financial Activities.
continued...
Page 20
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31st March 2024
3. DONATIONS AND LEGACIES
Incoming Resources
Voluntary income
Donations
Investment income
Dividends and interest
Robert Freeman Master's Fund dividends
Other income
Surplus on disposal of fixed asset
Total income
4.
INVESTMENT INCOME
Investment income
Deposit account interest
5.
OTHER INCOME
Gain on sale of tangible fixed assets |
|
|
|
31.3.24 |
|
31.3.23 |
|
Unrestricted |
Restricted |
|
Total |
|
Total |
|
Funds |
Funds |
|
Funds |
|
Funds |
|
£ |
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,378 |
99,672 |
|
126,050 |
|
123,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
131,891 |
153,598 |
|
285,489 |
|
290,603 |
|
- |
5,017 |
|
5,017 |
|
5,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
562,054 |
|
562,054 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
158,269 |
820,341 |
|
978,610 |
|
418,900 |
|
|
|
|
|
|
|
|
|
|
|
31.3.24
£
290,235
271
290,506
31.3.24
£
562,054 |
|
31.3.23
£
295,789
-
295,789
31.3.23
£
- |
During the year the charity sold a property for £585,000 and the gain on disposal was £562,054.
continued...
Page 21
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31st March 2024
6. CHARITABLE ACTIVITIES COSTS
Charitable activities |
|
|
31.3.24 |
31.3.23 |
|
Unrestricted |
Restricted |
Total |
Total |
|
Fund |
Fund |
Funds |
Funds |
|
£ |
£ |
£ |
£ |
Grants and donations |
|
|
|
|
Pembroke Music & Dance projects |
15,000 |
- |
15,000 |
30,000 |
Arundel Castle Cricket Foundation |
10,000 |
- |
10,000 |
10,000 |
Guildhall School of Music awards |
20,000 |
- |
20,000 |
20,000 |
Riding and Carriage Driving For the Disabled Barrow Farm |
10,000 |
- |
10,000 |
10,000 |
Sheriffs' and Recorder's Fund |
10,000 |
- |
10,000 |
10,000 |
Royal British Legion |
500 |
- |
500 |
500 |
Clergy Support Trust |
500 |
- |
500 |
500 |
St Lawrence Jewry |
- |
- |
- |
1,000 |
Physics Partners |
10,000 |
- |
10,000 |
10,000 |
ABF The Soldiers' Charity |
1,000 |
- |
1,000 |
1,000 |
Bobath Centre |
16,000 |
- |
16,000 |
12,000 |
Mark Evison Foundation |
10,000 |
- |
10,000 |
10,000 |
St. Paul's Cathedral Foundation |
- |
- |
- |
1,000 |
Katherine Low Settlement |
10,000 |
- |
10,000 |
5,000 |
Spitalfields Crypt Trust |
11,000 |
- |
11,000 |
11,000 |
Barrier Breakers Foundation |
- |
- |
- |
6,320 |
Kids Space |
- |
- |
- |
1,000 |
CHCD Charitable Trust (Magical Taxi Tour Disney) |
1,500 |
- |
1,500 |
1,500 |
Build Up Foundation |
- |
- |
- |
6,250 |
Irish Guards Benevolent Fund |
2,500 |
- |
2,500 |
2,500 |
KEEN London |
4,146 |
- |
4,416 |
- |
Barts Charity |
900 |
- |
900 |
- |
St James Garlickhythe |
1,000 |
- |
1,000 |
- |
City Harvest |
5,000 |
- |
5,000 |
- |
The Garwood Foundation |
5,000 |
- |
5,000 |
- |
Street Storage |
5,000 |
- |
5,000 |
- |
Us in a Bus |
2,500 |
- |
2,500 |
- |
The Amber Foundation |
1,000 |
- |
1,000 |
- |
|
|
|
|
|
Welfare fund |
|
|
|
|
Maintenance grants |
- |
61,200 |
61,200 |
64,600 |
Pensions and general relief |
- |
98,550 |
98,550 |
73,500 |
One off Grants |
- |
36,893 |
36,893 |
33,088 |
Welfare Assistance |
- |
28,199 |
28,199 |
30,863 |
TV Rentals and Licences |
- |
12,538 |
12,538 |
13,174 |
Christmas and Birthday Gifts |
- |
22,655 |
22,655 |
22,163 |
Building insurance relief |
- |
552 |
552 |
540 |
Deprecation of Buildings |
- |
- |
- |
400 |
House Insurance |
- |
584 |
584 |
364 |
|
|
|
|
|
Robert Freeman Master's Fund |
|
|
|
|
Master's charitable donations |
- |
5,000 |
5,000 |
4,750 |
|
|
|
|
|
|
152,546 |
266,171 |
418,717 |
393,012 |
continued...
