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2024-12-31-accounts

Leeds Benevolent Society for Single Ladies CIO Financial Statements Year Ended 31 December 2024

Charity registration number: 1155794

Leeds Benevolent Society for Single Ladies CIO

Financial Statements

Year Ended 31 December 2024

Contents
Page
Charity Reference and Administrative Details 1
Trustees’ Annual Report 2
Ladies Committee Annual Report 8
Independent Auditor’s Report 10
Statement of Financial Activities 14
Balance Sheet 15
Notes to the Financial Statements 16/23

Leeds Benevolent Society for Single Ladies CIO

Charity Reference and Administrative Details

Year Ended 31 December 2024

Charity registration number 1155794
Trustees Miss F N Ellis
Mrs A Everett
Mr T Hill (Appointed October 2024)
Mrs S-A Johnson
Mrs R A Lloyd
Mrs J E Richardson
Mr D H Simpson
Mrs K P Smithson
Mrs E A Stephens
Mrs J C Wainman
Mr N A Wainman
Mr P G Wooler
Mrs M G M Wooler
Correspondence Address Mrs A Everett
12 Eastgate
Bramhope
Leeds
LS16 9AB
Auditor Wheawill & Sudworth Limited
Chartered Accountants
35 Westgate
Huddersfield
HD1 1PA
Bankers National Westminster Bank plc
8 Park Row
Leeds
LS1 1QS
Investment managers Rathbones (incorporating Investec Wealth &
Investment (UK) )
4THFloor
3 Wellington Place
Leeds
LS1 4AP

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Leeds Benevolent Society for Single Ladies CIO

Year Ended 31 December 2024

The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

Trustees of the charity

The trustees who have served during the year and since the year end were as follows:

Miss F N Ellis Ladies Committee Ass. Hon. Secretary Mrs A Everett Ladies Committee & Finance and Investment Committee Chairperson Mr T Hill Finance and Investment Committee Mrs R A Lloyd Ladies Committee & Applicants Committee Mrs S-A Johnson Ladies Committee & Finance and Investment Committee Hon. Treasurer Mrs J E Richardson Ladies Committee & Applicants Committee Vice Chairperson Mr D H Simpson Finance & Investment Committee Mrs K P Smithson Ladies Committee Mrs E A Stephens Ladies Committee Vice President Mrs J C Wainman Ladies Committee Vice President & Ass. Hon. Treasurer Mr N A Wainman Finance and Investment Committee Chair of F&I Committee Mr P G Wooler Finance and Investment Committee Mrs M G M Wooler Ladies Committee Hon. Secretary

President

The Lord Mayor of Leeds

Vice Presidents

Mrs E A Stephens Mrs J C Wainman

Establishment and History

This Charity was founded in the reign of Queen Victoria and during the premiership of Lord Palmerston and has now been established for over 160 years. The industrial revolution meant that cities had become crowded and unhealthy, and there was widespread poverty. It was against this background that a remarkable single lady in Leeds, Eliza Wilkinson, realised that spinsters needed to be supported both financially and emotionally in their old age.

From a modest initial £100 investment, and a continual steady stream of donations and legacies, it has been possible to assist many hundreds of local pensioners for over one hundred and sixty years. The type of support given has changed over the years. A residential home in Headingley was bought and run for many years until its closure in 2000.

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Leeds Benevolent Society for Single Ladies CIO

Year Ended 31 December 2024

Times continue to change and we are finding it difficult to identify single ladies who are really in financial need. Their main problem is that of loneliness, and so our focus has been on supporting other local charities whose aim is to provide events and activities for single ladies.

Our charity’s funding of a major research project in association with Leeds University School of Health into incontinence in the elderly ended in 2019 but its findings should continue to benefit many people in the future. The current year has seen continued committed funding provided to Caring Together in Woodhouse and Little London, Seacroft Friends and Neighbours, Holbeck Together, Garforth NET, Burmantofts Senior Action, Richmond Hill Elderly Action and Bramley Elderly Action. These are seven well deserving organisations, who all deliver vital support to the elderly community at large. Additionally, funding has also been provided to South Leeds Team Ministry to facilitate the purchase of a replacement minibus to replace their old one which had fallen into disrepair.

We are proud that our charity has maintained its support of the needy and stayed in touch with the aims of our founder.

