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2021-12-31-accounts

Charity registration number: 1171272

The Salespeople's Charity

Annual Report and Financial Statements for the Year Ended 31 December 2021

Stewart & Co Accountants LLP Chartered Accountants & Statutory Auditors Knoll House Knoll Road Camberley Surrey GU15 3SY

The Salespeople's Charity

Contents

Trustees' Report 1 to 15
Statement of Trustees' Responsibilities 16
Independent Auditors' Report 17 to 19
Statement of Financial Activities 20
Balance Sheet 21
Cash Flow Statement 22
Notes to the Financial Statements 23 to 35

The Salespeople's Charity

Trustees' Report

The trustees present the annual report together with the financial statements and auditors' report of the charity for the year ended 31 December 2021.

Reference and Administrative Details

Registered Charity Name The Salespeople's Charity
Charity Registration Number 1171272
Trustees Mr Mark Sheridan, Chairman
Mr David Lundy, Deputy Chairman
Mr Trevor Grant, Treasurer
Ms Gill Tate
Mr Matthew Tickle
Mr Barry Quinn
Mr Keith Payne
Mr Phil Monk
Mr Rob Day
Mr Graham Goulding
Ms Lesley Rennick
Charity Manager Mr Brian Riddell
Administrative Assistant Mrs Kim Riddell
Principal Office PO Box 366
Saltash
Cornwall
PL12 6HL
Solicitors John Healy & Co.
8 Old Steine
Brighton
East Sussex
BN1 1EJ
Russell-Cooke
2 Putney Hill
London
SW15 6AB

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The Salespeople's Charity

Trustees' Report

Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ National Westminster Bank Plc PO Box 12263 1 Princes Street London EC2R 8PH Auditor Stewart & Co Accountants LLP Chartered Accountants & Statutory Auditors Knoll House Knoll Road Camberley Surrey GU15 3SY Investment Managers Investec Wealth & Management Ltd 2 Gresham Street London EC2V 7QN Structure, governance and management President The Lord Norrie Vice Presidents Sir David Knox Mr Eric McConomy Chair Mr M Sheridan Deputy Chair Mr David Lundy Treasurer Mr Trevor Grant Charity Manager Mr Brian Riddell Administrative Assistant Mrs Kim Riddell

Nature of governing document

The Salespeople’s Charity is a Charitable Incorporated Organisation, governed by a Constitution dated 1st April 2017, with charity number 1171272. It is registered as a charity with the Charity Commission of England and Wales.

The Charity currently has a Board of 11 Trustees, with the maximum permissible within the Governing Document set at 14. They met 4 times in 2020, 3 of which were virtual.

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The Salespeople's Charity

Trustees' Report

History

The Salespeople’s Charity is a registered charity, number 1171272 and was constituted as a Charitable Incorporated Organisation on 1st April 2017, upon the transfer of assets and liabilities from the old unincorporated charity, The Commercial Travellers Benevolent Institution (charity number 216538) which remains active purely for the receipt of legacies.

It was established by five commercial travellers who met in the Union Hotel, Penzance, to discuss ways in which they might help one of their colleagues who was unable to continue to work.

From this initial meeting, they recognised a wider need and were determined to form a body that would provide support to commercial travellers and their dependents in times of financial hardship. The Charity was founded on the 27th December 1849 at the London Tavern, Bishopsgate, London.

Originally launched as the Commercial Travellers Benevolent Institution, the Charity is today known as The Salespeople’s Charity. Whilst the name has changed to reflect the fact that the Charity is a vibrant, contemporary and relevant organisation, its aims and objectives remain largely unaltered.

The Charity has benefitted for many years receiving an annual grant from the Leverhulme Trade Charities Trust, for which the Charity is forever grateful. This along with sound investment of donations and subscriptions allows the Charity to continue to support commercial travellers and their dependents, maintaining the benevolent intentions identified by its founders back in 1849.

Purpose

The purpose of the charity, as defined by its governing document, is the relief of necessitous salespeople who are prevented by age or other reason from earning an adequate subsistence and the relief of their spouses, partners and/or dependents.

Management Processes

The Charity Manager facilitates the day-to-day operational management and longer-term strategic planning requirements of the Charity supported by an Administration Assistant, ensuring that key information from the Charities Commission is communicated in an appropriate way and that the Charity Governance Code is followed. A thorough due diligence process is undertaken by the Charity Manager and his assistant for all applications for support to ensure applicants meet the key criteria for consideration and have provided full and frank disclosure of their financial situation, before briefing individual Trustees, who then contact applicants to identify the most appropriate support to be considered. The Charity Manager provides Trustees with a monthly Key Performance Indicator Report (KPI) which includes key information regarding application status, grants awarded, budgetary variance, financial accounts, and cash flow projections.

