Imperiak Benevolent Fund Annual Report and Unaudited Financial Statements for the year ended 31 December 2024 Prentis & COLLP r.HAII'J'EIIED A(;(:OUN'I'AN J'S Registered as a charity in England and Wales No 1161055
The Imperial Benevolent Fun For the year ended 31 December 2024 Reference an administrative Information Trustees: Kay Ball Ichair until 25 March 20251 Jill Bush (retired April 2024) Jodie Clark Jacqueline Fergu50n (retiredApril 2024) Peter Malcolm Hill (Chair from 25 March 20251 Teresa Jay (elected November 2024J Sian Prirne {electedApril 2024) El isa beth Swa n (Adm in istratorl Charity number. 11610Jf5 Address: 28 Prykes Drive Chelmsford CMI ITP Solicitor: GBH Law Limited 718 Innovatiori Place Douglas Drive Godalming GU7 IJX Independent examiner: Nigel A Prentis FCA Prentis & Co LLP Chartered Accountants 115c Milton Road Cambridge CB4 IXE Bankers: CAF Bank 25 Kings Hill Avenue Kings Hill West Malling, Kent ME19 4TA Investment managers: Charle5 Stanley & Co Limited 55 Bishopsgate London EC2N 3AS www.ibfund.or The Imperial Benevolent Fund is registered as a charity in England and Wales No 1161055.. and incorporated in England as a Charitable Incorporated organisation No CE003796.
The Imperial Benevolent Fund For the year ended 31 December 2024 Report of the Trustees The trustees of The Irrperial Benevolent Fund IIBFI present their Report and Financial Statements for the year ended 31 December 2024. The accounts have been prepared in accordance with the accounting policies Set out in note I to the accounts, and comply with the tru5f s governing document, the Charities Act 2011 and "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 the Republic of Ireland IFRS1021" (effective IStJanuary 20191. Structure, Governance and Management The Imperial Benevolent Fund is a Charitable Incorporated Organisation {CIO) governed by a th th constitution Signed 25 March 2015 and arnended 16 July 2020. Trustee5 The Board of Trustees comprises no le55 than three members, and no more than eleven. Trustees are responsible for the identification and appointment of new trustees, considering the skills and needs of the board. New trustees are appointed through introduction from current trustees and are appointed if unanirnously agreed by the board. In accordance with the Constitution, a5 well as independent trustees, trustees are drawn from rnembers 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 Ba I I Chai r (Theatre Facu Ityl Jill Bush {Dancesport Faculty)- retired 25/04/2024 Jodie Clark (Theatre Faculty) Jacqueline Ferguson (Theatre Facultvl- retired 25/04/2024 Malcolm Hill Ilndependent tru5teel Teresa Jay (Dancesport Facultvl - appointed 21/11/2024 Sian Prime {1ndependent trusteel- appointed 25/04/2024 Elisabeth Swan Administrator Ilndependent trustee) Induction and training Any new trustees are provided with a copy of the Constitution, together with a copy of the Trustees, Annual Report and statement of accounts. Trustees are encouraged to attend appropriate external training events and they also obtain fact sheets and newsletters frorn their professional advisors to ensure they are equipped to carry out their duties effectively. Meetings The board normally holds two scheduled rneetings a year, and other meetings as required. In 2024 there were three Trust meetings {2023 three), all of which were held online by Zoom. Trustees are provided with minutes of previous meetings and supporting papers. The Chair is responsible for the executive leadership and management of the board.
The Imperial Benevolent Fund For the year ended 31 December 2024 Independence Trustees are required to disclose any conflicts of interest at each meeting, and to disc105e anv training they have undertaken or received between meetings. Induction and training All new trustees are provided with trust constitutional documents, financial accounts and information relati ng to the activities of the trust. Trustees are expected to be aware of their duties and responsibilities as a charity trustee, and to undertake appropriate training forthe skills for which they were appointed, Related Party The ISTD 15 a connected charity in that one member of staff of the ISTD is also a trustee of the IBF. Public Benefit 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 Irnperial Society of Teachers of Dancing, former members and their dependants who are in necessitous circumstance5 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. This was reduced during the 2022 year to £1,000, remained in place for 2023 and was discontinued in 2024. The objectives are currently being fulfilled through the making of grants. Policy on grant making The trustee5 approve the level of support upon receipt of a completed grant application form and supporting documentation, and within the income available to the charity Financial review of the year The charity retains reasonable reserves. Total income decreased slightly during the year to £14,65312023: £15,051). During the year grants of £23,866 were distributed12023.. £nill.
