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2022-12-31-accounts

Charity registration number: 1171272

The Salespeople's Charity

Annual Report and Financial Statements for the Year Ended 31 December 2022

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

The Salespeople's Charity

Contents (continued)

Trustees' Report 1 to 14
Reference and Administrative Details 1
Statement of Trustees' Responsibilities 15
Independent Auditors' Report 16 to 19
Statement of Financial Activities 20
Balance Sheet 21
Cash Flow Statement 22
Notes to the Financial Statements 23 to 34

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 2022.

Registered Charity Name The Salespeople's Charity
Charity Registration Number 1171272
Trustees Mr Mark Sheridan, Chairman
Mr Trevor Grant, Deputy Treasurer
Ms Gill Tate
Mr Matthew Tickle
Mr Barry Quinn
Mr Keith Payne, Deputy Chairman
Mr Phil Monk, Treasurer
Mr Rob Day
Mr Graham Goulding
Ms Lesley Rennick
Mr John Ross
Ms Fiona Mohan
Senior Management / Leadership Mr Brian Riddell, Manager
Team Mrs Kim Riddell, Administrative Assistant
Principal Office PO Box 366
Saltash
Cornwall
PL12 6HL
Auditor Stewart & Co Accountants LLP
Chartered Accountants & Statutory Auditors
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY
Solicitors John Healy & Co.
8 Old Steine
Brighton
East Sussex
BN1 1EJ
Russell-Cooke
2 Putney hill
London
SW45 6AB

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The Salespeople's Charity

Trustees' Report (continued)

Reference and Administrative Details (continued)

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 Investment Managers Investec Wealth and 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 Mark Sheridan Deputy Chair Mr Keith Payne Treasurer Mr Phil Monk Deputy Treasurer Mr Trevor Grant Charity Manager Mr Brian Riddell Administrative Assistant Mrs Kim Riddell

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The Salespeople's Charity

Trustees' Report (continued)

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 12 Trustees, with the maximum permissible within the Governing Document set at 14. They met 4 times in 2022, 2 of which were virtual.

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 (continued)

Pay policy for key management personnel

The Board of Trustees and Charity Manager comprise the management personnel of the Charity, responsible for the direction, control and administration of the Charity and ensuring the smooth running and operation of day-to-day requirements. All Trustees give of their time freely and no Trustee received remuneration in the period.

The Charity Manager and Administrative Assistant are appraised via an annual performance appraisal process involving feedback from all Trustees. Using external professional advisors when required, benchmarking across other similar charities and roles, a review of salary is undertaken by the Treasurer and proposed increases to reflect inflation and performance is approved by the board of Trustees.

Covid 19

Despite Government guidelines and restrictions finishing in July 2021 the charity continued its policy of minimising physical meetings, replacing them where possible with Zoom conducted virtual meetings and telephone calls. To compensate for the suspension of visits to applicants and beneficiaries increased due diligence of applications was introduced.

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The Salespeople's Charity

Trustees' Report (continued)

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 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 virtual 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 practice in operational management. Other appropriate ACO meetings are attended, all of which during the current year were conducted via Zoom platform.

By networking with other charities, we are often able to signpost applicants who do not meet SPC criteria to those who may be able to offer support, an example being the Royal Pinner Foundation who offer educational support to the children of B2B salespeople.

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 conducts 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 Trustee 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.

An existing Board member mentors all new Trustees and training is offered as required. Trustees receive no remuneration for their services.

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

Each 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 (continued)

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 to meet the needs of applicants and to maintain control of benevolence expenditure. 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.

A new Business Plan is being developed for 2024 onwards, whilst the objectives first set out in 2018 as part of a

The Marketing plan initiative to optimise exposure via the LinkedIn platform continued throughout the year, increasing the number of followers of the charity, and driving awareness, resulting in several applications from LinkedIn members.

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 two years (reduced from five years to mitigate for Covid impact) 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 (continued)

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 a proposal to meet their most urgent needs is made to Trustees who consider all of the information contained within our CRM system, before agreeing or declining an appropriate award.

Proposal of support may be for a one-off grant to meet an immediate need or a longer-term regular monthly grant, although Trustees are increasingly conscious of the fact that some recipients of longer term awards view the support as a benefit rather than the emergency financial support intended and in so doing becoming financially dependent on continued provision. Consequently, Trustees are moving to the award of One-Off Grants.

