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