Objectives and activities

The objectives of the CIO are set out in the constitution and these are:

Public benefit statement

The Trustees have considered the general guidance on public benefit issued by the Charity Commission in conducting its objectives and activities and in delivering public benefit to the many single ladies provided with financial and general help and are satisfied that the objectives fall under the provisions of the Charities Act 2011.

The Charity’s activities deliver benefits to the group of single ladies we set out to help and all benefit. Access to the available help is open to all single ladies who meet the eligibility conditions contained in the rules of the CIO.

Achievements and performance

The charity has assisted a number of single ladies throughout the year by supplementing their state retirement pensions and paying their television licences, and telephone rentals. During the year grants totalling £46,584 were provided to single ladies in the Leeds district, providing these ladies with much needed financial and general help. Support was also given to Caring Together in Woodhouse and Little London, who received £30,000, whilst Seacroft Friends and Neighbours, Holbeck Together, Burmantofts Senior Action, South Leeds Team Ministry and Richmond Hill Elderly Action received £20,000 with Bramley Elderly Action and Garforth NET each receiving £15,000. Total grants to institutions were therefore £160,000.

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Leeds Benevolent Society for Single Ladies CIO

Year Ended 31 December 2024

Seacroft Friends & Neighbours – Seacroft Friends & Neighbours are a charitable organisation based in Seacroft, Leeds. They aim to provide a range of services and activities for older people in the community which helps maintain their independence by providing practical help, advice and support.

The scheme is run by local older people who help decide the activities and services to offer. The project is looking to improve the quality of life for the elder population.

Caring Together in Woodhouse & Little London – Caring Together is a Neighbourhood Network scheme operating in an inner-city area of Leeds with many of the attendant social problems associated with deprivation. The charity provides support, advice and activities for approximately 450 older people living in the area, with an age range currently of 55 to 99 years and around 70% female. It operates on a membership basis with full participation of local people from involvement on the Management Committee through to decision making in how the various social and therapeutic groups operate.

The organisation was set up in 1995 to combat the loneliness and isolation experienced by many of their older citizens who were becoming increasingly withdrawn as previously existing social opportunities in the area were disappearing or the links that they previously had through work or family no longer existed or were greatly reduced.

Aside from group work and other social activities, Caring Together also provides practical support to members that range in content from basic form filling and information requests through to supporting those with more complex issues relating to mental ill health, physical health problems, disability and dementia.

Over the course of the past twenty years the organisation has become synonymous within Woodhouse and Little London for the quality of the support provided and their commitment to maintain services to, and involvement by, local older people in the activities of the local community.

Caring Together have been absolutely delighted to have received this financial support from Leeds Benevolent Society for Single Ladies CIO, it has made a huge difference to the charity and has enabled them to sustain and plan their work with vulnerable older people.

– Holbeck Together Holbeck Together is a scheme working with communities to strengthen existing relationships and resources, to keep older people socially and physically active, empowering them to make more informed choices and live longer.

The scheme looks to benefit the elderly community of Holbeck and surrounding areas in Leeds. Activities include Advice and Advocacy, Luncheon Clubs, Shopping Scheme, day trips, Friendship Groups, Exercise Groups, Newsletters, IT Classes, Healthy Eating and much more.

Bramley Elderly Action Bramley Elderly Action (BEA) is a charity which provides opportunities and support for older people, aged 60 and above, in Bramley, Swinnow and parts of Stanningley.

BEA is one of nearly 40 Neighbourhood Network Schemes in Leeds promoting the independence, health and wellbeing and value of older people throughout the city by providing support, motivation and opportunities for them.

Garforth NET – The Neighbourhood Elders Team work

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T o

Leeds Benevolent Society for Single Ladies CIO

Year Ended 31 December 2024

BSA has a focus on improving the quality of peoples’ lives by helping them to live independently in their own homes, reduce social isolation and loneliness and assist with individual support which could include help with benefits, travel passes, promoting healthy life choices, housing, utility advice and more.

Richmond Hill Elderly Action (RHEA ) – Richmond Hill Elderly Action was established in 1995 and works with and for people aged 55 and over living in Richmond Hill, East End Park, Cross Green and parts of Osmondthorpe, all in the Leeds 9 area. It offers a variety of daily social opportunities and support services.

