'.io CHARITY REGISTRATION NUMBER: 1142857 The Beaverbrooks Charitable Trust Financial Statements 29 February 2024 ARRIS Chartered accountants & statutory auditor 3A Clfton Square Lytham St Annes Lancashire FY8 5JP The Beaverbrooks Charitable Trust Financial Statements Year anded 29 February 2024 Page Trustees, annual report Independent audrto¢s report to the members Statement of financial activities 13 Statement of financial position 14 Statement of cash flow8 15 Notes to the financial statements The Beaverbrooks Charitabla Trust Trustegs. Annual Report Year 6nd6d 29 February 2024 The Iruslees present their report and the financial statements of the charity for th& year ended 29 February 2024. Refo1onGo and admlnl$tratlvo dotall8 Regl$t•r•d charlty name The Beaverbrooks Charitable Trust Charlty reg18trntlon number 1142857 Prlnelpal offlc? Adele House Park Road Sl Annes-on-S8a FY8 1RE Lancashire Th• truste A Blackburn M l Adlestone OBE P Holly S Nlcholas Audltor John Potter & Harrlson Chartered accounlanls & statutory audltor 3A Clfton Square Lylham Sl Annes Lancashlre FY8 5JP Banker• National W8slmin8ter Bank PIC 24 The Square Sl Ann88von-Sea Lancashire FY8 1RH The Beaverbrooks Charitable Trust Trust6es' Annual Roport(¢ondnu•d) Yèar ended 29 February 2024 Stru¢ture, gov•rnance and management The Trustees are pl8ased to present their report, together with the financial statements and independent auditorfs report, for Ihe year ended 29 February 2024. Th& Trusl8ès confimi that the financial statements comply wllh the charity's Trust Deed, the Charities A¢1 2011 and the Statement of Recommended Practice applicable lo charit18s preparing their accounts wth the Financial Reporting Standard applicable in the UK and Republic of Irèland. The Beaverbrooks Charitable Trusvs charitable objectives during the financial year were to beneht suLlI uliyiiiable purposes aiid registered charities a8 the Tru8te85 in their abgoluto diocrotion think fit. The Trustees delegate the day to day management to the General Manager, Mrs. Susanne Nicholas, who Is also one of the TTUStees. AS wo11 as the involvement of the Be8verbrooks the Jewellers Llmiled's Chairman and three members of its management team, Beaverbrooks the Jewellers Limited supports operating procedures in a variety of ways as outlined in tho seNice level agreement. These variety of ways, which are all in kind contribution5, include.. Financlal management and services -HR Press, PR and communlcation5 Offi¢e space and facili￿e8 The 88averbrook8 Charltabl8 Trust 18 the official Charity of Baaverbrooks the Jewellers Llmited and has been registered with the Charity Commission since 13 July 2011. The date from whlch It was constituted via the Declaratlon ol Tfu81 was 20 April 2011. Thè charity Is overseen by the following group ol Trustee$ as a whole., Mark Isaac Adlestone 08E Chalrman Anna Blackburn Susanne Nicholas Paul Holly Tfu$lees ar& nominated and appointed based on their suitability as decided by current members of the Trustees and in ac￿rdanCe wllh the terms sel out in the Declaratlon of Trust. Trustees are invited to att8nd an indudion training procèss for the running and operation of The Beaverbrooks Charitable Trust. The Trustees meet quarterly and the meetings are fully Teported. The Trustees discuss a range of matters bul with a prfority on the overall governance and slraleglc direction of The Beaverbrooks Charitsble Trust. Trustees are appointed for their specific 8XP8rience in meeting The Beaverbrooks Cttaritable Tnjsvs charitabb objectives. The Beaverbrooks Charitable Twst has an outstanding commitrnenl to donate £1 million over the next 5 years to The Marcia and Andrew Brown Charitable Trust. This IS th• only commitment that 1$ in place and finan¢ial risks are reviewed on an on-going basis. During the year under review, all The Beaverbrooks Charitable Trusvs management responsibility was slruclured through the General Manager, whose responsibilities include staff management, partnerships, a¢ce$g to funding, standords, dolivery and Gomplianco. This rola reports direcuy to the board of TTU5tees. The Beav6rbrooks Charitable Trust currenlly ulilises the time of four employe85 of Beaverbrooks the The Beaverbrooks Charitable Trust Trustees, Annual Report fcontlnu8d) Year ended 29 February 2024 Jewellers Limited in order lo administer its affairs Beaverbrooks the Jewellers Limited does not charge the charity for this lime, since it Is not practicable lo quantify their allocation of lime and hence salary cost. No remuneration is paid lo key management personnel by the charity. The following is based on The Beaverbrooks Chanlable Trust'$ governing