The Imperial Benevolent Fund For the year ended 31 December 2024 Reserves policy The Reserves Policy is to utilise funds raised through donations and investment income on an annual basis to provide for the granting of financial assistance to fulfil the charity's objectives, 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. Investment pollcy The charity's policy is to provide long-term growth in capital and Income, and to protect present and future beneficiaries against the effect of inflation. Investment funds are managed by Charles Stanley Limited who are authorised and regulated by the Financial Conduct Authority. The manager reports to the charity on a quarterly basis. The Investment performance has been beneficial over the years by increasing the capital and income available to the charitv. Risk and control The trustees are responsible for the internal controls and risk management of the charity. The boa rd approves spending requests, reviews quarterly results, receives investment reports and considers risk, exposure to which may include: Economlc climate.. in common with other organisations the trust is vulnerable to changes in the global economic c5imate which can affect its investment funds. The trust invests on a long-term basis to mitigate any short-term downtu rns. World events: as shown in the prior and current year, the trust is vulnerable ta events such as pandemics, natural phenomena and changes in climate. All of these may have an adverse effect on investment funds. Statutory and regulatory compllance: the charity is subject to statutory and regulatory compliance, in particular financial, data protection, privacy and charity regulation5, The trust mitigates any risks contracting proper investment managers and registered auditors. Internal control: the charity ensures control over it5 financial affairs by ensuring that all transactions are within budget, are evidenced by appropriate documentation and are approved by two trustees. Future activities The charity will continue to mako charitable grants from annual income. Trustees are undergoing 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 2024 Statement of trustees, responsibilities The trustees are responsible for preparing the Trustees, Report and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdorn Generally Accepted Accounting Practice). The law applicable to charities in England and Wales require5 the trustees of the Charityto 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 applythem consi5tentlv,' observe the methods and principles of the Charities SORP,. mal<e judgements and estimates that are reasonable and prudent; 5t3te whether applicable accounting standards and Statements of Recommended Practice have been followed, subject to any material departure5 disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unle55 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 anytime the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and with the Charit¢s 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. The Board of Trustees approved the Report of the Trustees. Dated. 0110712025 Malcolm Hill, Chair and Trustee
The Imperial Benevolent Fund For the year ended 31 December 2024 Independent Examinerfs report I reportto the trustees on my examination of the accounts of The Imperial Benevolent Fund Charitable Incorporated Organisation ('the CIO,) for the year ended 31 December 2024. Responsibilities and basis of report A5 the trustees of the CIO you are responsible forthe preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act'l. I report in respect of my examination of the CIO'S accounts carried out under section 145 of the 2011 Act and in carrying out rny examination I have followed all the applicable Directions given by the Charity Comrnission under section 145(5)Ibl of the Act. Independent examiner's statement I have completed my examination, I confirm that no material matters have come to my attention in connection with the exarnination giving me cause to believe that in any material respect,. accounting records were not kept in respect of the CIO as required by section 130 of the 2011 Act: ar 2 the accounts do not accord with those records,. or 3 the accounts do not comply with the applicable requirements concernin8 the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts Eive a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached, Nigel Prentis FCA For and on behalf of.. Prentis & Co LLP Chartered Accountant5 & Independent Examiners 115c Milton Road Cambridge CB4 IXE 11-1 2oLS