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The Salespeople's Charity

Trustees' Report

Pay policy for key management personnel

No Trustee receives remuneration or other benefit from their work with the Charity. They agree that any connection or relationship between Trustees or management personnel of the Charity with any other charitable organisation will be disclosed to the Board. A ‘Conflict of Interest’ Policy is in place and included on every meeting agenda so that any such conflict may be identified and if necessary, the Trustee involved precluded from relevant discussions.

The Charity is a member of the Association of Charitable Organisations (ACO) an incorporated charity (Registered Charity Number 1118605 and Company Number 6113479).

The Charity Manager attends quarterly meetings of their ‘Under 5’s’ group meetings (charities with under five employees) for the purpose of understanding and benchmarking other charities activities and to identify best practise in operational management. Other appropriate ACO meetings are attended, all of which during the current year were conducted via Zoom platform.

When an applicant does not meet the criteria for support attempts are made to signpost them to more suitable charities who may be able to do so, an example being the Royal Pinner Foundation who are able to consider support to the children of B2B salespeople for their educational needs.

Covid 19

During 2021 the Charity continued to follow Government guidelines to protect applicants, beneficiaries, Trustees, and staff.

Face to face meetings were halted and replaced where possible with Zoom conducted virtual meetings and telephone calls, which necessitated greater due diligence of initial applications.

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The Salespeople's Charity

Trustees' Report

Related Parties and Co-operation with other charities

No Trustee receives remuneration or other benefit from their work with the Charity. They agree that any connection or relationship between Trustees or management personnel of the Charity with any other charitable organisation will be disclosed to the Board. A ‘Conflict of Interest’ Policy is in place and included on every meeting agenda so that any such conflict may be identified and if necessary, the Trustee involved precluded from relevant discussions.

The Charity Manager, Chairman and Treasurer have communicated with the management of The Royal Pinner Foundation to identify opportunities for working closer together in their work to support Business-to-Business (B2B) Salespeople and their families.

The Salespeople’s Charity are members of The Association of Charitable Organisations (ACO), an incorporated charity (Registered Charity Number 1118605 and Company Number 6113479).

Election of Trustees

We actively encourage those from within the Business-to-Business Sales travelling fraternity to join our Charity through networking, personal contact with colleagues and ex-colleagues as well as through advertising on our website.

Prospective Trustees are invited to attend a virtual Board meeting to learn the way the Charity carries out its business and to meet Board members. An invitation to join is made, proposed, and seconded by existing Board members and once accepted by the prospective Trusteed recorded in the meeting minutes. Appointments are effective for 5 years; at which time he/she is required to stand down but can immediately stand for re-election without nomination.

In selecting individuals for appointment as trustees, the trustees must have regard to the skills, knowledge and experience needed for the effective administration and governance of the charity, for which an induction programme is provided by the Charity Manager.

Trustees receive no remuneration for their services.

The Trustees who served during the period are listed on page 1 of the Trustees’ report.

At the first meeting within a calendar year the Trustees elect a Chair, Deputy Chair, Treasurer and Deputy Treasurer from among their number and current incumbents of these positions are listed on page 1 of the Trustees’ report.

Policy review

Throughout the year and following best practice guidelines from the Charity Commission policy requirements are assessed and where necessary new policies drafted for approval by the Board of Trustees.

Existing policies are regularly reviewed in line with changing legislation and once approved maintained within the Trustee Handbook.

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The Salespeople's Charity

Trustees' Report

Objectives and activities

Objects and aims

The Charity’s objectives are to establish, maintain and administer funds to provide financial help to Business-to-Business (B2B) salespeople, their spouses and dependents who are in need through age, redundancy, ill-health, or other reason from earning an adequate subsistence.

The grant making policy of the Charity is regularly reviewed and revised as necessary to meet the changing needs and financial dilemma of applicants. It provides clear guidance to Trustees on aiding existing beneficiaries and new applicants who must demonstrate they meet precise eligibility criteria and who are in financial need.

All activities of the Charity are clearly defined in the Governing Document and its requirements followed by the Trustees.

The objectives set in 2018 as part of a 3-year strategic business plan have in the main been achieved and will continue to receive focus in future years, mainly:-

  1. Improving the effectiveness of the Board, with emphasis on Trustee recruitment

  2. Increasing awareness of The Salespeople’s Charity

  3. Maximising use of technology and digital platforms

  4. Reviewing grant structure, policy, and application processes

The development of a focussed Marketing plan to increase the awareness of the charity, paused in 2020 whilst the potential impact of the Covid pandemic was assessed, was eventually kick started in late 2021 with the formulation of a Marketing Team ( Mr Barry Quinn, Mrs Gill Tate, and Mr Matthew Tickle). They were tasked with investigating and proposing to the Board of Trustees the most suitable activities to drive awareness – their recommendations being presented at the September Trustee Board Meeting at which a unanimous decision to proceed was made.

The key initiatives agreed upon being:-

  1. Development of an Affiliate Programme, linking with other appropriate organisation

  2. A 3-month trial optimising the Linkedin platform direct to B2B salespeople

  3. A regional initiative with the Omni Market to leverage their network and social media

These initiatives commenced at the end of 2021 and progress will be reported in our 2022 Annual Report.