South Leeds Team Ministry Charity (SLTM ) – South Leeds Team Ministry Charity operate a club in South Leeds which provides opportunities for friendship, social interaction and making people feel safe in warm and pleasant environments. They also provide a hot meal service for members.

Financial review (including reserves policy and going concern)

Leeds Benevolent Society for Single Ladies CIO is dependent on the investment income generated by the investment portfolio to help conduct its charitable activities. During the year total investment income received was £123,505 (2023 - £134,952). The current year also saw the charity receive a £11,793 legacy.

During the year, the Charity spent £214,370 (2023 (£175,862) on charitable activities. The investment portfolio increased in value during the year from £5,011,243 to £5,240,707. At 31 December 2024 total net assets amounted to £5,256,953 (2023 - £5,029,868). Of these £16,246 (2023 £18,625) were freely available.

The Charity plans its finances over a three-year period having regard to its anticipated incoming resources and the amount anticipated to be spent on charitable activities and other expenditure.

The investment portfolio is invested to generate the income necessary to meet the Charity’s activities.

It is the Trustees’ judgement that the levels of reserves at 31 December 2024 are at a level sufficient to enable the Charity to maintain its charitable activities and meet its future plans.

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Investment Performance

The portfolio had a successful year, achieving a return of +9.0%, with its value increasing from £5,011,243 to £5,240,707 after distributing £200,000 in charitable donations and grants.

2024 proved to be a positive year for diversified investors, with many asset classes posting solid returns despite concerns that political and geopolitical instability might disrupt the markets. This outcome reinforced the view that macroeconomic factors and company fundamentals remain the key drivers of the market, with politics and geopolitics sometimes briefly intervening.

The year was characterised by growth in the US economy, underpinned by fiscal policy, higher productivity growth and strong domestic consumption, which translated into outsized gains in US stock markets for the second year running. However, our US exposure lagged the S&P 500 due to our strategy of managing concentration risk in the ‘magnificent 7’ mega-cap tech stocks, which continued to significantly outperform. The 17% single-day sell-off in Nvidia shares in January underscored the importance of this risk management approach.

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Leeds Benevolent Society for Single Ladies CIO

Year Ended 31 December 2024

Elsewhere, bond yields experienced heightened volatility over the past 12 months. The first half of 2024 saw broad-based disinflation, and central banks became more confident in their ability to begin cutting interest rates. However, the latter part of the year proved more challenging than expected, and, outside of Europe, investor expectations for future rate cuts were scaled back. Gilts in particular came under pressure following the inflationary budget in October.

The timing and extent of interest rate cuts are likely to remain a key market driver, though factors such as President Trump’s actions, broader geopolitical events, and developments in AI could also have significant economic consequences. Looking ahead, return to ultra-low interest rates seems highly unlikely, even as central banks move forward with rate cuts. Investors should prepare for a prolonged period of interest rates that are somewhat higher than what we have seen over the past decade. While global growth remains resilient, there is considerable uncertainty surrounding US domestic and foreign policy, as well as the responses of other regions. Therefore, well-diversified portfolios are essential to mitigate the risks caused by trade tensions and a rise in inflation that could push bond yields higher.

Grant Making Policy

The grant making policy is split in content as it applies not only to individuals but also details a policy which applies to institutions. The objects of the charity state that the trustees may apply funds at their discretion but primarily to assist an individual or individuals.

The number of individuals which can be supported is, of necessity, limited to the funds available for distribution in any one year. Grants shall always relate to the needs of elderly single ladies of pensionable age who reside within the Leeds District postcode. The priorities in this policy will be reviewed on an annual basis and may be changed in accordance with the trustees’ view of the most effective application of the funds available; however, the trustees will not usually approve the use of the charity’s funds for purposes the government has a statutory responsibility to provide.

The trustees will consider grants to institutions which are charities, universities and research organisations involved with the healthcare and wellbeing of the elderly and are based in the Leeds District postcode.

The committed funding for 2025 agreed by the trustees is £140,000 with £30,000 being payable to Caring Together in Woodhouse and Little London and £20,000 each being payable to Seacroft Friends and Neighbours, Holbeck Together, Burmantofts Senior Action and Richmond Hill Elderly Action, with Garforth NET and Bramley Elderly Action being the recipients of £15,000 each..