Page 22
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31st March 2024
|
|
|
|
31.3.24 |
31.3.23 |
31.3.23 |
|
Unrestricted |
Restricted |
|
Total |
|
Total |
|
Fund |
Fund |
|
Funds |
|
Funds |
|
£ |
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
Grants and donations |
152,546 |
266,171 |
|
418,717 |
|
393,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Support costs and governance |
|
|
|
|
|
|
|
|
|
|
|
|
|
Auditors' remuneration |
3,725 |
3,725 |
|
7,450 |
|
7,200 |
Investment management fees |
18,980 |
22,285 |
|
41,265 |
|
42,694 |
Trustees' indemnity insurance |
503 |
503 |
|
1,006 |
|
663 |
Administration fees |
5,292 |
50,652 |
|
55,944 |
|
52,080 |
Office costs and bank charges |
529 |
17,104 |
|
17,633 |
|
5,131 |
Legal fees |
- |
25,285 |
|
25,285 |
|
- |
Sundries |
607 |
705 |
|
1,312 |
|
3,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,636 |
120,259 |
|
149,895 |
|
110,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
182,182 |
386,430 |
|
568,612 |
|
503,781 |
|
|
|
|
|
|
|
GRANTS PAYABLE
General
Maintenance Grants
Robert Freeman Master's Fund |
|
|
|
31.3.24
£
152,546
260,587
5,000
418,133 |
|
31.3.23
£
149,570
237,928
4,750
392,248 |
7. GRANTS PAYABLE
continued...
Page 23
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31st March 2024
8. SUPPORT COSTS
Management
Finance
£
£
General
5,899
529
Maintenance Grants
68,425
36
Robert Freeman Master's
Fund
-
-
74,324
565
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation - owned assets
Surplus on disposal of fixed assets |
Governance
Other
costs
£
£
19,483
3,725
22,390
29,010
398
-
42,271
32,735
31.3.24
£
7,450
-
(562,054) |
Totals
£
29,636
119,861
398 |
|
|
149,895 |
|
|
31.3.23
£
7,200
400
- |
9. NET INCOME/(EXPENDITURE)
10. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorreimbursedexpensesfortheyearended31stMarch2024norfor the
yearended31stMarch2023.Thecharityhasatrustees'indemnityinsurancepolicyandapremiumof £1,006
(2023: £663) has been charged in these financial statements.
11. STAFF COSTS
The number of staff during the year was Nil (Nil - 2023)
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Charitable activities
General
Maintenance Grants
Robert Freeman Master's Fund |
Unrestricted
funds
£
28,045
131,584
159,629
178,872
-
- |
Restricted
funds
£
95,066
164,205
259,271
763
318,653
5,493 |
Total
funds
£
123,111
295,789 |
|
|
|
418,900 |
|
|
|
179,635
318,653
5,493 |
continued...
Page 24
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31st March 2024
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
13.
TANGIBLE FIXED ASSETS
COST
At 1st April 2023
Disposals
At 31st March 2024
DEPRECIATION
At 1st April 2023
Eliminated on disposal
At 31st March 2024
NET BOOK VALUE
At 31st March 2024
At 31st March 2023 |
Unrestricted
funds
£
178,872
(378,036)
(397,279)
4,371,879
3,974,600 |
Restricted
funds
£
324,909
(386,344)
(451,982)
5,354,899
4,902,917 |
Total
funds
£ |
|
|
|
503,781 |
|
|
|
(764,380) |
|
|
|
(849,261)
9,726,778 |
|
|
|
8,877,517 |
|
|
|
Freehold
property
£
40,178
(40,178)
-
17,232
(17,232)
-
-
22,946 |
continued...
Page 25
THE TOBACCO PIPE MAKERS AND TOBACCO TRADE BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31st March 2024
14. FIXED ASSET INVESTMENTS
MARKET VALUE
At 1st April 2023
Additions
Disposals
Revaluations
At 31st March 2024
NET BOOK VALUE
At 31st March 2024
At 31st March 2023 |
Listed
investments
£
8,197,172
3,188,908
(2,310,910)
613,500
9,688,670
9,688,670
8,197,172 |
|
|
All investments are listed and 55% (2023: 59%) of the investments held were inside the UK.