Public benefit

The charitable activities of The Salespeople’s Charity are available to any person in need who is or has been engaged in promoting and selling goods or services direct to other businesses for a minimum of five years during their working life, and for their widows, widowers, and dependent children.

The Trustees have discussed the issue of public benefit and are confident that the breadth and scope of the work the Charity undertakes, as disclosed in this report, complies with Section 17 of the Charities Act 2011, and has due regard to the Charity Commission’s general guidance on public benefit.

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The Salespeople's Charity

Trustees' Report

Procedures and Policy for Grant making

Applications for support are submitted by individuals, or their care and support workers, who are alerted to the existence of the Charity either through word of mouth, limited advertising, web search or referral by agencies such as Turn2Us, SSAFA and Care and Repair. To be considered all applicants must first demonstrate that they meet the key criteria for consideration of support i.e.: “has been engaged in promoting and selling goods or services direct to other businesses for a minimum of two years during their working life.” Applicants not meeting this criterion are signposted to other occupational benevolent charities more appropriate to their working background.

A detailed application form detailing personal and family status, sales employment background and financial information (income, expenditure, loans & debt) is then completed by them and reviewed by the Charity Manager. Once processed and due diligence checks completed the application is forwarded to a Trustee, who will contact the applicant by telephone or Zoom technology and verify the information provided and discuss their needs in more detail.

Following this contact a meeting report including the Trustees recommendation of any proposed support is communicated to all trustees electronically and voted on by them. Once a majority in favour of any such proposal is reached the applicant is advised and the support implemented.

Proposal of support may be for a one-off grant to meet an immediate need or a longer-term regular grant, used particularly where an applicants’ employment opportunities are low. Or sometimes both one-off & regular grants may be proposed and awarded. Increasingly through 2021 and in line with the 3-year strategic business plan, Trustees focussed on providing more one-off grants, conscious of the fact that some recipients viewed the support as a benefit rather than the emergency financial support intended and in so doing becoming financially dependent on continued provision.

The Trustee making a proposal for support has no vote and a majority decision must be achieved before any support is implemented.

When agreed support is for the provision of goods or services from a third-party provider, payments are wherever possible made direct to the provider via BACs transfers. When ordering items e.g., white goods, furniture, etc payment is often required immediately for which a Charity debit card is used.

The maximum term that a grant can be awarded has been reduced to two years at which point the recipient is entitled to re-apply, providing all the key financial information as when they first applied is forwarded and their financial situation has not significantly improved.

Requests for urgent support under £1,000 may be considered by the appropriate Trustee and Charity Manager, provided full supporting information and documentation is received.

All grants awarded are recorded in the Benevolence analysis report and circulated monthly to the Board of Trustees as part of the KPI report.

To assist Trustees in making fair and consistent support proposals a detailed Grant Making Process Policy is published. This policy considers applicants’ living situations to enable flexible proposals to be made which will meet the most pressing and urgent needs and is reviewed annually.

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The Salespeople's Charity

Trustees' Report

Achievements and performance - Chairman's report

Review 2021

2021 has been a year of consolidation, reviewing how the SPC operates and building and planning how we move forward.

With the easing of lockdown and pandemic restrictions easing, businesses started to re-open, office staff returning to places of work, life began to regain some semblance of normality.

Despite the new working from home practices and various government support packages available many businesses struggled resulting in staff redundancies and a gradual increase in applications for support.

Applicants’ debts have increased significantly, with credit cards maxed out, payday loans, utility bills and Council Tax and rent arrears increasing. Many believed that unemployment/reduced hours would be a short-term situation and normality would return sooner - we now know that it did not and consequently the increasing debts added yet more difficulties through increased anxiety and impact on people’s mental health.

In the past, our benevolence was targeted at providing beneficiaries with a medium to long term solution of financial support by providing a monthly income. We now recognise, due to the notable change in applicants’ debt situation, that a one-off grant can deliver an immediate and impactful benefit, relieving stress and anxiety and enabling recipients to regain control of their lives. Whilst, where necessary, we continue to support beneficiaries with shorter-term income support and ensuring that we are always available to discuss future needs.

The much-anticipated hike in world energy prices will introduce increasing financial pressure on current beneficiaries and future applicants and we will review our response to this as the situation develops and any government intervention becomes clearer.

On a more positive note, in September 2021 we were able to hold our first physical board meeting for almost 2 years. It was great to see the complete team of trustee’s again as well as finally meeting in person our new trustees, Graham Goulding, and Lesley Renick, both of whom had joined us during lockdown and whom we had only met virtually via Zoom meetings.

In 2022 we will schedule physical meetings, using Zoom as required for ad-hoc requirements and varying destinations for ease of travel.

