Imperia Benevolent Fund Annual Report and Unaudited Financial Statements for the year ended 31 December 2023 Prentis & Co LLP CHAII'I-EIIEI) ACLOUN'fAN'I'5 Registered as a charity in England and Wales No 1161055
The Imperial Benevolent Fund For the year ended 31 December 2023 Reference and administrative information Trustees., Kay Ba15 (Chairl Jill Bush Jodie Clark (elected March 2023) Jacqueline Ferguson Peter Malcjlm Hill Elisabeth Swan (Administratorl Charlty number: 1161055 Address: 28 Prykes Drive Chelmsford CMI ITP Sollcltor: GBH Law Limited 718 Innovation Place Douglas Drive Godalming GU7 LJX Independent examiner: Nigel A Prentis FCA Prentis & Co LLP Chartered Accountants 115c Milton Road Cambridge C84 IXE Bankers.. CAF Bank 25 Kip.g5 HillAvenue Kings Hill West Malling, Kent ME19 4TA National Westminster Bank Moorgate IA) Branch PO Box 712 94 Moorgate London EC2M 6UR Investment managers.. Charles Stanley & Co Limited 55 Bishopsgate London EC2N 3AS www.ibfund.or The I mperial Benevolent Fund is registered as a charity in England and Wales ND 1161055., and incorporated i n England as a Charitable Incorporated organisation No CE003796.
The Imperial Benevolent Fund For the year ended 31 December 2023 Report of the Trustees The trustees of The Imperial Benevolent Fund IIBFI present their Report and Financial Statements for the year enaed 31 December 2023. The accounts have been prepared in accordance with the accounting policie5 set out in note I to the accounts, and cJmply with the trust's governing document, the Charities Act 2011 and "Accountirg and Reporting by Charities: Statement of Recommended Practice applicable to char.: Lie5 Freparing thpir accoun:s in acco:"dance wi:. I ;he Financ':al Reporting Standard a pplicable the U K and the Republic of Ireland {-, RS1021" {effective I" January 20191. Structure, Governance and Management The Smperial Benevolent Fund is a Cha.. i"iable In-orjorated Organisation ICIOI governed by a constitution signed 25 March 2015 and ameided 16th July 2020. Trustees The Boarc of Trustees comprises no less than three rnenbers, and no more than eleven. Trustees are respofisible for the identification and appointment of new trustees, considering the skills and need5 0! the board. New t,"ustees are apJoip.Led through introduction from current trustees and are appointed if unanimously ag-. eed by the board. sn ac"ordance with the Constitution, as well as independent trustees, trustees are drawn from members of the Theatre and Dancesport Faculties of the Imperial Society of Teachers of Dancing {ISTDI. The trustees direct the activities of the charity. The trustees who served during the period were.. Kay Ball {claIr & Theatre Faculty) Jill Bush IDancesport Facuityl jodie Clark (Theatre FacJltyl - appointed 30/03/2023 JacqLJeline Ferguson (Theatre Faculty) Malcolm H ill Ilndependent trustee) El isabeth Swan (Administrator & Independent trustee} Induction and training Any new trustee5 are provided with a copy of the Constitution, together with a copy of the Trustees, Annual Report and statement of accounts. Trustees are encou.-aged to attend appropriate external training events and they asso obtain fact sheets and newsletters from their professional advisors to ensure they are equipped to carry out their duties effectively. Meetings The board normally holds two scheduled meetings a year, and other meetings as required. In 2023 there were two Trust meetings12022 three}, all of which were held onli ne by Zoom. rrustees are provided with. minutes of previous meetip.gs and supporting papers. The Chair 15 responsible for the executive ieaders4ip aic manageT,ent of the board.
