## **Trustees’ Annual Report for the period**
**From 01/04/2023 Period start date To 31/03/2024 Period end date Charity name: British Council Benevolent Fund, known as “the Ben Fund”**
## **Charity registration number: 1161805**
## **Objectives and Activities**
||SORP reference||
|---|---|---|
|Summary of the purposes of
the charity as set out in its
governing document|Para 1.17|The purpose of the Fund is the granting of
relief or assistance to past and present staff
of the British Council and their families or
dependents who are in necessitous
circumstances.
Provided that ‘staff’ shall include those who
work as an employee or a contractor for:
a) the British Council;
b) any wholly or partly owned subsidiary of
the British Council;
c) a wholly or partly owned subsidiary of
BC Trading Limited; or
d) any organisation offering services to any
of those listed in a) – c).|
|Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or
services identified in the
accounts.|Para 1.17 and
1.19|The British Council Benevolent Fund’s
charitable purpose is the alleviation of
financial hardship for British Council
employees, contractors and temporary
staff, both past and present, and their
families.
It is open to all current and former payroll
employees irrespective of where they are
based globally. The overriding criterion for
assistance being immediate need and
financial difficulty; support is given for
example when such difficulty arises as a
result of illness, bereavement, natural
disaster such as earthquakes/floods or in
areas of conflict.
Support takes the form of one-off grants or
‘End-of-year grants’ (formerly known as
‘Christmas grants’), which are explained
below.
The Ben Fund formerly provided quarterly
grants, but these are no longer available
and only a small number of existing
quarterly grants remain in place.|
Loans The committee of management had decided to withdraw the offer of interestfree loans, due to administrative burden on the British Council’s payroll team. However we received a request from an employee in the UK, and the trustees agreed to grant one single loan to review the process and assess feasibility of offering them as an option to UK based colleagues. The single loan of £985.68 is being repaid in instalments over 24 months. By 31/03/2024, we received repayments of £451.77, thus reducing the outstanding loan amount to £533.91. One-off grants These are grants usually to a maximum of £2,500, but occasionally up to £3,500 or more if it is deemed appropriate and agreed by a majority of the Trustees. All applications received must be confirmed as true and valid by the Country Director for overseas staff (current and retired); by Head of Department for UK staff and by HR/last line manager/BCA (British Council Association) for UK retired staff. Two Trustees must approve applications up to £2,500; applications up to £3,500 must be approved by at least three Trustees and five Trustees for anything over £3,500. Applications can be made at any time throughout the year to ensure the response can be timely and appropriate. The impact of the grant can be very real and positive, e.g. access to medical care for staff members, elderly parents, spouses or young children, the repair of a house due to natural disasters, support for bereavement costs otherwise unaffordable or support to help with initial rent deposit to provide secure housing are just some of the types of cases dealt with on an annual basis. 25 one-off grants were made in 2023/24, with a total value of £36,442.30. End-of-year grants These are much smaller in value (ranging from £50 to £100 each) and follow a different process. During November, line managers are invited to nominate members of their teams who have had a challenging year due to personal circumstances by applying on their behalf. The committee of management reviews all applications and approves or declines requests during a minuted group discussion. Decisions are
|||relayed to the line manager, who then
confirms the decision to the individuals.
It is made clear at the time of promotion
that these grants must not be used by line
managers as a reward for performance or
substitution for compensation.
38 End of Year grants were awarded, with
a total value of £2,850.|
|---|---|---|
|Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit|Para 1.18|The support provided by the Ben Fund
does not extend to members of the public
and is only available to people connected
by a common employer, the British Council.
Therefore, as stated in Annex A of the
Charity Commission’s guidance on the
public benefit requirement (PB1), the
trustees are aware that the Ben Fund is a
charity whose purpose is to prevent or
relieve poverty and therefore the public
benefit requirement can be met by
satisfying only the ‘benefit’ aspect and
there is no need to consider the ‘public’
aspect.
That is to say, the trustees keep in mind
when reviewing applications that support
should only be given where it will either
prevent or relieve the difficulties which arise
out of financial hardship and poverty, and
where applicants have insufficient means to
resolve problems without additional help.
In August 2020, the Secretary conducted a
survey of trustees to inform a discussion
and review of their understanding and
application of the Charity Governance
Code. This review led to an action plan
focused on developing specific areas of
governance within the organisation, and the
trustees held an Away Day in September
2022 to review progress against this action
plan. The trustee board also maintains a
Governance and Finance sub-committee to
ensure ongoing compliance with the
Charity Governance Code.|
## **Additional information (optional)** You may choose to include further statements where relevant about:
SORP reference Policy on grant making Para 1.38 Policy on social investment Para 1.38 including program related investment Contribution made by Para 1.38 volunteers Other
## **Achievements and Performance**
||SORP reference|||
|---|---|---|---|
|Summary of the main
achievements of the
charity, identifying the
difference the charity’s work
has made to the
circumstances of its
beneficiaries and any wider
benefits to society as a
whole.|Para 1.20||Fundraising and Engagement
2023 marked the 75thAnniversary of the
Charity. The trustees planned and delivered
a year long series of engagement and
several fundraising events to raise our
profile internally and bring more
volunteers/donations.