Investment Policy

The investment policy is set by the Trustees following advice from the Finance and Investment subcommittee after the committee have consulted with Rathbones (Incorporating Investec Wealth & Investment (UK)) who act as investment managers. There are no restrictions on the Charity’s power to invest. Details of the Charity’s investments are set out in the notes to the financial statements.

Plans for future periods

It is the Trustees intention to continue to fulfil its charitable objectives during 2025 and in the future. The Trustees will continue to support single ladies by supplementing their retirement pensions, paying for their television licences, and telephone rentals. Sadly, for the time being, contributions towards holiday costs and outings has ceased due to a shortage of ladies and mobility issues. The Trustees will continue to make every effort to identify single ladies in the Leeds District postcode so that the charity can make grants to supplement their income. The charity has been working over the past few years to achieve a position where the total incoming resources in a particular year are all expended on charitable activities.

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Leeds Benevolent Society for Single Ladies CIO

Year Ended 31 December 2024

Structure, governance and management

Leeds Benevolent Society for Single Ladies CIO is governed by its constitution and rules and by the trustees the names of whom are listed on page 2. There are three sub committees of trustees. Alongside the names of each trustee on page 2 is a note of which committee/committees each sits on. The Ladies Committee, under normal circumstances would meet on the first Wednesday of most months to consider all matters relating to the charity but in particular all matters relating to the single ladies assisted financially and in other ways throughout the year and considering applications for grants from institutions, universities and research organisations within the Leeds District Postcode. The Ladies Committee also seek out and investigate particular projects for funding that fit within the CIO’s objectives.

The Finance and Investment Committee meets quarterly with the Charity’s investment adviser, Rathbones (Incorporating Investec Wealth & Management (UK), to review the performance of the investment portfolio including the level of investment income and growth of the portfolio as well as benchmarking the performance with the market and other investment advisers. The committee reviews the Investment Policy at least annually. The committee periodically reports on its work to the Ladies Committee.

Trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

On behalf of the board

Mrs A Everett, Chairperson of Trustees

25 March 2025

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Leeds Benevolent Society for Single Ladies CIO

Ladies Committee Report

Year Ended 31 December 2024

Annual Report from the Ladies Committee

It is a great pleasure to present the 164th Annual Report on behalf of the Ladies Committee. The entire committee continue to pursue the legacy founded by Eliza Wilkinson Iin 1860, and, as I start to write this report I feel enormous pride in that the Leeds Benevolent Society continues to provide help and support for our individual lady pensioners. These numbers have dwindled over the years but we continue to receive applications for grant and these are always carefully considered.

Through persistent good financial investment and management, the Society remains in the very fortunate position of providing not only assistance for our pensioners but also for seven individual charities in Leeds who care for elderly residents in their separate areas. In December 2024 we received a request from South Leeds Team Ministry to help replace the mini bus which is crucial to their work caring for those with mobility issues. This issue of mobility has also had an affect on our social outings which meant we took the very unhappy decision not to provide invitation lunches, this was obviously met with disappointment but we had no other choice as lack of numbers and mobility issues are a problem. Several of our pensioners happily join with local social charities who provide excellent social activities and various breakfast and lunch “get togethers.”

I would like to say a huge “thank you” to Kate Smithson for organising not only lunch outings but former holidays to the seaside, the ladies enjoyed everything and Kate put in a great deal of extra attention to ensure a special time.

One of the greatest challenges for everyone is the rise in the cost of living, never more so than the Governments’ decision to stop the winter fuel payment to pensioners and our pensioners certainly felt this pain. The Society decided to send a payment of £500 to each pensioner, this amount paid in December. We have received letters of gratitude for this payment which in most cases means that heating can remain on during cold winter months.

I would like to include in this report two of the many comments from the funded charities we have received over the year:

About “The Guide,” one lady wrote to OPAL that “The urinary incontinence booklet, The Guide, has completely changed my life!.”

“The Guide ” was the result of the research program, funded by the Society, and led by The School of Health at Leeds University. Part of this research focused on the problem caused by daily incontinence issues. it took three years to complete so reading this message from one lady who had found the help so positive was a joy to read.