Following the proposals made by our new marketing subcommittee in September, the charity is now actively increasing its profile and building awareness by optimising various social networking platforms together with the development of an Affiliate Support Programme with other organisations closely aligned to those in the sales profession. Progress of these initiatives will be reported in my next report.

Finances

Following the initial and dramatic impact on stock markets following the onset of the pandemic it is comforting to report that the SPC financial portfolio has almost regained its pre-pandemic level (see Treasurer’s report) though clearly there remains a level of uncertainty in future market conditions.

Mindful of long-term financial conditions the board of trustees reviewed its policy on long term grants and recognised that in some cases recipients considered them to be benefits and entitlements, not in keeping with the Objectives of the charity. In effect they had over time become ‘legacy’ grants and further investigation demonstrated that the grant was no longer delivering the benefit for which it was originally intended. Consequently, legacy grants have been phased out and replaced by more impactful One-Off Grants.

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The continued of The Tr awities Trust , ￿ its granl to the ¢l]arity Jnd its encoiiragthnat ID the devel(W of a Ion8rT4eEm strat¢w¢ plaDnin8 ftXKkl. ¢nablo the ¢hanty to continue to 8rnt¢fiJl. Through 2tr21 1464 in¢thv￿ TKr¢ an iwease of 14.6% w the pr¢VIo￿ y￿. In finwtcial t¢nw it •￿tel to Be￿OI¢ll¢e of £731.150. a 4% den￿￿$￿¥11n8 the to ￿￿jre One4)ff Grants. We Dticipats itKre*s¢d a￿l¢all(￿ in the eomiDB ye4r. fir8tly 2 from the pthic and AJ I compleie my 5e¢oThl yw 98 cJ]air. l Hrn ¢ththde4t that the fubre of the ¢lwity is fonvatd io a ac]u'eved Mr Mark Sbernlan

The Salespeople's Charity

Trustees' Report

Financial review - Treasurer's Report

Risk management

The Board of Trustees regularly review and consider potential risks to the Charity and where identified, agree, and implement appropriate strategies, plans and procedures to mitigate them.

The Board of Trustees are acutely aware of the need to remain conversant with all relevant legislation and changing regulations, be it from the Charity Commission or Government and are committed to attending relevant training courses and seminars to ensure on-going compliance and understanding of their responsibilities. The Charity Code of Governance is used as the key point of reference to ensure potential risks are identified and avoided.

To ensure greater observance of best practise and to increase the effectiveness of SPC safeguarding policy all Trustees are now DBS assessed.

As a non-fundraising Charity, we are aware of the risks to our income stream and use the services of professional investment managers to manage our portfolio and to guide us on potential risks within the various investment areas in which our funds are invested.

We also ensure regular contact with The Leverhulme Trade Charities Trust (LTCT) to ensure that the financial support we provide to our beneficiaries meets the LTCT funding criteria and that they are kept appraised of our performance against objectives. As part of our 3-year strategic plan an annual review is presented and reviewed against original plans.

The Trustees, in reviewing the financial risks, consider that maintaining reserves at current levels, combined with stringent cost control management will provide enough resources in the event of adverse conditions to enable them to meet all commitments.

Operational management risks in conducting day-to-day activities as the Covid situation worsened were quickly identified and appropriate new ways of working introduced seamlessly, maintaining excellent communication and involvement between Trustees, Charity staff and beneficiaries.

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The Salespeople's Charity

Trustees' Report

Stock markets though have regained their poise because stock markets are always forward-looking. Investors broadly see a company’s last year’s results as history: it is a company’s future earnings and improving prospects that is the reason share prices move up. So, with interest rates still at all-time lows it is stock markets - where industrial recovery and growth, and the prospect of dividends - that retain appeal for long-term investors.

The Salespeople’s Charity investments recorded a total return of -1.2% for calendar 2020 compared to the benchmark’s return of -2.3%: the small positive difference emanating from the portfolio’s well-focussed investments in Overseas equities with the USA exposure and technology company exposure responsible for the outperformance of the benchmark.

The three-year cumulative performance shows a total return of +11.8% compared to the benchmark’s +6.2%.

The 5-year return showing a return for the portfolio of +34.0% compared to the benchmark’s +31.6%.

At the time of writing the portfolio value is back up to close to £6.5m but has been considerably lower at the worst of the emergency.

In 2020 the Salespeople’s Charity support to B2B salespeople amounted to £605,800 against an original forecast of £681,740. This support was split into two categories: -

  1. Full Beneficiaries - those who through age or ill-health are unable to gain or sustain on-going employment, with support provided via bi-monthly grant payments to assist with budgeting and general cost of living.

  2. One Off Grants - support provided to those who experience an unforeseen financial difficulty, often through illness or loss of employment, and designed to assist them on a short-term basis.

The focus of the SPC is to offer increased support through One Off Grants and decrease the number of Full Beneficiaries, although this in no way disadvantage beneficiaries as they may, if necessary, make further applications if required.