A group of London based colleagues, along
with members of the Senior Leadership
Team of the British Council, organised a
sponsored walk of the Seven Sisters to
benefit the Charity, which was publicised
internally to all colleagues.
The Diamond Anniversary campaign was
accompanied by the launch of an improved
SharePoint site, with more accessible and
up to date on information, presenting the
new branding, along with two external-facing
pages:
https://www.britishcouncil.org/work/staff-
alumni/ben-fund
https://www.britishcouncil.org/benevolent-
fund
With the assistance of volunteers, the Ben
Fund engaged in a series of
communications throughout the year
focusing on stories of past beneficiaries.
These testimonials were a powerful way to
increase awareness and support of the
Fund.
Several fundraising events were held in
London and Manchester, which were well
attended and contributed to both fundraising
and the raising of our profile with
colleagues.
There were also events held online for
international colleagues during the end of
year to encourage further engagement.
Charity Governance
With the brand refresh and new and
accessible SharePoint live, the trustees
have set up a Governance and Finance
Committee to ensure continued compliance
with the Charity Governance Code, the
Fund’s trust deed and broader regulatory
requirements.|
Trustee Recruitment During the year we recruited two new trustees to fill the vacancies left by colleagues stepping down from the charity. We deliberately advertised for trustees with financial, governance and fundraising skills to complement the existing board composition.
## **Additional information (optional)**
You may choose to include further statements where relevant about: Achievements against Para 1.41 objectives set Performance of fundraising Para 1.41 activities against objectives set Investment performance Para 1.41 against objectives Other
## **Financial Review**
|**Financial Review**|||
|---|---|---|
|Review of the charity’s
financial position at the end
of the period|Para 1.21||
|Statement explaining the
policy for holding reserves
stating why they are held|Para 1.22|The Ben Fund’s purpose and main source
of expenditure is providing grants (or loans)
to current or former British Council
employees and their dependants who are
experiencing hardship.
The trustees set a target amount of grants
and loans to be distributed each year, and a
maximum level for each grant. These
targets may be revised in-year to respond
to the impact of natural disasters or other
emergencies.
The main sources of income are investment
income, donations and legacies, and
fundraising events. The majority of the
reserves are held as investments, although
the charity also holds cash in bank
accounts for ease of access for reimbursing
the British Council for payment of the grants
(or loans), as the British Council makes
payments on behalf of the Ben Fund
through its established payment processing
systems. Approximately £100,000 is
required to be held in the bank at any one
time to meet these in-year requirements.
Income from investments currently provides
around 36% of total income and helps the
Ben Fund to manage the risks from
fluctuation in the other income sources.
Reserves are held to provide a source of
income, ensure the long-term sustainability
of the Fund, and to respond to
unpredictable demands for assistance
caused by natural disasters or other
emergencies.
The trustees aim to balance meeting the
needs of current actual or potential
beneficiaries with maintaining the long-term
viability of the Ben Fund to meet the needs
of future potential beneficiaries.
In 2020, the current Treasurer cleared the
grant repayment backlog, which somewhat
depleted fund reserves. 2020 was a difficult
year globally, resulting in a large amount of
grants. As lockdowns and world events
continued in 2021 and 2022, the decision
was made to delay repayments to the
British Council to ensure that the reserves
of the charity would have a chance to
replenish.|
The Trustees met in 2023 to discuss previous annual accounts, and it was agreed that two years of grants would be reimbursed to the British Council no later than March 2024. This reimbursement was finalised on 29 February 2024. As of 31 March 2024, the investment reserves of the Charity totalled £818,890.41. The cash in bank total was £105,595.49 after clearing the two financial years’ worth of debt mentioned above. During the 2023-24 financial year the fund did not make any changes to its investment structure. The fund’s investment and reserving strategy will be an increasing area of focus in 2024-25. Amount of reserves held Para 1.22 Reasons for holding zero Para 1.22 reserves Details of fund materially in Para 1.24 deficit Explanation of any Para 1.23 uncertainties about the charity continuing as a going concern
|**Additional information (optional)**
You may choose to include further statements where relevant about:|**Additional information (optional)**
You may choose to include further statements where relevant about:|**Additional information (optional)**
You may choose to include further statements where relevant about:|
|---|---|---|
|The charity’s principal
sources of funds (including
any fundraising)|Para 1.47||
|Investment policy and
objectives including any
social investment policy
adopted|Para 1.46||
|A description of the principal
risks facing the charity|Para 1.46|The Transformation Process of the British
Council has put some of the substantial
organisational roles of trustees and the
Treasurer at risk. There is some uncertainty
on their capacity to remain in their Ben
Fund position should their substantive role
in the British Council change.
This risk could lead to positional vacancies,
loss of fund knowledge, and potential
delays in grants processing.|
|Other|||
|**Additional information (optional)**
You may choose to include further statements where relevant about:|**Additional information (optional)**
You may choose to include further statements where relevant about:|**Additional information (optional)**
You may choose to include further statements where relevant about:|
|---|---|---|
|The charity’s principal
sources of funds (including
any fundraising)|Para 1.47||
|Investment policy and
objectives including any
social investment policy
adopted|Para 1.46||
|A description of the principal
risks facing the charity|Para 1.46|The Transformation Process of the British
Council has put some of the substantial
organisational roles of trustees and the
Treasurer at risk. There is some uncertainty
on their capacity to remain in their Ben
Fund position should their substantive role
in the British Council change.