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.

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The Salespeople's Charity

Trustees' Report (continued)

Achievements and performance - Chairman's report

Review 2022

2022 has been a year of change, as the UK Economy started to regain momentum following the ease of the pandemic with endeavours to achieve normality in everyday life. Businesses have once again started recruiting staff, along with existing staff returning to the office following the practice of working from home.

Our services as a charity have been in increased demand, driven by the impacts of the conflict between Russia and Ukraine and related soaring gas and electricity prices, rising inflation and interest rates, all of which have had had an adverse effect across every home and industry.

Last year our beneficiaries needed support with loans and debt following the impact of Covid 19 whereas the financial issues they are now facing with rising costs require support across a broader range of issues. This year we have supported more of our applicants with one off grants and short-term support, helping them to pay their utility bills, increased rent demands and general daily living expenses, reducing the stress for them and their families.

We are continuing to receive many enquiries thanks to the great work of our marketing subcommittee who have increased our profile on various social network platforms including Linked in and Facebook. In addition, increasing numbers of referrals from Step Change, The Citizens Advice Bureau and Turn to Us have ensured that our charity management team have been kept extremely busy.

We have conducted four board meetings this year, two virtual and two physicals, in various venues and have been joined by two new trustees.

John Ross, recently retired, has now joined the board. John has been known to the charity for many years as our adviser for Investec and has supported us well managing our invested funds. As a trustee, John will provide further strengths in both financial and economic knowledge.

Fiona Mohan is our second new trustee. Fiona joined the board having been a previous beneficiary of the charity. We are delighted that Fiona has joined us, as Fiona is providing the team experience from another angle. A big welcome to both of you.

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The Salespeople's Charity

Trustees' Report (continued)

Finances

On the financial aspect of the charity, our year has been one of dramatic change. Along with the volatile markets due to UK Government decisions and global concerns, our main benefactor, The Leverhulme Trade Charity Trust, has decided to change their direction of financial support, as they now seek to focus purely on providing educational grants.

The LTCT has supported The Sales Peoples Charity for well over 100 years, as originally requested by Lord Leverhulme in his will. They have unfortunately advised that following one last donation they will not support the SPC in the future and consequently we must identify new revenue streams if we are to continue providing the level of support that we have done previously. We wish them well and place on record our thanks to the LTCT for their past support.

This decision has of course been a game changer for us and over the past few months we have been investigating various new ways to build revenue and to continue our long-term strategic plans. As a board we are committed to identifying new revenue streams, whilst minimising costs so that we may continue to provide support where it is increasingly needed.

General operating costs continue in line with forecast, with no significant deviations, whilst increased digitalisation continue to drive administration costs lower.

Benevolence

Increasingly applicants are seeking support with day to day living costs, spiralling utility costs and increases in rent, all of which are creating issues in areas of mental health through the level of anxiety experienced by those effected. The charity has been very successful in helping to relieve some of these pressures by providing short term and one-off grants and preventing applicants from entering a spiral of debt, although as the financial crisis continues, we are receiving repeat applications from the same clients, something which is unsustainable.

Practising continued and stringent cost control the charity continues to maximise the % of benevolence, currently around 84pence in the pound.

We will continue to review how best to support new applicants and current beneficiaries as we move through these uncertain times.

Amount Distributed

Throughout 2022 focus was maintained on reducing the number of legacy grants i.e., those beneficiaries who had been in receipt of a bi-monthly grant for more than two years. The reasoning behind this initiative was to minimise the level of dependency and to switch the support of the charity to provide short term and quick solutions to applicants most urgent needs. By the end of 2022 the percentage of benevolence spent on legacy grants had decreased from 73% in 2021 down to 55% and it is intended to reduce this further through the coming year.

In total 1,405 grants were awarded through 2022, slightly less than the previous year, driven mainly by the decrease in legacy grants and totalling £526,406.

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The Salespeople's Charity

Trustees' Report (continued)

Conclusion

As I complete my third year as chairman for the SPC, I feel extremely positive about our future. Our objectives to build a strong team of trustees with various career and life experiences will continue which in turn will increase the strength and direction of our charity. Consequently, we will be better positioned to assist beneficiaries with the challenges they face in this everchanging world.

I would like to take this opportunity to thank my fellow trustees, together with the amazing support of our charity management team over the past twelve months and I look forward to a continued and successful 2023.