Consequently, the number of Full Beneficiaries at the end of 2020 stood at 205, down from 247 (-17%) and the number of One-Off Grants increased to 110 (+27%) - resulting in a total of 1,278 financial awards made throughout the year. We expect this trend to continue enabling us to provide greater support to those most in need.

To deliver a balanced budget a drawdown from portfolio of £170K was necessary, helpfully offset by the repayment of a ‘Loan on Property’, of which three remain.

The Leverhulme Trade Charities Trust has once again been very supportive not only with their donation but also with on-going support and guidance to the Charity, particularly in relation to developing a three-year strategic business plan.

General operating costs continue in line with forecast, with no significant deviations. Increased digitalisations continue to drive administration costs lower.

If you would like to help us continue our work and feel able to either donate or leave a legacy, please contact our Charity Manager who will be happy to advise.

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The Salespeople's Charity

Trustees' Report

Legacies and capital gifts

During 2021 the Charity received no donations in the form of legacies made to the old unincorporated charity or the new Charitable Incorporated Organisation (CIO).

Leaving a Legacy to The Salespeople's Charity

Leaving a legacy to the Charity is a good way to contribute to our funds and help us to continue helping those within the sales profession who need financial support. If you would like to donate in this way, we strongly recommend you consult a legal adviser when making or changing your Will. If, however you prefer to do your own Will or are using a template from the internet the following wording may be useful:

For a Residual Legacy

(This is what remains after specific bequests to family and friends)

I give to The Salespeople’s Charity of PO Box 366, Saltash, Cornwall, PL12 6HL registered charity number 1171272, all (or … share) of the residue of my estate, free of duty and Capital Transfer tax, for the general purposes of the Trust and I declare that the receipt of the Treasurer or other proper officer of the Trust shall be good discharge for the same.

For a Specific Legacy

(This is a fixed sum of money, a property, or other specific gift)

I give to The Salespeople’s Charity of PO Box 366, Saltash, Cornwall, PL12 6HL, registered charity number 1171272, … * free of duty and Capital Transfer tax, for the general purposes of the Trust and I declare that the receipt of the Treasurer or other proper officer of the Trust shall be good discharge for the same.

Please do not hesitate to contact us if you have any questions or would like to learn more about the Charity.

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The Salespeople's Charity

Trustees' Report

Testimonials

“Several months ago, your charity provided me with a grant. I am just writing to update you on my position as I have woken up this morning feeling grateful for everything I have.

At the time of my grant application, I was not in a good place. I was grieving the death of my daughter; I had recently left a long-term abusive relationship (which also involved me leaving my job) and I was struggling to support myself and my family as a single parent and full-time student. I could not see a way out of my situation, and I felt desperately sad and hopeless.

Your grant enabled me to pay off my overdrafts and use the money I would have previously had to use to pay bank charges to put my car on the road. This then cut my travel expenses considerably and enabled me to find a part-time job. Whilst the practicalities of being awarded this money enabled me to make changes, the biggest change came from knowing that complete strangers understood my situation and wanted to help. It literally changed my mind set and encouraged me to be more positive about the future.

I have since gained a degree in Business Management and have found a full-time position that has enabled me to make many improvements in mine and my children's lives.

I am very grateful that your charity helped me and wanted you to know that I will never forget your kindness and the time you all give to helping people like myself.

With Gratitude,

FM”

“I just wanted to let you know I have finally found stable employment and want to thank you for the support your charity has provided to me & my family.

It seriously helped with our situation; I was so sceptical upon my first application & even more so on the second time I reached out to you.

Thank you for such an easy & prompt response, such an amazing thing you do. it helped relieve so much stress & hardship & enabled us to keep our heads above water as it was looking like we would have had to have an IVA to consolidate the debts which would most likely have meant us losing our family home.

Thank you all so much, please pass our sincere thanks to everyone involved also. AH”

“This has meant so much to me and my family and means we can worry a little less over our financial situation. We are astounded at the generosity and words cannot express our gratitude to you. NJ”

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The Sglespeoplel$ Charlty Dlstlojure of lTrfom4tlon ts auditrtyr E&ch tru8tee has tftken $tep8 that tbey ou8ht w hove tsken #8 a tru8tee in order to make th¢DwlYes aware of any relevant auth't infomi&ts'on and to e8t4blish th4t the ¢hariV8 auditor is &wsre of that information. The tttJ&tee8 onfjmi that there is no r¢lmnt inf0nnfiti￿ thryknow of andof which ibey know the auditor 18 unawa￿. The al￿￿al rel￿rt apwoved by tbe trlls*¢s of the ¢hmty on 28 September 2022 gttd 8i8n¢d on its behalf by. Mr Mark Sheridhn P8g¢ IS