This risk could lead to positional vacancies,
loss of fund knowledge, and potential
delays in grants processing.|
|Other|||
## **Structure, Governance and Management**
|Description of charity’s
trusts:|||
|---|---|---|
|Type of governing
document
(trust deed, royal charter)|Para 1.25|Trust Deed|
|How is the charity
constituted?
(e.g unincorporated
association, CIO)|Para 1.25|Trust|
|Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees|Para 1.25|Trustee vacancies are advertised to the
British Council’s current global workforce
via appropriate internal communication
channels. Applicants are requested to
submit an expression of interest. A panel of
trustees review the expressions of interest
and interview candidates to determine their
suitability to perform the role based on the
relevance of their skills and experience.
The committee approves the appointment
of the preferred candidate by a majority
vote and the approval to appoint is sought
from the British Council’s authorised
representative, the Chief People Officer.
More generally, our governing document
the Trust deed states:
•
There shall be at least three and not
more than eight Trustees.
•
The Trustees may appoint new and
additional Trustees with the prior
written consent of the British
Council.
•
The British Council may appoint new
and additional Trustees by serving
written notice on the Fund.
•
No person may be appointed a
Trustee:
`o`unless he or she has
attained 18 years; or
`o`in circumstances such that,
had he or she already been
a Trustee, he or she would
have been disqualified from
acting under the provisions
of this deed; or
`o`if his or her appointment
would mean that a majority
of Trustees are not resident
in England and Wales.
•
A technical defect in the
appointment of a Trustee of which
the Trustees are unaware at the
time does not invalidate decisions
taken by the Trustees.
So long as there are fewer than three
Trustees none of the powers or discretions|
conferred on the Trustees by this deed or by law shall be exercisable except for the power to appoint new Trustees
**Additional information (optional)** You may choose to include further statements where relevant about: Policies and procedures Para 1.51 adopted for the induction and training of trustees The charity’s organisational Para 1.51 structure and any wider network with which the charity works Relationship with any related Para 1.51 parties Other
## **Reference and Administrative details**
|Charity name|British Council Benevolent Fund|
|---|---|
|Other name the charity uses|The Ben Fund|
|Registered charity number|1161805|
|Charity’s principal address|1 Redman Place, Stratford, London E20 1JQ|
|||
## **Names of the charity trustees who manage the charity**
|1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20|**Trustee name**|**Office (if any)**|**Dates acted if not for whole**
**year **|**Name of person (or body) entitled**
**to appoint trustee (ifany)**|
|---|---|---|---|---|
||Firzana Perveen|Manchester, UK||Chief People Officer, British
Council|
||Stephanie Ashcroft|Manchester, UK||Chief People Officer, British
Council|
||Ellie Buchdahl|Bucharest, Romania||Chief People Officer, British
Council|
||Jenny Simms|London, UK||Chief People Officer, British
Council|
||Karen Jack|London, UK||Chief People Officer, British
Council|
||Paul Smith|Sarajevo, Bosnia||Chief People Officer, British
Council|
||Tanzeela Hussain|Karachi, Pakistan|From October 2023|Chief People Officer, British
Council|
||Oliver Sweeting|London, UK|From October 2023 to
February 2024|Chief People Officer, British
Council|
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
## – Corporate trustees names of the directors at the date the report was approved
**Director name**
Name of trustees holding title to property belonging to the charity
**Trustee name Dates acted if not for whole year**
## **Funds held as custodian trustees on behalf of others**
Description of the assets held in this capacity
Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets
## **Additional information (optional)**
## **Names and addresses of advisers (Optional information)**
|**Type of**|**Name**|**Address**|
|---|---|---|
|**adviser**|||
**Name of chief executive or names of senior staff members (Optional information)**
## **Exemptions from disclosure**
Reason for non-disclosure of key personnel details
## **Other optional information**
## **Declarations**
**The trustees declare that they have approved the trustees’ report above.**
**Signed on behalf of the charity’s trustees**
**Signatures** Doria Arditti Cherid **Full** Paul Smith **name(s) Position (eg** Chair Secretary **Secretary, Chair, etc) Date** 23/01/2025 23/01/2025
**----- Start of picture text -----**
The Benevolent Fund Charity No
(if any) 161805
Annual accounts for the period
Period end
Period start date 01/04/2023 To date 31/03/2024
**----- End of picture text -----**
## **Section A Statement of financial activities**
|**Recommended categories by**
**activity**
Guidance Notes
**Incoming resources (Note 3)**
**Income and endowments from:**
Donations and legacies
S01
Charitable activities
S02
Other trading activities
S03
Investments
S04