Thank you from one of the funded Leeds charities: “LBSSL were the first funders to believe in our project and how we wanted to shape our support for local older people. Without this funding we would not have been able to offer digital support and outreach service. Your support means a lot to us and we are truly grateful..”

The decision to fund local charities has been a great success, we monitor and check that our funding is not wasted and there has been no sign of this happening so, I say that LBSSL will continue this valuable work as long as possible in the knowledge that Eliza Wilkinson would approve. On several occasions I have invited the managers and team members to address the committee and explain exactly how their work is progressing, we learn in every case the funding from the Society has been an enormous benefit. In turn members of the committee have been invited to the AGM of several charities which is great for bringing focus on our Society and its work.

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Leeds Benevolent Society for Single Ladies CIO

Ladies Committee Report

Year Ended 31 December 2024

In closing I would like to thank the committee for all their time and support, our monthly meetings have a serious side to them but we always enjoy being together and sharing various opinions. Everyone on the committee shares wisdom and guidance which is so vital to the success of LBSSL.

I especially make mention of Mrs Sally Johnson, Honorary Treasurer, because without Sally and her fabulous efficiency certainly the road would not be as smooth. Also, to our Honorary Secretary, Mrs Margie Wooler a huge thank you not only for your time but also for the support you give to all members of the committee.

To our auditors, Wheawill & Sudworth Limited we are grateful for the professional support and advice and we thank them.

To Investec Wealth and Management who are now amalgamated with Rathbones Group Wealth and Asset Management, and look forward to continued success managing the Society’s investments.

And finally, as I close we always remember Eliza Wilkinson and her loving concern for women struggling in poverty in her home city of Leeds. Leeds Benevolent Society are proud to continue on Eliza’s work.

Anona Everett Chairperson

25 March 2025

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Leeds Benevolent Society for Single Ladies CIO

Independent Auditor’s Report

Year Ended 31 December 2024

Independent Auditor’s Report to the trustees of Leeds Benevolent Society for Single Ladies CIO

We have audited the financial statements of The Leeds Benevolent Society for Single Ladies CIO Charity for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Leeds Benevolent Society for Single Ladies CIO

Independent Auditor’s Report

Year Ended 31 December 2024

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 7, the trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud to error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or cease operations, or have no realistic alternative but to do so.

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Leeds Benevolent Society for Single Ladies CIO

Independent Auditor’s Report

Year Ended 31 December 2024

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework of the Charity and considered the risks of acts by Management and the Trustees which were contrary to applicable laws and regulations, including fraud. We made enquiries of the Trustees to obtain further understanding of the risks of non-compliance.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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Leeds Benevolent Society for Single Ladies CIO

Independent Auditor’s Report

Year Ended 31 December 2024

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

35 Westgate Huddersfield HD1 1PA

25 March 2025 Wheawill & Sudworth Limited, Statutory Auditor

Wheawill & Sudworth Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Leeds Benevolent Society for Single Ladies CIO

Statement of Financial Activities

Year Ended 31 December 2024

Note
Income and endowments from:
Donations and legacies
2
Investments
3
Total income and endowments
Expenditure on:
Investment manager fees and
other costs
4
Charitable activities
5
Total expenditure
Net gains / (losses) on
investments
8
Net movement in funds
14
Reconciliation of funds:
Total funds brought forward
14
Total funds carried forward
14		 Year Ended 31 December 2024
Unrestricted
funds
Restricted
funds
Total
£
£
£
11,793
-
11,793
123,505
-
123,505
135,298
-
135,298
(30,756)
-
(30,756)
(214,370)
-
(214,370)
(245,126)
-
(245,126)
336,913
-
336,913
227,085
-
227,085
5,029,868
-
5,029,868
5,256,953
-
5,256,953		 2023
Total
£
-
134,952
134,952
(29,034)
(175,862)
(204,896)
128,715
58,771
4,971,097
5,029,868

All income and expenditure derive from continuing activities.