The Salwpk'8 Ck•rAty 8tv¢ a In￿ INI faiT view of the 8tat¢ of affairs of the clwrity and of the iwomiD8 mOUtM and appli¢•tion of tirne the 6n8ticTai pthition of ¢hrity and ¢nobk theth kn aJ8ure th•t the fi￿￿¢1￿ Slathm￿ comply with the Chariti￿ Act 2011. the oppli(¥bl¢ awifiu IActouDts Ind RqYm8) Re8ulatI￿ aTh4 the provisions of the Mr Mark ShttidJD

The Salespeople's Charity

Independent Auditor's Report to the Members of The Salespeople's Charity

Opinion

We have audited the financial statements of The Salespeople's Charity (the 'charity') for the year ended 31 December 2021, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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The Salespeople's Charity

Independent Auditor's Report to the Members of The Salespeople's Charity

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 16), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, we have obtained an understanding of the nature of the industry, the control environment and the legal and regulatory frameworks that the charity operates in.

We determined that the most significant applicable legal and regulatory frameworks are those directly relevant to the reporting framework and preparation of the financial statements (FRS 102, Companies Act 2006 and UK tax legislation). We considered the extent to which non-compliance might have a material effect on the financial statements.

We determined the principal risks which could lead to material misstatement of the financial statements to be related to posting inappropriate journal entries and management bias in accounting estimates. We have not identified any significant risks in respect of accounting estimates.

Audit procedures performed by the engagement team included:

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The Salespeople's Charity

Independent Auditor's Report to the Members of The Salespeople's Charity

The engagement team also remained aware of the need for professional scepticism to identify any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

......................................

Stewart & Co Accountants LLP, Statutory Auditor

Knoll House Knoll Road Camberley Surrey GU15 3SY

28 September 2022

Stewart & Co Accountants LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 19

The Salespeople's Charity

Statement of Financial Activities for the Year Ended 31 December 2021

Note
Income and Endowments from:
Donations and legacies
2
Investment income
3
Total Income
Expenditure on:
Raising funds
5
Charitable activities
6
Other expenditure
7
Total Expenditure
Gains/losses on investment assets
9
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
20
Note
Income and Endowments from:
Donations and legacies
Investment income
3
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Gains/losses on investment assets
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
20		 Unrestricted
£
455,183
209,290
664,473
(31,794)
(731,150)
(1,532)
(764,476)
488,365
388,362
6,427,720
6,816,082
Unrestricted
funds
£
438,965
188,159
70
627,194
(27,966)
(701,337)
(729,303)
(280,935)
(383,044)
(383,044)
6,810,764
6,427,720		 Unrestricted
£
455,183
209,290		 Total
2021
£
455,183
209,290
664,473 664,473
(31,794)
(731,150)
(1,532)		 (31,794)
(731,150)
(1,532)
(764,476) (764,476)
488,365 488,365
388,362
6,427,720		 388,362
6,427,720
6,816,082 6,816,082
Total
2020
£
438,965
188,159
70
627,194
(27,966)
(701,337)
(729,303)
(280,935)
(383,044)
(383,044)
6,810,764
6,427,720

All of the charity's activities derive from continuing operations during the above two periods.

The notes on pages 23 to 35 form an integral part of these financial statements. Page 20

(Regbtratlon number. 1171272) Bthnce Sheet 4 at 31 D¢c¢mber 2021 2020 14 15 1.128 6.614.924 6.317 703 616.052 6J20.426 16 17 1141 1.814 119030 Cash atiw in 215.135 120.844 18 107294 6,427 720 r4¢t •Mts 6816082 6 816,082 6 427 720 Mr Mork ShuithD

The Salespeople's Charity

Cash Flow Statement for the Year Ended 31 December 2021

Note
Cash flows from operating activities
Net cash income/(expenditure)
Adjustments for:
Depreciation
5, 7
Gains/losses on investment assets
Interest receivable and similar income
3
Other income from fixed asset investments
3
Loss on disposal of fixed assets held for the charity's own use
10
Accrued expenses
Changes in:
Trade and other debtors
16
Trade and other creditors
18
Cash generated from operations
Interest received
Net cash flows from operating activities
Cash flows from investing activities
Other income from fixed asset investments
Purchase of tangible fixed assets
14
Purchase of investments
15
Proceeds from sale of investments
Net cash flows from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
17		 2021
£
388,362
283
(488,365)
(1,300)
(207,990)
1,532
570
(306,908)
(327)
985
(306,250)
1,300
(304,950)
207,990
(220)
(1,165,982)
1,357,126
398,914
93,964
119,030
212,994		 2020
£
(383,044)
680
280,935
(4,848)
(183,311)
-
(86)
(289,674)
(767)
(2,806)
(293,247)
1
(293,246)
183,311
-
(817,855)
739,678
105,134
(188,112)
307,142
119,030

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 23 to 35 form an integral part of these financial statements. Page 22

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2021

1 Accounting policies

General information

The charity is registered charity in England and Wales and is a Charitable Incorporated Organisation (CIO), charity number 1171272. The address of the principal office is PO Box 366, Saltash, Cornwall, PL12 6HL.