Separate material item of income
S05
Other
S06
S07
**Resources expended (Note 4)**
**Expenditure on:**
Raising funds
S08
Charitable activities
S09
Separate material item of expense
S10
Others
S11
S12
S13
Net gains/(losses) on investments
S14
S15
**Extraordinary items**
S16
S17
S18
Other gains/(losses)
S19
S20
**_Reconciliation of funds:_**
S21
S22
**_Total_**
**_Net movement in funds_**
Total funds brought forward
**_Total funds carried forward_**
**_Total_**
**Net expenditure before investment gains/(losses)**
**Net income/(expenditure)**
**Transfers between funds**
**Other recognised** **gains/(losses):**
Gains and losses on revaluation of fixed assets for the charity’s own use|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**funds**
**£**
**£**
**£**
**£**
**£**
F01
F02
F03
F04
F05
9,995
-
-
9,995
4,717
17,107
-
-
17,107
10,007
-
-
-
-
-
15,375
-
-
15,375
10,870
-
-
-
-
-
-
-
-
-
-|
|---|---|
||**42,476**
**-**
**-**
**42,476**
**25,595**|
||-
-
-
40,090
-
-
40,090
59,759
-
-
-
-
-
1,251
-
-
1,251
1,329|
||**41,342**
**-**
**-**
**41,342**
**61,088**|
|||
||1,135
-
-
1,135
(35,493)|
||29,533
-
-
29,533
(14,022)|
||**30,667**
**-**
**-**
**30,667**
**(49,515)**|
||-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|
||30,667
-
-
30,667
(49,515)|
||811,954
-
-
811,954
861,469|
||**842,622**
**-**
**-**
**842,622**
**811,954**|
CC17a (Excel)
27/01/2025
1
## **Section B Balance sheet**
|**Intangible assets (Note 15)**
**Tangible assets (Note 14)**
**Heritage assets (Note 16)**
**Investments (Note 17)**
**_Total fixed assets_**
**Current assets**
**Unsecured Loans**
**Debtors (Note 6)**
**Investments (Note 5)**
**Cash at bank and in hand (Note 8)**
**_Total current assets_**
**Creditors: amounts falling due within**
**one year (Note 7)**
**_Net current assets_**
**_Total assets less current liabilities_**
**Creditors: amounts falling due after**
**one year (Note 20)**
**Provisions for liabilities**
**_Total net assets_**
**Funds of the Charity**
**Endowment funds (Note 27)**
**Restricted income funds (Note 27)**
**Unrestricted funds**
**Revaluation reserve**
**_Total funds_**
Signed by one or two trustees on behalf of all
the trustees|Guidance Notes
B01
B02
B03
B04
B05
|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total this**
**year**
**Total last year**
**£**
**£**
**£**
**£**
**£**
F01
F02
F03
F04
F05
- -
-
-
-
- -
-
-
-
- -
-
-
-
- - -
-
-|
|---|---|---|
|||- -
-
-
-|
|||534 -
-
534
-
7,767 - -
7,767
11,103
818,890 -
-
818,890
789,358
105,595 -
-
105,595
202,918|
|||**932,787 -**
**-**
**932,787 1,003,379**|
|||90,165 - -
90,165
191,425|
|||**842,622 -**
**-**
**842,622 811,954**|
||||
|||**842,622 -**
**-**
**842,622 811,954**|
|||- - -
-
-
- -
-
-
-|
|||**842,622 - -**
**842,622**
**811,954**|
|||-
-
-
-
-
-
842,622
-
842,622
811,954
-
-|
|||**842,622 -**
**-**
**842,622 811,954**|
|||Date of approval
dd/mm/yyyy
23/01/2025
Paul Smith
Print Name
Signature|
CC17a (Excel)
27/01/2025
2
## **Section C Notes to the accounts**
## Note 1 **Basis of preparation**
_**This section should be completed by all charities** ._
## **1.1 Basis of accounting**
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with:
|• and with*
• and with*
The charity cons
FRS 102.*
• and with the C
* -Tick as appropr|
titutes a public benefit entity as defined by
harities Act 2011.
iate
the Statement of Recommended
preparing their accounts in accor
in the UK and Republic of Ireland
the Financial Reporting Standard
Ireland (FRS 102)|n/a
Practice: Accounting and Reporting by Charities
dance with the Financial Reporting Standard applicable
(FRS 102) issued on 16 July 2014
applicable in the United Kingdom and Republic of|
|---|---|---|
## **1.2 Going concern**
_**If there are material uncertainties related to events or conditions that cast significant doubt on the charity's ability to continue as a going concern, please provide the following details or state "Not applicable", if appropriate:**_
**----- Start of picture text -----**
An explanation as to those factors that support n/a
the conclusion that the charity is a going
concern;
Disclosure of any uncertainties that make the n/a
going concern assumption doubtful;
Where accounts are not prepared on a going n/a
concern basis, please disclose this fact
together with the basis on which the trustees
prepared the accounts and the reason why the
charity is not regarded as a going concern.
1.3 Change of accounting policy
The accounts present a true and fair view and the accounting policies adopted are those outlined in note { }.
Yes*
* -Tick as appropriate
No*
Please disclose:
n/a
(i) the nature of the change in accounting policy;
n/a
(ii) the reasons why applying the new accounting policy
provides more reliable and more relevant information;
and
(iii) the amount of the adjustment for each line affected n/a
in the current period, each prior period presented and
the aggregate amount of the adjustment relating to
periods before those presented, 3.44 FRS 102 SORP.
**----- End of picture text -----**
**----- Start of picture text -----**
1.4 Changes to accounting estimates
No changes to accounting estimates have occurred in the reporting period (3.46 FRS 102 SORP).