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Leeds Benevolent Society for Single Ladies CIO

Balance Sheet

Year Ended 31 December 2024

Note
Fixed assets
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current assets
Total net assets
Charity Funds
Designated funds
14
Free funds
14
Revaluation reserve
14
Total charity funds
14		 2024
£
5,240,707
5,240,707
2,208
18,538
20,746
(4,500)
16,246
5,256,953
3,861,054
16,246
1,379,653
5,256,953		 2023
£
5,011,243
5,011,243
1,911
21,214
23,125
(4,500)
18,625
5,029,868
3,954,686
18,625
1,056,557
5.029,868

The financial statements were approved and authorised for issue by the Board on 25 March 2025. Signed on behalf of the board of trustees

S-A Johnson, Trustee

25 March 2025

The notes on pages 16 to 23 form part of these financial statements.

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Leeds Benevolent Society for Single Ladies CIO

Notes to the Financial Statements

Year Ended 31 December 2024

1 Summary of significant accounting policies

(a) General information and basis of preparation

Leeds Benevolent Society for Single Ladies CIO is a registered charity in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The nature of the charity’s operations and principal activities are to provide financial assistance to single ladies in need and grants to research institutions and local charities in the Leeds District postcode.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice as it applies from 1 January 2019. The charity is exempt from the requirement to prepare a cash flow statement.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

16

Leeds Benevolent Society for Single Ladies CIO

Notes to the Financial Statements

Year Ended 31 December 2024

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably, and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

Further detail is given in the Trustees’ Annual Report.

Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed and an equivalent amount recognised as charitable expenditure.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

Other income includes income such as gains on disposals of tangible fixed assets.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, these are recognised as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance the grant is recognised to the extent that the recipient has satisfied the performance conditions set out in the grant agreement at the balance sheet date.

17

Leeds Benevolent Society for Single Ladies CIO

Notes to the Financial Statements

Year Ended 31 December 2024

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

(f) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

(g) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(h) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(i) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(j) Foreign currency

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

(k) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

18

Leeds Benevolent Society for Single Ladies CIO

Notes to the Financial Statements

Year Ended 31 December 2024

(l) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern.

2 Income from donations and legacies

Donations
Legacies
3
Income from investments
Income from listed investments
4
Expenditure on investment manager fees and other costs
Investment manager fees		 Year ended
31.12.2024
£
-
11,793
11,793
Year ended
31.12.2024
£
123,505
123,505
Year ended
31.12.2024
£
30,756
30,756		 Year ended
31.12.2023
£
-
-
-
Year ended
31.12.2023
£
134,952
134,952
Year ended
31.12.2023
£
29,034
29,034

5 Expenditure on Charitable activities

Grants to beneficiaries
Holidays & outings		 Activities
undertaken
directly
Support
costs
Year ended
31.12.2024
Total
Year ended
31.12.2023
£
£
£
£
206,584
7,550
214,134
173,842
236
-
236
2,020
206,820
7,550
214,370
175,862

19

Leeds Benevolent Society for Single Ladies CIO

Notes to the Financial Statements

Year Ended 31 December 2024

6 Allocation of support costs

Support cost
Basis of
allocation
Grants to
beneficiaries
Holidays
&
outings
Year ended
31.12.2024
Total
Year ended
31.12.2023
£
£
£
£
Insurance
Auditors remuneration
Company secretarial
Charitable costs
Charitable costs
Charitable costs
1,885
4,500
750
-
-
-
1,885
4,500
750
1,816
4,500
693
Admin costs
Charitable costs
315
-
315
317
Bank charges
Charitable costs
100
-
100
99
Total
7,550
-
7,550
7,425
7
Analysis of grants
Year ended
Year ended
31.12.2024
31.12.2023
£
£
Grants to institutions
160,000
140,000
Grants to individuals
46,584
26,417
206,584
166,417
8
Net income for the year
Net income is stated after (charging)/crediting:
Year ended
31.12.2024
Year ended
31.12.2023
£
£
Gain/(loss) on fair value movement of investments
336,913
128,715		 Grants to
beneficiaries
Holidays
&
outings
Year ended
31.12.2024
Total
Year ended
31.12.2023
£
£
£
£
1,885
4,500
750
-
-
-
1,885
4,500
750
1,816
4,500
693
315
-
315
317
100
-
100
99		 Grants to
beneficiaries
Holidays
&
outings
Year ended
31.12.2024
Total
Year ended
31.12.2023
£
£
£
£
1,885
4,500
750
-
-
-
1,885
4,500
750
1,816
4,500
693
315
-
315
317
100
-
100
99		 Grants to
beneficiaries
Holidays
&
outings
Year ended
31.12.2024
Total
Year ended
31.12.2023
£
£
£
£
1,885
4,500
750
-
-
-
1,885
4,500
750
1,816
4,500
693
315
-
315
317
100
-
100
99
7,550 -
7,550
7,425
Year ended
31.12.2024
£
160,000
46,584
206,584
Year ended
31.12.2024
£
336,913		 Year ended
31.12.2023
£
140,000
26,417
166,417
Year ended
31.12.2023
£
128,715