The Salespeople’s Charity registered as a CIO on 1 April 2017. A transfer agreement was signed by the Board of an unincorporated entity, The Commercial Traveller’s Benevolent Institution (charity number 216538), on 25 March 2017, transferring all the assets and liabilities of that charity to the newly registered CIO on that date.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

The Salespeople's Charity meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are prepared in sterling, which is the functional currency of the entity, and are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. It is the opinion of the trustees that due to the nature of the entity there are no assumptions or judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 23

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2021

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Certain expenditure is directly attributable to specific activities and has been reported in those expenditure categories. Other support costs which are not attributable to any one activity are apportioned across the charitable activities based on the time support staff spent working on each one.

Governance costs

Governance costs include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings. They have been apportioned across the charitable activities based on the time support staff spent working on each one.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 24

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2021

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Equipment 20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Gains and losses on the disposal and revaluation of investments are charged or credited to the statement of financial activities. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities. Interest payable or receivable on the purchase or sale of investments is charged or credited to the statement of financial activities.

Other investments include concessionary loans being loans made against the security of properties, which are held to provide funding to individuals in order to generate a financial return, as well as contributing to the charity's purposes through the activities funded by the investment. Concessionary loans are initially measured at the amount received and paid and then adjusted in subsequent years to reflect repayments, interest and any impairment.

Cash and cash equivalents

Cash at bank and in hand is held to meet short-term cash commitments as they fall due and includes cash held by the Charity’s investment managers on behalf of the Charity.

Page 25

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2021

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 26

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2021

2 Income from donations and legacies

Donations and legacies;
Leverhulme Trade Charities Trust
Donations from individuals
3
Investment income
Interest receivable and similar income;
Bank interest receivable
Loan interest receivable
Other interest receivable
Income from listed investments
4
Other income
Other income		 Unrestricted
General
£
450,000
5,183
455,183
Unrestricted
General
£
-
620
680
207,990
209,290		 Total
2021
£
450,000
5,183
455,183
Total
2021
£
-
620
680
207,990
209,290
Total
2021
£
-		 Total
2020
£
437,750
1,215
438,965
Total
2020
£
1
984
3,863
183,311
188,159
Total
2020
£
70

Page 27

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2021

5 Expenditure on raising funds

a) Investment management costs

Note
Portfolio management		 Unrestricted
General
£
31,794		 Total
2021
£
31,794		 Total
2020
£
27,966

6 Expenditure on charitable activities

Expenditure on charitable activities by fund type

Bi-monthly & quarterly benefit payments
One-off grants
Expenditure on charitable activities by activity type
Activity
undertaken
directly
£
Bi-monthly & quarterly benefit
payments
463,070
One-off grants
164,143
627,213
7
Other expenditure
Loss on disposal of tangible fixed assets held for
charity's own use		 Unrestricted
funds
General
£
486,975
244,175
731,150
Activity
support costs
£
23,905
80,032
103,937
Unrestricted
General
£
1,532
1,532		 Total
2021
£
486,975
244,175
731,150
2021
£
486,975
244,175
731,150
Total
2021
£
1,532
1,532		 Total
2020
£
507,800
193,537
701,337
2020
£
507,800
193,537
701,337
Total
2020
£
-
-

Page 28

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2021

8 Analysis of support costs

Support costs
Wages and salaries
Employer's NIC
Employer's pension contributions
Computer costs
Travelling and meeting expenses
Membership
Bank Charges
Depreciation
Insurance
Printing and stationary
Postage
Office expenses and repairs
Marketing
Governance costs
Audit fees		 Bi-monthly &
quarterly
benefit
payments
£
16,129
745
1,290
1,173
1,442
171
29
65
124
309
12
671
459
22,619
1,286
23,905		 One-off grants
£
53,997
2,496
4,318
3,927
4,828
571
96
218
417
1,036
38
2,246
1,538
75,726
4,306
80,032		 Total
2021
£
70,126
3,241
5,608
5,100
6,270
742
125
283
541
1,345
50
2,917
1,997
98,345
5,592
103,937		 Total
2020
£
66,251
2,729
5,300
3,943
4,164
750
93
680
497
1,824
1,372
2,612
-
90,215
5,322
95,537

Interest payable represents interest paid on the purchase of listed investments.

£103,937 (2020: £95,537) of the above expenditure was attributable to unrestricted funds.

9 Net gains on investments

Gains/(losses) on other investment assets Unrestricted
General
£
488,365		 Total
2021
£
488,365		 Total
2020
£
(280,935)

Page 29

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2021

10 Net incoming/outgoing resources

Net outgoing resources for the year include:

Loss on disposal of fixed assets held for the charity's own use
Depreciation of fixed assets		 2021
£
1,532
283		 2020
£
-
680

11 Trustees remuneration and expenses

During the year the charity made the following transactions with trustees:

During the period the charity reimbursed 11 (2020: 13) trustees £4,752 (2020: £1,917) for travel and subsistence expenses incurred while attending board meetings and appraising benevolence.