docum8nls.' the charity shall be overseen by the General Manager who liaises with her direct line manager, Paul Holly, who Is also a Trustee meetings are planned lo dlscuss the on-goSng involvament and fulure development of the charity aclivitles arranged by the charity will be CLXsrdinaled by the General Manager. Part-lime staff may be used as and when required no person involved In the char+ly will have any asso¢lation wlth any other charity unlesg agreed by The Beavertjrooks Charitable Trust Trustees, and 8118taff are employed by Beaverbrooks the Jewellers Limited and must adhere lo all procedur sel out in that company's HR policies. The Beaverbrooks Charitable Trust Tru8tses' Annual Report l¢onllnu•d) Year endod 29 February 2024 ObJ•ctlvg8 and a¢tlvltle8 The Beaverbrook5 Charltable Trusvs charitablo objectives during the year of review were to provlde aid and support to a broaé spectrum of charitie5 and to enable the employees of Beaverbrooks the Jewellets Limited lo support their local charities, the latter being achieved by.. making donations available to Beav8rbrooks the Jewellers Limiled's stores and offlce departments, based on a fixéd amount fof each employee, and allowin9 each team to select a worthy local charity as their recipient., and matching amounts raised by individual employee9 for their ¢)wn chosen ¢harllie8. In addition. the Trust￿ support a wido range of charit￿5 which cover educat￿)n. welfare, health, mentorfng and self-development, Jewish and Israeli charities and the community as a whole. Thè Charltsble Trust has Invested in a propety whbh il rents to a local charity for £1 per year, Ihl¥ is recorded as a social investment in note 11. This charity wag in need of a well maintalned, safe and pemianenl base from which to operate and the Charftable Trust were dell9hted lo suppart them in achieving their charitable objective8. The Truste88 have glven carèful conslderation to the CharSty Commission's guidance on public benefit when setting ils alms and activities. The key objective of the charity as sel out in the constitution is lo benefit Such cha￿table purposes and registered ¢haritias as the Trustees in their absolute discretion think fil. strategy Building and mark8tlng our business The Trustees apply a thorough approach lo the review of the dislributlon of charllable donatlons rather than fo¢using on one or key, major projects. This is based on the phllosophy that it Is better lo glve £1 one hundred times than it is lo give £100 once. The Trustees belSeve Ihal thls philosophy helps lo engage the Beaverbrooks, employees in the concepl of giving both their lime and their money, In turn this helps false th8 profile of tho charity. -Knowing and understandlng our markets Target markols and key areas Idenlllled lo Include dlsengaged Indlvlduals and communlties. -Adding value through collaborats've partnerships Develop The Beaveibrooks Charitable Trust as a provider of funds to selected charities, worklng in partnership with other organisalions, to deliver strategic prioriUe5 and maximise proflle. The Beaverbrooks Charitsble Trust Trustses. Annual Report (¢onllnu•d) Year ended 29 February 2024 Achl8vemènts and performan¢• Al the cole of our Beaverbrooks family culture 13 our desire lo support and do good the communits'es we live and work in, Beaverbrooks donates to charity through The Beaverbrooks Charitable Twsl and aclwely encourages and empowers ils colleagues lo support charllies and community groups in their local area. They do this in a variety of ways including fundraising, volunteering their lime and through Payr¢Jl Giving. Funding provided by Beaverbrook$ enabled the Beaveibrooks Charitable Trust to distribute ov6r £2.4 million during the year lo UK regislered charities, which makes a total of £23.5 million donated since the year 2000. The charity's Trustees lour Chairman. Managing Director, Head of Community Responsibility and Charity Manager) met every 2-3 week$ Ihfoughoul the year to dls¢uss our charitable aotivity and commitments. They also met regularly wllh a variety of Contacts al charities, both in person visitslmeetings and on video calls, to disGUSS our ongoing support and r8lationships. Acr055 our spectrum of charity activity Idonalions, team donab'ons, payroll giving and volunleeringl we support in excess of 500 separate charitable organis81ions each year. In 2023, Beaverbrooks again rec&iv8d HM Government & Inslilule of Fundralsing 'Diamond Award, for our Payroll Giving for the 6th lime, 11 was in fact the 12th consecutive year we have been recognised with an Award for our commitment lo Payroll Glving and we are extremely proud that over 45V• of our people