Yes*
No* * -Tick as appropriate
**----- End of picture text -----**
## _**Please disclose:**_
_**(i) the nature of any changes;**_
_**(ii) the effect of the change on income and expense or assets and liabilities for the current period; and (iii) where practicable, the effect of the change in one or more future periods.**_
## **1.5 Material prior year errors**
|Yes*
No*
No material prior
**_Please disclose_**
**_(i) the nature of_**
**_(ii) for each pri_**
**_amount of the c_**
**_affected; and_**
**_(iii) the amount_**
**_earliest prior pe_**|year erro|r have been identified in the reporting period (3.47 FRS 102 SORP).|
|---|---|---|
||
|* -Tick as appropriate|
||**_:_**
**_the prior_**
**_or period_**
**_orrection_**
**_of the co_**
**_riod pres_**|**_period error;_**
**_presented in the accounts, the_**
**_for each account line item_**
**_rrection at the beginning of the_**
**_ented in the accounts._**|
CC17a (Excel)
27/01/2025
3
## **Section C Notes to the accounts**
## **Note 2 Accounting policies**
_Please complete this note when first reporting under FRS2102. Section 35 of FRS102, requires 3 reconciliations to be presented, if all are applicable._
## **2.1 RECONCILIATION WITH PREVIOUS GENERALLY ACCEPTED ACCOUNTING PRACTICE**
**Please provide a description of the nature of each change n/a in accounting policy**
## _**Reconcilation of funds per previous GAAP to funds determined under FRS 102**_
**Start of End of period period £ £ Fund balances as previously stated** _**Adjustments: - -**_ **Fund balance as restated** _**-**_
_**Reconcilation of net income/(net expenditure) per previous GAAP to net income/(net expenditure) under FRS 102**_
**End of £**
**Net expenditure as previously stated** _**Adjustments:**_ **Previous period net expenditure as restated** _**-**_
CC17a (Excel)
27/01/2025
4
## **Section C Notes to the accounts (cont)**
## **Note 2 Accounting policies 2.2 INCOME**
_This standard list of accounting policies has been applied by the charity except for those ticked "No" or "N/a". Where a different or additional policy has been adopted then this is detailed in the box below._
|**Recognition of income**
**Offsetting**
**Grants and donations**
**Donated goods**
**Volunteer help**
In the case of performance related grants, income must only be recognised to the extent
that the charity has provided the specified goods or services as entitlement to the grant
**Government grants**
The charity has received government grants in the reporting period
**Legacies**
Grants and donations are only included in the SoFA when the general income recognition
criteria are met (5.10 to 5.12 FRS 102 SORP).
Legacies are included in the SOFA when receipt is probable, that is, when there has
been grant of probate, the executors have established that there are sufficient assets in
the estate and any conditions attached to the legacy are either within the control of the
charity or have been met.
Gift Aid receivable is included in income when there is a valid declaration from the donor.
Any Gift Aid amount recovered on a donation is considered to be part of that gift and is
treated as an addition to the same fund as the initial donation unless the donor or the
terms of the appeal have specified otherwise.
These are included in the Statement of Financial Activities (SoFA) when:
the charity becomes entitled to the resources;
· it is more likely than not that the trustees will receive the resources; and
the monetary value can be measured with sufficient reliability.
There has been no offsetting of assets and liabilities, or income and expenses, unless required or
permitted by the FRS 102 SORP or FRS 102.
**Contractual income and**
**performance related**
**grants**
This is only included in the SoFA once the charity has provided the related goods or
services or met the performance related conditions.
The cost of any stock of goods donated for distribution to beneficiaries is deemed to be
the fair value of those gifts at the time of their receipt and they are recognised on receipt.
In the reporting period in which the stocks are distributed, they are recognised as an
expense at the carrying amount of the stocks at distribution.
Donated goods for resale are measured at fair value on initial recognition, which is the
expected proceeds from sale less the expected costs of sale, and recognised in 'Income
from other trading activities' with the corresponding stock recognised in the balance
sheet. On its sale the value of stock is charged against 'Income from other trading
activities' and the proceeds from sale are also recognised as 'Income from other trading
activities'.
Goods donated for on-going use by the charity are recognised as tangible fixed assets
and included in the SoFA as incoming resources when receivable.
**Donated services and**
**facilities**
Donated goods are measured at fair value (the amount for which the asset could be
exchanged) unless impractical to do so.
Gifts in kind for use by the charity are included in the SoFA as income from donations
when receivable.
Donated services and facilities are included in the SOFA when received at the value of
the gift to the charity provided the value of the gift can be measured reliably.
Membership subscriptions which gives a member the right to buy services or other
benefits are recognised as income earned from the provision of goods and services as
income from charitable activities.
Membership subscriptions received in the nature of a gift are recognised in Donations
and Legacies.
The value of any voluntary help received is not included in the accounts but is described
in the trustees’ annual report.
**Support costs**
The charity has incurred expenditure on support costs.
**Income from membership**
**subscriptions**
**Income from interest,**
**royalties and dividends**
This is included in the accounts when receipt is probable and the amount receivable can
be measured reliably.
Donated services and facilities that are consumed immediately are recognised as income
with an equivalent amount recognised as an expense under the appropriate heading in
the SOFA.