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year (2020: Nil).

No trustees have received any other benefits from the charity during the year (2020: Nil).

12 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2021
£
70,126
3,241
5,608
78,975		 2020
£
66,251
2,729
5,300
74,280

The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:

2021 2020
No No
Administrative staff 2 2

No employee received emoluments of more than £60,000 during the year (2020: Nil).

Key Management Personnel

The charity considers its key management personnel comprise the trustees and the charity manager. The total employee benefits of the key management personnel of the charity, including employer pension contributions, were £54,547 (2020 - £52,959).

Page 30

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2021

13 Auditors' remuneration

Audit of the financial statements
14 Tangible fixed assets
Cost
At 1 January 2021
Additions
Disposals
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
Eliminated on disposals
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 2021
£
5,592
Equipment
£
5,859
220
(3,520)
2,559
3,136
283
(1,988)
1,431
1,128
2,723		 2020
£
5,322
Total
£
5,859
220
(3,520)
2,559
3,136
283
(1,988)
1,431
1,128
2,723

Page 31

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2021

15 Fixed asset investments

Other investments

Cost or Valuation
At 1 January 2021
Additions
Disposals
Fair value movements
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Listed
investments
£
6,193,639
1,165,362
(1,329,782)
488,365
6,517,584
6,517,584
6,193,639		 Other
investments
£
124,064
620
(27,344)
-
97,340
97,340
124,064		 Total
£
6,317,703
1,165,982
(1,357,126)
488,365
6,614,924
6,614,924
6,317,703

All investments shown above are held at valuation.

Financial assets held at fair value

All listed investments are carried at their fair value. These investments are all traded in quoted public markets. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Sales and purchases of fixed asset investments are recognised at the date of trade at transaction value. The main risk to the Charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield.

The Charity's investments are mainly traded in markets with good liquidity and high trading volumes. A policy of the investments is that they are managed to generate a percentage of cash return. The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions.

The Charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The Charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term yield total return.

16 Debtors

Prepayments
Other debtors		 2021
£
2,034
107
2,141		 2020
£
1,707
107
1,814

Page 32

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2021

17 Cash and cash equivalents

Cash on hand
Total cash and cash equivalents		 2021
£
212,994
212,994		 2020
£
119,030
119,030

18 Creditors: amounts falling due within one year

Other creditors
Accruals		 2021
£
1,487
13,618
15,105		 2020
£
502
13,048
13,550

19 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £5,608 (2020 - £5,300).

20 Funds

20 Funds
Unrestricted
General
Unrestricted
General		 Balance at 1
January
2021
£
6,427,720
Balance at 1
January
2020
£
6,810,764		 Incoming
resources
£
664,473
Incoming
resources
£
627,194		 Resources
expended
£
(764,476)
Resources
expended
£
(729,303)		 Other
recognised
gains/(losses)
£
488,365
Other
recognised
gains/(losses)
£
(280,935)		 Balance at
31
December
2021
£
6,816,082
Balance at
31
December
2020
£
6,427,720

Page 33

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2021

21 Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
General
£
1,128
6,614,924
215,135
(15,105)
6,816,082
Unrestricted
General
£
2,723
6,317,703
120,844
(13,550)
6,427,720		 2021
Total funds
£
1,128
6,614,924
215,135
(15,105)
6,816,082
2020
Total funds
£
2,723
6,317,703
120,844
(13,550)
6,427,720

22 Analysis of net funds

Cash at bank and in hand
Net debt		 At 1 January
2021
£
119,030
119,030		 Financing cash
flows
£
93,964
93,964		 At 31
December
2021
£
212,994
212,994

23 Financial instruments

The charity only has financial assets and financial liabilities that qualify as basic financial instruments on which no discounting is required. For disclosures relating to investments held at fair value see note 15 to the accounts.

24 Related party transactions

During the year the charity made the following related party transactions:

Brian Riddell

(Charity manager)

Brian Riddell, received £700 for office refurbishment costs and £560 for general office costs during the year. There were no outstanding balances at the year end. . At the balance sheet date the amount due to/from Brian Riddell was £Nil (2020 - £Nil).

Page 34

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2021

25 Going Concern

During the year, the global economy was significantly affected by the Covid-19 pandemic, which has continued post year end. The pandemic led to the introduction of severe restrictions within countries around the world, causing significant ongoing financial and social consequences. After multiple UK lockdown events, the UK has now exited these lockdowns with many of the restrictions having been lifted and the economy beginning its recovery. In spite of these difficult economic conditions, the trustees believe that the use of going concern remains appropriate. The charity was awarded a three-year grant in 2019 which comprises a large proportion of their income. Additionally, the charity holds significant investments. In combination, both of these sources of income will allow the charity to continue their objectives and maintain current expenditure levels for the foreseeable future.

Page 35