support their own chosen charities in this way. During the period, our people gave £69,534,34 12022-2023. £60,420.33 through payroll giving. The nel donation is 1000A matched by the company resulting in lolal donations of £121,523 76 12022-23. £103,741.S41. We are very proud that our colleagues continued to support their favourile charitles in this way and also, given our company &xpan$ion & increased staff levels over the year, that so many new colleagu88 have joined our s¢h8me. B&av&rbrooks encourage colleagues to get involved in a wide range of volunle8ring projects, wllh minimum of 2 days pald lime116 hours) available to each employee, each year. W8 made charity time giving a major focus during the ye8r 2023-24 with a project group from our stores and office who focussed on volunltsenng. We also Set this as a priority for all our colleagues and management reported their team's fvJures on a quarterly basis to their $8nior management. We are proud 10 Say that our time glving figures during the y8ar increased lo 5,584 hours of ts'me given to doing good in the communlly, this had increased from 3,418 hours of lime in 2022-23. Beaverbrooks colleagues have again taken part In a variety of fundraising and mass particlpalion èvents - from larye scale events like Marathons to Sky Diving to Bake Sales and selling homemade ilemslproduce. During the period our Colleagues raised £64,871.8012022-23.' £71,780.32) which we match funded lo £129,743.60. The 8eaverbrooks Blackpool 10K Fun Run which we sponsor and support ￿th Trinity Hospr¢e each year was another great success. The 2023 event was in fact the 40th anniversary Fun Run and over 1.500 runners supported this milestone celebfation raising £77,012 for the Hospice. We also had colleagues helping on the day as roule and finish line marshals. The Beaverbrooks Bike Ride was also very successful in June 2023 with colleague8 cycling and marshalling the route and helpin9 rais8 a further £21,981 for Trinity Hosptce Each year, every Beaverbrooks store and office team seleclg a charity local for them lo support with their Team Donation. In 2023-24 this figure was again £200 per colleague as this figu￿ Is sel each year and based on the success of the company in the previous yèar. This inib'ative continued lo be of huge importance as il meant we could support many smaller charities in areas where Beaverbrooks are represented and also develop further the ex￿lIent relationships our teams have with charities in their own communities. The Beaverbrooks Charitsble Trust Trustees, Annual Report (¢t)ftllnv8dJ Year ended 29 February 2024 Flnancial rgviow Prlnclpal sources of income for The Beaverbrooks Charitsble Trust include donations amounting lo £1,975,00012023. £625,000) from Beaverbrooks the Jewellers Limited. The charity would like to thank the company for ils suppjrt. Inveslmenl policy The Beaverbrooks Charitable Trust carrles forward £4.659,332 {2023'. £4.749,9251 of unreslricled funds into the new financial year. Investments represent unlisted inveslmenls, al cost, in the share capital of Beaverbr¢X*ks the Jewellers Limited, a Company registe￿d in the United Kingdom. The Trustees are mindful of their responsibilitles In relation lo an investment policy and ensuf8 that the policy addresses the need5 of the charitable trust and ils beneficiari85 in the short, medium and long term, taking into account the future needs of the charity in terms of both capital and income. Thè sharo8 In Beaverbrooks the Jewelth Limited wére donalod lo the charlty by the director8 01 the Company. Dividend income received from these shares alongside adminlslralive support from Beaverbrooks are considered suffi¢i8nl lo support the charity in the long term. Glven this medium to long term security it is not the intents'on ol the Trustee8 to utillse charllabb lunds in order to divèrsify the investment base. The a¢cumulaled cost of the Investment in these shares amounts lo £4,322,10012023'. £4,322,100) as dlsclosed in note 12. This wlll generate additional Income for the charity in tèrms of dIv￿endS. Regervgs policy The Trustees, aim is lo hold sufflclenl reserves whlch would meet The Beaverbrooks Charitable Trust's future administrative operating costs for a 3 10 6 month period, in line with th8 Charities Commission's re¢ommendatlon8. All other funds are held wllh a view lo fvrthering the charitable purposes of th8 Trust. Th8 charity does not currently have any restricted re8eThas. Support costs, which include govemance costs, were £19312023.. £1541 representing bank charges. Apart from re¥ources expended in connection wllh charitable a¢llvllles. no other resources were expended during the