IPEIUAL BENII VOLEI NT FUND STATEMKNT OF VINANCIAL ACTIVITtES FOR THE YEAR ENDED 31ST DECELVIBER 2024 Notes 2024 2023 Income Investmen¢ incon]e Donfttions 14,653 14,486 565 Total Income 14,653 15,051 xpendlture xpendèture on ralsing funds: Investment management costs Expeiiditur¢ on charitable actiticS TotAI Expenditure Net Movement in Funds Net {losses)Igains on investtnents 6.334 26,126 5,171 1,803 32,460 (I7,807) (9,548) (27,355) 542,546 515,191 6,974 8,077 13,258 21,335 521,211 542,546 Total Funds Brought Forward Total Funds CArried Forward All fund5 are unr¢stri¢ted. The accompanying not¢s form part of these accounts, Balan¢e Sheet At 31st December 2024 Notes 2024 2023 Fixed A$sets Inveslm¢nts 472.146 488.358 Current Assets Debtors Cash at bank and iii hand 744 42,301 515,191 740 53,448 542,546 Total Net Assets The Fundg of the Cbarity: Unrestricted Iii¢oine Funds 515,191 542,546 Th¢8e finallcittl statetnents were approved by the Board of Thlstees on and w¢r¢ signed on its behalf by.. Malcolin Hill Chairman
IMPERIAL BENEVOLENT FUNJ) FOR THE YEAR Ef4DED 31ST DECEMBER 2024 STATIMENT OF CASH FLOWS 2024 2023 Net cash used In operatlng activities (32,464) (7,149) Cash flows from inve51ing activities: Dividends and interest from investhients Bank interest received Purchase of investsnents Proceeds from invesbnents 14,437 13,304 216 1,182 (103.735) (131,793) 109,559 9.689 20.477 (107,618) Net cash provided by investing activities Change in cash and Cash equivalents in the reporting period Cash and Gash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period (11.987) (114,767) 54,933 169,700 42,946 54.933 RECONCILIATION OF INCOME TO NET CASH FLOW FROM OPERATING ACTIVITtES 2024 2023 Net (expenditureyincome for the reporting period (as per page 7 - SOFA) Adjustments for.. DiYidend8 interest from investments Bank interest received (Gainsylosses on investment5 Increase in debtors (27,355) 21,335 (14,437) (13,304) (216) (1,182) 9,548 (13.258) (4) {740) (32,464) (7,149) Net cash provided by/(used in operating activities) ANALYSIS OF CASH AND CASH EQUIVALINTS 2024 2023 Cash held under investsnents Cash at baJk 645 42.301 1,485 53,448 54,933 42,946
IMPEIUAL BNEvoLENT FUND VOR THE YEAR EIYDED 31ST DECEMBER 2024 NOTIS TO THE AccouNrs {Forn]ing part of the fir10181 statements) l. Aceountlng Pollcles a) Basis of preparation and assessment of going concern The financial statements have been prepared under the historical st convention with iterns recognised at Cost or transaction value unloss otherwise stated in the relevant notes to these acoounts, The financial slatements have been prepared in accordance with the Statement of Recommended Practice., Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019 (effective I st January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Chariti&s Act 2011. The Trust constitutss a public benefit entity as dered by FRS 102, The Trustees consider that there 8re no material uncertainties about the Trust's ability to continue as a goillg concern. b) Income Recognition Investment incorne include8 dividends and bank interest which are included when they are recxivable. Donations and legacies are included in income when they become reGeivable. c) Expenditure Recognilion Charitable expenditure is all expenditure relating to the objects of the charity. Governance Gosts ar¢ expenditUT¢ inCud in me¢tiDg with th¢ constitutional and statutory Tequirements of the charity. 2. Expenditure on Charitable A¢tivilies - eurrenl year Support and Charitable Governance Activities Costs 2024 Total Grants Accountancy Administration costs 23,866 23,866 960 1,300 960 1,300 2,260 23,866 26,126 Expendithre on Cbarilable Aetlvltles - prlor year Support alld CharitAbJe Governance Aclivities Costs 2023 Total Acwuntancy Administration costs 888 915 888 915 1,803 1,803
IMPERIAL BE4 VOLENT FUND OR YEAR ENDED 31SI' DECEMBFR 2024 NOTES TO THE ACCOUNTS (FormiThg part of the fmancial statements) 3. Investments 2024 2023 Market value at 1st January 2024 Additions Disposals Net realised (105ses)Igains Net unrealised gains/(losses) Market. value at 3 1st December 2024 486,873 351,511 103,735 131,793 (109,559) (9,689) (7,818) (io) (1,730) 13,268 471,501 486,873 Cash held &t brokers 645 1,485 Total investments at 3151 December 2024 472,146 429,775 488,358 461,453 Ilislorical Cost at 3 1st December 2024 All investment's are quoted on a Tecognised UIC Stock Exchangc and carried al. their fair va]ue. 4. Debtors 2024 2023 Accrued interest 744 740 5. Staff costs aiid Trus*ees' i'emun¢ration I'he charity coiisiders its Icey managemcnt p¢rsonnel to be the TrLlSt'ees. The fund has no employees. During the year Trustees reLeivcd remuneration (a8 permitted by the coiistitulion) (Ind expenscs as set oul. below:_ Reimbllrsed Remuneration Expenses 2024 total Current yeai. Trustee I, sw (AdmLnistrator) 630 185 815 Reimbursed Reinuncratloll Fjxpenses 2023 total Prior year Trustee E SW1 (Admiiiistrator) 260 260 6. Trust Dted Th¢ Impcrial Bcn¢volenl' f4und a CIO is governed by a constitution. The constitution was signed on 25th March 2015, amended on 16tli July 2020. 7. Trustees The Triistees consist of rcpi'esentatives of the ISTD'8 Dancesport (uid Theatre faculties and three independent Trusl'ees. 8. Related Parties During the year there were no rel<ed party transactions, except as disclosed at nol'e 5. io