The Imperial Benevolent Fund For the year ended 31 December 2023 Independence Trustees are required to disclose any conflicts of interest at each meeting, and to disclose any trainingthe have undertaken or receivea between meetings. Induction and training All new trustees are provided with trust constitutional documents, financial accounts and information relating to the attivit es of the trust. Trllstees are expected to be awa". e of their duties ana responsibilities as a charity trustee, and to undettLake appropriate traiiiing for the skills for which they were appointed. Related Party The ISTD 55 a connected charity in that both cha."ities have one trustee in common and one member of staff of the ISTD is also 3 trustee of the13F. Public Benefft In setting the objectives of the charity the Trustees have given due regard to the Charity Commission's guidance on public benefit. Objectives and activities The relief of poverty of members of the Imperial Society of Teachers o! Dancing, former members a nd their dependants who are in necessitous circumstances by reason of their Sickness, infirmity or old age. In 2020 trustees widened the parameters to include emergency support during the COVID-19 pandemic, to an upper limit of £2,000. Thi5 was reduced during thè 2022 year 10 £1,000 and remained in place for 2023 The objectives are currently being fulfilled through the making of grants. Policy on grant making The trustees approve the level of 5UPPOrt UDan receipt of a completed grant application form and supporting documentation, and within tne inLome av3i13ble to t,4e charity. Financial review of the year The charity retains reasonable reserves with an upward market fluctuation on investments. Total income increased slightly during the year to £15,05112022-. £12,892) There were no applications for grants during the year12022.. £3,375). Reserves policy The Reserves ")olicy is to utilise furids raised through. donations and investment income on an -ial assistance to fulfil the charit¢s obiertives. ann ual basis to provide fo.- the grap.iing of finan- The trustees consider that adequate resources continue to be available in this regard and are of the view that the charity is a going concern.
The Imperial Benevolent Fund For the year ended 31 December 2023 Investment policy The charity's policy 1> to prcvide long-term g-. 0.h in capital and incom.e, and to protectr present and fL'ture beneficiaries a ainst the effect of i.YÈ', Charles .'on. Investment funds are ThanaLed b.._ Stanley Limited. who are authorised aiid regula=:d by the Financial Conduct Authority. The manager reports to the charity on a quarterly basis. The inve5tnent pe..formance has been beneficial over the yea"s by increasing the capital and income available to the charity. During the 2023 year trustees agreed to close the National Westminster Bank account and transferthe assets to the Investment Portfolio. Risk and control The trustees a re responsible for the internal controls and risk management of the charity. The board approves spending requests, reviews quarterly results, receives investment reports and considers risk, exposure to which may include.. Economic climate.. in common with other organisations the trust 15 vulnerable to changes in the global economic climate which can affect its investment funds. The trust invests on a long-term basis to mitigate any short-term downturns. WoiSd events.. as shown in the prior and current year, the trust is vulnerable to events such as pandemi=s, natural phenamena and changes in climate. All of these may have an adverse effect on investment fund5. Statutory and regulatory compliance.. the charity is subject to Statutory ayi d regulatory com pliance, iq particular firancial, d3ta protection, privacy and clarity regulations. The trust mitigates any risks contracting proper investment managers and -. egistered auditors. Internal control.. the charity ensures control over its financial affairs by ensuring that all transactions are within budget, are evidenced by appropriate documentation and are approved by bNO trJstees. Future activities The charity will continLJe to make charitable grants from annual income. Trustees are urdergoing research into more pro-active fund-raising by increasing promotion and awareness to the general public as well as ISTD members.