**Tax reclaims on**
**donations and gifts**|Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
|
|---|---|
|**Grants with performance**
**conditions**
**2.4 ASSETS**
**Heritage assets**
Work in progress is valued at cost less any foreseeable loss that is likely to occur on the contract.
**Settlement of insurance**
**claims**
**Investment gains and**
**losses**
This includes any realised or unrealised gains or losses on the sale of investments and
any gain or loss resulting from revaluing investments to market value at the end of the
year.
Support costs have been allocated between governance costs and other support.
Governance costs comprise all costs involving public accountability of the charity and its
compliance with regulation and good practice.
Support costs include central functions and have been allocated to activity cost
categories on a basis consistent with the use of resources, eg allocating property costs
by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Where there are no conditions attaching to the grant that enables the donor charity to
realistically avoid the commitment, a liability for the full funding obligation must be
recognised.
They are valued at cost.
These are capitalised if they can be used for more than one year, and cost at least
They are valued at cost.
Investments held for resale or pending their sale and cash and cash equivalents with a
maturity date of less than 1 year are treated as current asset investments
Fixed asset investments in quoted shares, traded bonds and similar investments are
valued at initially at cost and subsequently at fair value (their market value) at the year
end. The same treatment is applied to unlisted investments unless fair value cannot be
measured reliably in which case it is measured at cost less impairment.
**Investments**
**2.3 EXPENDITURE AND LIABILITIES**
Where the charity gives a grant with conditions for its payment being a specific level of
service or output to be provided, such grants are only recognised in the SoFA once the
recipient of the grant has provided the specified service or output.
**Grants payable without**
**performance conditions**
The charity has creditors which are measured at settlement amounts less any trade
discounts
**Redundancy cost**
The charity made no redundancy payments during the reporting period.
**Creditors**
**Governance and support**
**costs**
**Liability recognition**
Liabilities are recognised where it is more likely than not that there is a legal or
constructive obligation committing the charity to pay out resources and the amount of the
obligation can be measured with reasonable certainty.
The charity has heritage assets, that is, non-monetary assets with historic, artistic,
scientific, technological, geophysical or environmental qualities that are held and
maintained principally for their contribution to knowledge and culture. The depreciation
rates and methods used as disclosed in note 16.
They are valued at cost.
The charity has intangible fixed assets, that is, non-monetary assets that do not have
physical substance but are identifiable and are controlled by the charity through custody
or legal rights. The amortisation rates and methods used are disclosed in note 15
Insurance claims are only included in the SoFA when the general income recognition
criteria are met (5.10 to 5.12 FRS 102 SORP) and are included as an item of other
income in the SoFA.
**Deferred income**
No material item of deferred income has been included in the accounts.
**Provisions for liabilities**
A liability is measured on recognition at its historical cost and then subsequently
measured at the best estimate of the amount required to settle the obligation at the
reporting date
**Basic financial**
**instruments**
The charity accounts for basic financial instruments on initial recognition as per
paragraph 10.7 FRS 102 SORP. Subsequent measurement is as per paragraphs 11.17
to 11.19, FRS 102 SORP.
**Stocks and work in**
**progress**
Stocks held for sale as part of non-charitable trade are measured at the lower or cost or net
realisable value.
Goods or services provided as part of a charitable activity are measured at net realisable value
based on the service potential provided by items of stock.
**Tangible fixed assets for**
**use by charity**
The depreciation rates and methods used are disclosed in note 14.
**Intangible fixed assets**|Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
N/a
Yes
No
N/a
|
|---|---|
**----- Start of picture text -----**
Debtors Debtors (including trade debtors and loans receivable) are measured on initial recognition at
Yes No N/a
settlement amount after any trade discounts or amount advanced by the charity. Subsequently,
they are measured at the cash or other consideration expected to be received.
Current asset investments The charity has has investments which it holds for resale or pending their sale and cash and cash
equivalents with a maturity date less than one year. These include cash on deposit and cash Yes No N/a
equivalents with a maturity date of less than one year held for investment purposes rather than to
meet short term cash commitments as they fall due.
Yes No N/a
They are valued at fair value except where they qualify as basic financial instruments.
POLICIES ADOPTED
ADDITIONAL TO OR
DIFFERENT FROM
THOSE ABOVE
**----- End of picture text -----**
## **Section C Notes to the accounts (cont)**
**Note 3 Analysis of income**
**----- Start of picture text -----**
Restricted
Unrestricted income Endowment
funds funds funds Total funds Prior year
Analysis £ £
Donations Donations and gifts 9,041 - - 9,041 3,461
and legacies: Gift Aid - - - -
Legacies - - - -
General grants provided by
government/other charities - - - -
Membership subscriptions and sponsorships
which are in substance donations
954 - - 954 1,256
Other - - -
Total 9,995 - - 9,995 4,717
Charitable Christmas Appeal
activities: - - - -
Other Fundraising 17,107 - - 17,107 10,007
- - -
Other - - -
Total 17,107 - - 17,107 10,007
Other trading
activities: - - - - -
- - - - -
- - - - -
Other - - - - -
Total - - - - -
Income from Interest income 4,040 - - 4,040 864
investments: Dividend income 11,335 - 11,335 10,006
Rental and leasing income - - - - -
Other - - - -
Total 15,375 - - 15,375 10,870
Separate - - - - -
material item - - - - -
of income: - - - - -
- - - - -
Total - - - - -
Other: Conversion of endowment funds into income
- -
Gain on disposal of a tangible fixed asset
held for charity's own use - -
Gain on disposal of a programme related
investment - -
Royalties from the exploitation of intellectual
property rights - -
Other -
Total - - - - -
TOTAL INCOME 42,476 - - 42,476 25,595
Other information:
All income in the prior year was unrestricted except for:
(please provide description and amounts) n/a
Where any endowment fund is converted into income in the
reporting period, please give the reason for the conversion.