year. This refl￿1$ The Beaverbrooks Charllable Trust's core objective of minimising c051s in order to maximise resources available for charitable activities. The audit fee, amounting to £3,48012023.' £3,480). of these financial statements has been mel by Beaverbrooks the Jeweller$ Limited. Related partie8 M Adlestone and A Blackbum who are the Trustees of The Be8verbrooks Charitable Trust are also direclors of Beaverbrooks the Jewellers Limited. The Beaverbrooks Charitable Trust Trustees. Annual Report fconllnued) Year ended 29 February 2024 Flnancial revlew (conllnuedj Going ¢on¢em After making enquirie5, th8 Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus they continue to adopt a going concern basis of accounting in preparing the financial statements. Further details regarding the adopty'on of the golng concern basis can be found in the statement of accounting policies in the notes to the financial statements. Principal risks and uncertalntles The ¢harlty Ss fvlty funded by the company Beaverbrooks the Jewellers Limited. The principal risk to the aC￿vItIeS of the charity would be a reduction in that funding. The Trusteas of the charity include Directors of the company who are fully committed to funding the charitable aclivllies of the trust. Thèrefore the Trustse$ do not consider Ihis nsk to be relevant al thls tlme. Plan8 for futuro Pofbods The plans for the future include.. increasing the range of inltiallves delSvered by The Beaverbrooks Charitable Trust,. and continuin9 to develop existing and investigate new inillalives in partnership with other local partners. The Trustees plan to continue wlth the same philosophy and existing strategles by ca￿fullY considering the charSlles they support and wish lo do so on an on-golng basls. The malor changes In charities Supported by tho Beaverbrooks Charftable Trust will b8 driven by the choices of Beaverbrook's employees as lo their preferred charity for the year as well as any 'fund matchlng, that is driven by employee fund-raising activities. Tiu•tee8' r￿ponSIbIlItI08 8tat•m•nt The trustees are responsible for preparing the Iruslees, ￿port and the f+nancial statèments in ac¢ordance vthh applicablg law and United Kingdom Accountln9 Stsndards (United Kingdom Generally Accepted Accounting Practlcel. The law applicable to charities in England and Wales requlres the charity tru$lee$ lo prepare flnanclal statements for each year which give a true and falr vlew of the stale of affairs ol the charity and of the incoming resources and appli¢allon of resources, of the char6ty foi that period. The Beaverbrooks Charitable Trust Tru8ts98' Annual Report f¢onllnu Year ended 29 February 2024 In preparing these financial statements, the trustees are required to.. se18cI suitable accounting policies and then apply Ihem consistently., observ6 the methods and principles in the applicable Charities SORP., make judgments and accounting estimates that are reasonable and pnjdent.. Slate whether appllcable UK Accounts'ng Standards have been followed, Subject to any material departures disclosed and explained in the financial statements., prepare the financial statemenlg on the going concern basis unless It Is inappropriate lo presume that the charity will conbnue In business. The Irusl8es are responsible for keeping adequate accounting records that are sufficient to show and explaln tho charitys transactions and disclose with reasonable accuracy al any lime the financial positlon of the charity and enable them to ansure that the financial statements comply with the Charities Act 2011, the applicable Charities IAccounts and Reports) Regulations, and the provisions of the Trust Deed. They af& also responsible for safeguarding the assets of the charlty and hence for taking reasonable Steps for the prevention and del8¢tKin of fraud and other irreguladtle8. The trusle8s' annual report was approved on trustees by.. 02,10.2+ and signed on b8half of the board of M l Adlestone OBE Cliairinan The Beaverbrooks Charitable Trust Indep•ndont Auditor's Report to the Members of The Beaverbrooks Charitable Trust Year ended 29 February 2024 Oplnlon We hav8 audited the financial statements of The 8eaverbrooks Charitable Trust Ilhè 'charity'l for the year ended 29 February 2024 which comprise the statement of financial activities. statement of financial position. statement of cash flows and the r81aled notes, Including a summary of significant accounting poli¢i8s. The financial reporung framework that hag been applied in their preparation is applicable law and United Kingdom kncounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republ￿ of Ireland (United Kingdom Gènerally Accepte