9 Auditor’s remuneration

The auditor’s remuneration amounts to an audit fee of £3,500 (2023 - £3,500) and accounts preparation charge of £1,000 (2023 - £1,000).

10 Trustees' and key management personnel remuneration and expenses

The trustees neither received nor waived any remuneration during the year (2023: £ Nil).

The trustees did not have any expenses reimbursed during the year (2023 - £ Nil).

20

Leeds Benevolent Society for Single Ladies CIO

Notes to the Financial Statements

Year Ended 31 December 2024

11 Fixed asset investments

Fair value:
At 1 January 2024
Additions
Disposals
Gains/(losses) and revaluation
At 31 December 2024
Carrying amount:
At 31 December 2024
At 31 December 2023
Investments at fair value compromise:
Equities
Fixed interest and other securities
Cash within investment portfolio		 Listed
investments
£
4,920,113
1,044,005
(1,121,538)
336,913		 Cash held for
investment
£
91,130
-
(29,916)
-		 Total
£
5,011,243
1,044,005
(1,151,454)
336,913
5,179,493 61,214 5,240,707
2024
£
1,982,408
3,197,085
61,214
5,240,707		 5,240,707
5,011,243
2023
£
2,035,410
2,884,703
91,130
5,011,243

The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

The book cost of investments as at 31 December 2024 is £4,427,591 (2023 £4,458,830).

12 Debtors

Prepayments and accrued income
13
Creditors: amounts falling due within one year
Accruals		 2024
£
2,208
2024
£
4,500		 2023
£
1,911
2023
£
4,500

21

Leeds Benevolent Society for Single Ladies CIO

Notes to the Financial Statements

Year Ended 31 December 2024

14 Fund reconciliation

Unrestricted funds

Free
Revaluation
reserve
Designated
Invested Fund		 Balance at
1 January
2024
Income
Expenditure
Transfers
Gains /
(losses)
Balance at
31
December
2024
£
£
£
£
£
£
18,625
211,991
(214,370)
-
-
16,246
1,056,557
-
-
-
323,096
1,379,653
3,954,686
(76,693)
(30,756)
-
13,817
3,861,054
5,029,868
135,298
(245,126)
-
336,913
5,256,953

Fund descriptions

Unrestricted funds

The free funds of the charity are available to be distributed at the discretion of the trustees in furtherance of the objects of the charity.

Designated funds

The Invested fund represents funds held as fixed asset investments which are used to generate an income for the charity.

Revaluation reserve

The revaluation reserve reflects the difference between the fair value of listed investments transferred to the charity from Leeds Benevolent Society for Single Ladies in 2014 and the current fair value.

15 Analysis of net assets between funds

Fixed assets – investments
Cash at bank and in hand
Current assets
Current liabilities
Total		 Free
funds
Designated
funds
Revaluation
reserve
Total
£
£
£
£
-
3,861,054
1,379,653
5,240,707
18,538
-
-
18,538
2,208
-
-
2,208
(4,500)
-
-
(4,500)
16,246
3,861,054
1,379,653
5,256,953

22

Leeds Benevolent Society for Single Ladies CIO

Notes to the Financial Statements

Year Ended 31 December 2024

16 Financial commitments

Funding grants are awarded for three years duration. Garforth NET and Bramley Elderly Action have Funding in place until 2026.The remaining five recipients have confirmed funding in place until 2027. The overall commitment at the balance sheet date was £390,000 (2023: £230,000). This future funding is conditional upon certain criteria being met to the satisfaction of the charity and consequently has not been included as a liability in the balance sheet at 31 December 2024.

17 Related party transactions

There were no related party transactions during the period. The charity is not controlled by any one person.

23