n/a
Within the income items above the following items are
material: (please disclose the nature, amount and any prior
year amounts) n/a
**----- End of picture text -----**
CC17a (Excel)
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## **Section C Notes to the accounts (cont)**
## **Note 5 Investment assets**
_**Please complete this note if the charity has any investment assets.**_
## **5.1 Fixed assets investments (please provide for each class of investment)**
|**Cash & cash**
**equivalents**
Carrying value at beginning of period
-
**Add/(deduct):**transfer in/(out) in the
period
-
**Add:**net gain on revaluation
-
Carrying (fair) value at end of year
-
***Please specify additions resulting from**
**acquisitions through business combinations, if**
**any.**|**Cash & cash**
**equivalents**
-
-
-|
**Listed**
**investments**
**Investment**
**properties**
**Social**
**investments**
**Other**
**Total**
-
- - -
-
-
- - -
-
-
- - -
-|
|---|---|---|
||-|-
- - -
-|
|||n/a|
_**Please note that Fair Value in this context is the amount for which an asset could be exchanged between knowlegable and willing parties in an arm's length transaction. For traded securities, the fair value is the value of the security quoted on the London Stock Exchange Daily Official List or equivalent. For other assets where there is no market price on a traded market, it is the trustees' or valuers' best estimate of fair value.**_
## **5.2 Please provide a breakdown of investments shown above agreeing with the balance sheet row B04 differentiating between those held at fair value and those held at cost less impairment.**
|**Analysis of investments**
**Cash or cash equivalents**
**Listed investments**
**Grand total (Fair value at year end+Cost less impairment)**
**Total**|**Cost less impairment**
- -
**Fair value at year end**
**£**
-
**£**
-|
|---|---|
||-
-|
**5.3 Please provide a breakdown of current asset investments, if applicable, agreeing with the balance sheet.**
|**Analysis of current asset**
**investments**
**Cash or cash equivalents**
**Listed investments**
**Total**|818,890 789,358
**£**
-
**This year**
-
**Last year**
**£**|
|---|---|
||818,890
789,358|
## **5.4 Concessionary loans**
|
**Amount of concessionary loans made (****_Multiple_**
**_loans made may be disclosed in aggregate provided_**
**_that such aggregation does not obsure significant_**
**_information_).**
**Terms and conditions eg interest rate, security**
**provided**
**Amounts payable within 1 year**
**5.5 Additional information**
**Please provide information about the**
**significance of investments to the charity's**
**financial position or performance eg. terms and**
**conditions of loans or the use of hedging to**
**manage financial risk.**
**Amounts payable after more than 1 year**
**Where a charity has provided financial assets as**
**a form of security, the carrying amount of the**
**financial asset pledged as security and the terms**
**and conditions relating to its pledge.**
**For all investments measured at fair value, the**
**basis for determining the value, including any**
**assumptions applied when using a valuation**
**technique.**|**This year £**
**Last year £**
534 -
534 -
**_Total_**
534
**_Description_**
n/a
Zero interest rate
The fair value of all investment is taken out of the quarterly/ twice annual
valuation statetements that we receive from M&G and Schroeders
No hedging is being made to manage the financial risk on those loans.|
|---|---|
CC17a (Excel)
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9
## **Section C Notes to the accounts (cont)**
## **Note 4 Analysis of expenditure**
**----- Start of picture text -----**
Restricted
Unrestricted income Endowment
funds funds funds Total funds Prior year
Analysis £ £
Expenditure on One Off Grants 36,442 - - 36,442 55,859
charitable Quarterly Grants
798 - - 798 800
activities
Xmas Grants
2,850 - - 2,850 3,100
Legacy Grant - - -
Total expenditure on charitable
activities 40,090 - - 40,090 59,759
Separate material Forex - - - - -
item of expense Bank charges - - - - -
Provisions for Uncollected Gift Aid
- - - - -
Corrections
- - - - -
Total - - - - -
Other
Other Small Value Expenditure 1,251 - - 1,251 1,329
- - - - -
- - - - -
- - - - -
- - - - -
Total other expenditure 1,251 - - 1,251 1,329
TOTAL EXPENDITURE 41,342 - - 41,342 61,088
**----- End of picture text -----**
## **Other information:**
CC17a (Excel)
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10
**Section C Notes to the accounts (cont)**
## **Note 6 Debtors and prepayments**
_**Please complete this note if the charity has any debtors or prepayments.**_
**6.1 Analysis of debtors Other debtors Total**
**----- Start of picture text -----**
This year Last year
£ £
7,767 11,103
7,767 11,103
**----- End of picture text -----**
CC17a (Excel)
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## **Section C Notes to the accounts (cont)**
**Note 7 Creditors and accruals** _**Please complete this note if the charity has any creditors or accruals.**_
## **7.1 Analysis of creditors**
|**7.1 Analysis of creditors**||
|---|---|
|**Other creditors**
**Total**
Total Creditor
22/23
23/24|**This year**
**Last year**
**This year**
**Last year**
**£**
**£**
**£**
**£**
90,165 191,425
-
-
**Amounts falling due**
**within one year**
**Amounts falling due after**
**more than one year**|
||90,165 191,425
-
-|
||48,649
Less than 1 year
41,515
Less than 1 year
90,165|
CC17a (Excel)
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## **Section C Notes to the accounts (cont)**
