``` 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 ```