The valuation is represented by:
The valuation is represented by: |
|
|
|
Listed |
|
|
investments |
|
|
£ |
|
Historical cost at 31st March 2024 |
7,395,681 |
|
Accumulated unrealised gains |
2,292,989 |
|
|
|
|
Market value at 31st March 2024 |
9,688,670 |
|
|
|
|
|
|
|
Listed investments gains / (losses) in the year |
|
|
|
31.3.24 |
31.3.23 |
|
£ |
£ |
Realised gains / (losses) |
154,299 |
(131,459) |
Unrealised gains / (losses) |
613,500 |
(632,921) |
|
|
|
|
767,799 |
(764,380) |
|
|
|
continued...
Page 26
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31st March 2024
15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments and accrued income
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Accruals and deferred income
17.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Robert Freeman Master's Fund
Welfare Fund
TOTAL FUNDS |
At 1.4.23
£
3,974,600
147,872
4,755,045
4,902,917
8,877,517 |
31.3.24
£
50,000
1,225
51,225
31.3.24
£
6,374
698
16,910
23,982
Net
movement
in funds
£
309,577
9,732
858,488
868,220
1,177,797 |
31.3.23
£
-
-
-
31.3.23
£
3,223
-
6,600
9,823
At
31.3.24
£
4,284,177
157,604
5,613,533 |
|
|
|
5,771,137 |
|
|
|
10,055,314 |
continued...
Page 27
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31st March 2024
17. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Robert Freeman Master's Fund
Welfare Fund
TOTAL FUNDS |
Incoming
resources
£
158,270
5,018
815,322
820,340
978,610 |
Resources
expended
£
(182,182)
(5,398)
(381,032)
(386,430)
(568,612) |
Gains and
Movement
losses
in funds
£
£
333,489
309,577
10,112
9,732
424,198
858,488
434,310
868,220
767,799
1,177,797 |
|
|
|
|
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Robert Freeman Master's Fund
Welfare Fund
TOTAL FUNDS |
At 1.4.22
£
4,371,879
163,343
5,191,556
5,354,899
9,726,778 |
Net
movement
in funds
£
(397,279)
(15,471)
(436,511)
(451,982)
(849,261) |
At
31.3.23
£
3,974,600
147,872
4,755,045 |
|
|
|
4,902,917 |
|
|
|
8,877,517 |
continued...
Page 28
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31st March 2024
17. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Robert Freeman Master's Fund
Welfare Fund
TOTAL FUNDS |
Incoming
resources
£
159,629
5,186
254,085
259,271
418,900 |
Resources
expended
£
(178,872)
(5,492)
(319,417)
(324,909)
(503,781) |
Gains and
Movement
losses
in funds
£
£
(378,036)
(397,279)
(15,165)
(15,471)
(371,179)
(436,511)
(386,344)
(451,982)
(764,380)
(849,261) |
|
|
|
|
Restricted Funds
Welfare Fund
ThisfundistheformerTobaccoTradeBenevolentAssociationanditsresourcesarerestrictedtoassist former
tobaccoindustryandassociatedtradeemployeesandtheirdependantswhoareinneedycircumstances. Grants
maybegivenonaregularbasiswithadditionalamountstohelpwithwinterfuelbillsorotherlargeitems of
householdexpenditureas well as televisionlicencesandrentals.One off grantsare consideredforessential items
which are beyond the means of an applicant.
Bernhard Baron Welfare Fund
Includedwithinthe WelfareFundwithinthe financialstatements,the BernhardBaronWelfareFundwas acquired
in2015bywayofanendowmentfromBernhardBaronWelfareFund(registeredcharity247818), following
CharityCommissionApproval.Itsreservesarerestrictedtoprovidingassistanceintheformofoneoffgrants to
former employees of Carrerras Limited and associated companies (British American Tobacco) but not exclusively.
The Robert Freeman Master's Fund
Thesefinancialstatementsincludetheincome,expenditure,assetsandliabilitiesof The RobertFreeman Master's
Fundwhichis a restrictedfundfor charitablegifts by the Master of the LiveryCompanyduringtheiryear of office.
Investmentremainssignificantlyintobaccoshares,whichwasthewish(althoughnotbinding)ofthedonor. The
Trustees are of the opinion that these funds are under the control of the Charity.
continued...
Page 29
THE TOBACCO PIPE MAKERS AND TOBACCO
TRADE BENEVOLENT FUND
Notes to the Financial Statements - continued
for the year ended 31st March 2024
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st March 2024.
Page 30