**Note 8 Cash at bank and in hand**
**Cash at bank and on hand Total**
**----- Start of picture text -----**
This year Last year
£ £
105,595 202,918
105,595 202,918
**----- End of picture text -----**
CC17a (Excel)
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29,533
## **Section C Notes to the accounts (cont)**
## **Note 9 Fair value of assets and liabilities**
**9.1 Please provide details of the charity's exposure to credit risk (the risk of incurring a loss due to a debtor not paying what is owed) , liquidity risk (the risk of not being able to meet short term financial demands) and market** n/a **risk (the risk that the value of an investment will fall due to changes in the market) arising from financial instruments to which the charity is exposed at the end of the reporting period and explain how the charity manages those risks. 9.2 Please give details of the amount of change in the fair value of basic financial instruments (debtors, creditors, £ 29,533 i** s the total nett unrealised gain from investment **investments (see section 11, FRS 102 SORP)) measured at** in 2023/24 financial year **fair value through the SoFA that is attributable to changes in credit risk.**
CC17a (Excel)
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14
**Section C Notes to the accounts (cont)**
## **Note 10 Transactions with trustees and related parties**
_**If the charity has any transactions with related parties (other than the trustee expenses explained in guidance notes) details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box or "False" if there are transactions to report.**_
## **10.1 Trustee remuneration and benefits**
**----- Start of picture text -----**
None of the trustees have been paid any remuneration or received any other benefits from an employment with their
TRUE
charity or a related entity (True or False)
Please give details of why remuneration or other employment n/a
benefits were paid.
Where an ex gratia payment has been made to a trustee, n/a
provide an explanation of the nature of the payment.
If a third party has been reimbursed for providing one or more n/a
trustees, state the nature of the payment and amount of the
reimbursement.
State the number of trustees to whom retirement benefits are
accruing under a defined contribution pension scheme.
**----- End of picture text -----**
## **10.2 Trustees' expenses**
_**If the charity has paid trustees expenses for fulfilling their duties, details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box below. If there are transactions to report, please enter "False".**_
**No trustee expenses have been incurred (True or False)** _**TRUE**_ **Please provide the number of trustees reimbursed for expenses None or who had expenses paid by the charity**
## **10.3 Transaction(s) with related parties**
_**Please give details of any transaction undertaken by (or on behalf of) the charity in which a related party has a material interest, including where funds have been held as agent for related parties. If there are no such transactions, please enter 'true' in the box provided.**_
**----- Start of picture text -----**
There have been no related party transactions in the reporting period (True or False) FALSE
Amounts
written off
Name of the trustee Relationship Description of the Balance at Provision for bad
Amount during
or related party to charity transaction(s) period end debts at period end
reporting
period
£ £ £ £
British Council Trustees are Payments are made by
appointed by British Council on behalf of
Britsh Council the Trusts- The amounts are 138,485 90,165 - - -
included within Creditors
British Council Trustees are Monies (repayment of loans)
appointed by are received by British
Britsh Council Council on behalf of the
452 954 - - -
Trusts- The amounts are
included within Debtors
In relation to the transactions above, please provide the terms
and conditions, including any security and the nature of any
payment (consideration) to be provided in settlement.
n/a
For any related party, please provide details of any guarantees
given or received. n/a
**----- End of picture text -----**
CC17a (Excel)
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15
**Independent examiner's report on the accounts**
## **Section A Independent Examiner’s Report**
|**Report to the trustees/**
**members of**
**On accounts for the year**
**ended**
**Set out on pages**|Charity Name
The ‘Ben Fund’|Charity Name
The ‘Ben Fund’|Charity Name
The ‘Ben Fund’|
|---|---|---|---|
|||||
||31/03/2024|**Charity no**
**(if any)**|161805|
|||||
|||||
I report to the trustees on my examination of the account of the above charity (“the Trust”) for the year ended 31/03/2024.
**Responsibilities and** As the charity's trustees, you are responsible for the preparation of the **basis of report** accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
**Independent** I have completed my examination. I confirm that no material matters have **examiner's statement** come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give 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 accounts to be reached.
**Signed: Date:** 23.01.25 **Name:** Nancy Wangeci **Relevant professional** CPA **qualification(s) or body (if any): Address:** The British Council, 1 Redman Place Stratford, London E20 1JQ United Kingdom
1
## **Section B Disclosure**
Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).
**Give here brief details of** NOT APPLICABLE. **any items that the examiner wishes to disclose** .
2