The Imperial Benevolent Fund For the year ended 31 December 2023 Statement of trustees, responsibilities The trustees are responsible for preparing the Trustees, 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 and Wales requires the trustees of the Charity 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 those financial statements the trustees are required to: • select suitable accounting policies and then apply thern consistently; observe the methods ar)d principles of the Charities SORP,. make judgements and estimates that are reasonable and prudent,. state whether appIlble accounting standards and Statements of Recommended Practice have been followed. subject to any material depdrtures disc105ed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Account5 and Reports) Regulations and with the CharlS Constitution. 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. Kay Ball Chairman Date
The Imperial Benevolent Fund For the year ended 31 December 2023 Independent Examinerfs report I report to the trtigt&sryn nry exa"mi.iétion of" the accounts of The Fmperial Benevolent Fund" Charitable Incorpo", ated Organi5ation I'rhe CS0'1 for the year ended 31 December 2023. Responsibilitles and basls of report As the trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requ irements of the Charities Act 20111'the Act'l. I report in respect of my examination of the CIO'S accounts carried out uider section 145 of the 2011 Act ar.d ..n "arrying out my exarniilat"'on I have followed all the applicable Directions given by the Ckiarity ComLliission under section 14515llbl 04 tle Act. Independent ex8mlneVs statement have completed my examina:ion. I confirm that no material matters have come to my attention in connection with the examination 8ivin8 me cause to believe that in any matefial respect.. accounting records were not kept in respect of the CIO as required by settion 130 of the 2011 Act.. or 2 the accounts do iJt accDrd with ihose records,. or 3 the accounts do njt comply with ;.ie applicable requirements concerniyg the form and content of accounts set out in the Charities (Accounts and Reoortsl Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which 15 not a matter considered as part of an independent examination. I have no concern5 and have come across no other matters in connection with the exam ination to which attention should be drawn in this report in order to enablp a proper understanding of the financial statements to be reached. Nigel Prentis FCA For and on behalf of= Prentis & Co LLP Chartered Accountants & Indepeiident Examiners 115c Milton Road Carnbridge CB4 IXE s&} ZOZLP
IMPEIUAL BENEVOLENf FUND STATEMEKf OF FINANCIAL ACtIVITIKS FOR THE YEAR EF4DED 31ST DECEMBER211Z3 Notes 2023 2022 Income Inv¢stment income Donations 14.486 565 11612 280 Total Income 15.051 12.892 Expendityre Expendlture on f¥udg: InvesttDent rnangernent costs Expenditure ¢)n cbaritsble aGtiviti¢s Total Exp¢nditllre Net Movement In Fwidy Net g&inOlIos) on inv¢sim¢nts 5.171 1.803 5.276 1.801 6.974 7.077 8,077 13,258 5,815 (56.714) (50,899) 572.110 21335 521211 542,546 Totsl Funds Brought FoThvard Totsl Funds C&rritd Forward 521,211 All funds are unrestrictcd. The accompanying DoIE5 forjn part of these accounL BlaD¢e Sheet Ai 31st Dccember 2023 Notss 2023 2022 Fixed Assets Invegtsnents 488 J58 378,185 Current Assets Debto Cash at bank and in band 740 53.448 143.026 Totsl Net knets 542,546 521,211 The Funds of the ChaTity: Uuttstricted In(x)me Funds 542,546 521,211 Th¢3e fin8ncial Statem were approved by th¢ Board of YEte¢S on and were signed on its behaif by.. 3cs-S-2 Kay Ball Chairniwn
IMPKRIAL BENETr"OLENT FUNID FOH THE YEAR ENDED 31ST DECELKBER 2023 STATEMENT OF CASH FLOWS 2023 2022 Ne¢ easll ll8 ill operating activftles (7,149) {6,797) Cash floiys fro illvesting aetlvfitles: DividetttEs 8ELd interest fiDm investtnents Bank interest Ctived Purchase Df investmell Proceeds from investmellts E3,304 12,518 1,182 84 (131.7931 {66,745) 9,689 89,142 Net cash provlded by investing $ctiviti (107.6181 34,999 ctAnge in cash and c&sh cquivatents In the reporting period Cash and cash eqllivalents at the beginning of ihe r¢porting period Cash and ¢ash ¢quiN'alents at the end of thc reporting petiod (114,767) 28,212 169,700 141,488 54.933 l69,700 RECONCtLIATION OF INCO_ME TO NET CASH FLOW FROM OPEIL4TtNG ACTIVITIES 2023 2022 Net inlome for the reportittg period las per page 7- SOFA) Adjustments for.. Dividends and inter&st from investments Bank interest roceived (Gainslllos5e8 OIL itivestments Irlcrease ill debtors 21,335 (50.899) (13,304) (I?,528) 11,182) (84) (132581 56.714 {7401 (7.149} (6.797) Net pVIded byllused in operating activities) ANALYStS OF CASH.4L*I) CASH EQtrivALENTS 2023 2022 Cash held UTLder tnvesttnellts Cash at bank 1,485 53.448 26,674 143.026 54.933 169,700
EMPEIUAL BENEVOLENT FUND FOR THE YEAR EPIDED 31ST DECEMBER 2023 NOTES TO THE Accouwrs (Fonning part of the fancIal statements) l. Aceoulltittg Policies a) Basi5 of pr¢parAtiDn and assessmellt of goittg coneer The financial sthtement5 have been prepared under the historical cost wnv¢ntion with items recognised at cost or trsactiOn value unless otherwise stated in the relevani notES these accounts. The financial itslernents have been prepared in accordance with the statetp.ent of Recommended PTrct5cc: Accounting and Reporting by Charities preyarin(r their accounts in accordance with the Financial Eieporting Sfandard applicable in th¢ UK and Republic of Ircland (FRS 102) issued October 2019 (effecii¥e lJl Januarv 2019) and the Financial Reporting sdard applicable in the United Kingdom and R¢publi¢ of treland (FRS 102) and the Charitl¢s Act 2011. The Trust coustitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no Materi uncertaillti aEx)ut the Ttusvs ability to continue as a going concern. b) Ineomc Roeognilion Invest[net iricoirie includes dividend5 and bank interest wb.ich are included when they are re1vable. Donations alld legacies are inclllcEd ,.'TL income when they become receivaole. cl Expenditure R¢eogrtStion Charitable expenditure is all expenditure relating to the objects of the Charity. Gov¢mance costs ue expenditLwe incurred in me¢tints with the constitutional and statutory requiretncnts of the ciwity. 2. Expettditure on Charitable Acti¥ities- ¢urrent year SuppDrt and Chariiable Governance ActiTrities Costs 2023 Total Accountancy Administration costs 888 915 888 915 1,803 1,803 Expenditure on Charitable Aetivitia- prior year Support and Charit&ble Governance Aetivities Costs 2022 Total Grants Accountan¢y Administration cosrs 595 595 sio 390 816 390 595 1.206 1,801
IPERIAL BENEVOLENf FUND FOR THE YEAR ENDED 31ST DECEMBER 2023 NOTES TO THE ACCOUNTS (Foming part of the financial statements) -3.. .Invest]nenttr" --2823-._. Market value at 1st January 2023 Additions Disposals Net fealised (lo&sesygains Net unreali%d gain&l{lossesl Market value at 31st December 2023 351,Sll 131,793 (9,689) 189,142) (10) 119,060) 13,268 (37,654) 430,622 486,871 Cash held ae brokers 1,485 488,3)8 461,453 26,674 Total investments at 31st Decemixr 2023 378,185 F£istorical cost at 31st De¢eniber 2023 346,781 All investments are woted a recolld UK Stock EXcha[e a[ carried at their fair value. 4. Debtors 2023 2022 A¢¢rued interest 740 5. Staff costs and Trusttts, remuneratioll The ¢hariry Conside lis key managttnent personnel to the Tnttts. Ttke lld has no etnployees. During Ihe ye8rTrttste rtt¢kved rctnuDerntion (as peThnittl by the constitution) and expensts as set out below.'- Reimbursed Remwieradoll Expenses 2023 total Current yeAr Trustee E Swan (Adtllinistrator) 260 260 Reimbursed Remuller*tion Expenses 2022 total PrÈor ye Trustee E Swan {Administr&tor) 6. TTll$t Deed The ttllperial Benevolent Fund a CIO is gov¢rned by a Constibl0ll. The constittLtion was sted on 25th Marc 2015, anended on 16th July 2020. 7. Trustees The TNstees conskst of reprssentativ&s of the ISTD'S Dancwrt and Theatre Faculties and one independ¢nt Trustee. 8. Related Parties DILring the year there were no related party transactioa& 10