Financial review - Treasurer's Report

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 are being phased out and replaced by more impactful One-Off Grants.

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.

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.

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.

To ensure Operational management and Governance risks are minimised succession planning is undertaken and as the Covid situation worsened 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 (continued)

Investment policy and objectives

As defined in the Governing Document the Trustees delegate the deposit and investment of funds to a financial investment company, specialising in the charity sector and with whose help and guidance a clear investment policy is determined. This is reviewed regularly by the Trustees taking into consideration market trends, fluctuation, risks, and opportunities. Quarterly reports provided by the financial experts are reviewed by the Trustees.

The Trustees have an agreed investment performance benchmark with their investment managers based on three criteria:

  1. The income requirements to support grant giving

  2. The Trustees’ attitude to investment risk

  3. The timeframe for investment.

The performance benchmark is comprised of:

  1. 13% the return of the FTA British Government All Stocks Index.

  2. 40% of the FTSE All Share index

  3. 30% of the FTSE World Ex UK Index

  4. 8% of the Investment Property Database Index

  5. 8% of the BoE Base Rate +2% return

  6. 1% of the cash return

This allocation is classified as “Medium” risk and imposes agreed limitations as to the minimum and maximum amounts of each asset class that can be held.

The Trustees understand that over the long term this agreed strategy will allow the capital value of the portfolio to be retained in real terms and will generate a satisfactory level of income to fund grant making.

The agreed strategy targets a “total return” approach whereby returns are derived not only from the income generated but also from capital growth. It is expected that the Charity’s overall spend will be financed by a combination of investment income and capital drawdown. The Trustees understand that over the long-term this agreed format will allow the capital value of the portfolio to be retained in real terms and generate a satisfactory level of income and capital growth to fund grant-making. The Trustees also understand that investments do not move in a linear fashion and there will be individual years, and periods perhaps more than a year when the portfolio value may fall. However, they also understand that, based on historical returns, equity investment is necessary if the value of both the capital value of the fund and income is to maintain its purchasing power when compared with inflation.

The 12 months to 31 December 2022 saw the portfolio fall in value, producing a negative return of -10.8%, net of fees. Most of the fall in value occurred in the first six months of 2022 with the portfolio value remaining largely flat in the six months from June 2022 to December 2022.

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The Salespeople's Charity

Trustees' Report (continued)

2022 was an extremely challenging period for investors. High levels of inflation in developed markets put pressure on the consumer by increasing the cost of living, as well as on companies by increasing their input costs and therefore their ability to generate profit. It also put pressure on central banks to raise interest rates to control inflation which resulted in interest rates increasing at the fastest pace in at least two decades. As interest rates play a key role in the pricing of financial assets, aggressive monetary tightening had a negative impact on equities, bonds, and other financial assets whose value is partly derived by the risk-free rate. Higher levels of inflation and interest rates also impacted economic growth forecasts globally and increased the probability of a technical recession in several developed economies. Oil and Gas was one of the only sectors which produced a positive return in 2022 driven by higher energy prices in the wake of Russia’s invasion of Ukraine. The portfolio’s underweight position to Oil and Gas companies was one of the drivers for the underperformance during the period. As we enter 2023, inflation, monetary policy and the risk of recession remain the three key themes impacting stock markets. However, it is the general belief that most developed economies, including the US, have seen the peak in inflation and are approaching the peak in the interest rate cycle.

The Salespeople’s Charity’s longer-term performance has been impacted by the difficult market conditions in 2022. The Charity’s 3-year cumulative total return, net of fees to the end of December 2022 is -2.6% compared to the benchmark +3.2%. The 5-year return shows a return for the portfolio of +9.1% compared to the benchmark +12.1%.

Policy on reserves

The balance held in unrestricted funds as of 31st December 2022 was £5,917,412 which is considered free reserves for unrestricted expenditure, after allowing for funds tied up in tangible fixed assets and investments. Based on the level of expenditure during 2021 the current level of free reserves is deemed appropriate to meet spending in the coming year and continue to meet income requirements.

Whilst there is not a formal reserves policy in place, it is the custom of the Charity to maintain the unrestricted funds at a minimum level equating to a minimum of 12 months unrestricted expenditure. The level of funds available is regularly reviewed by the Board of Trustees and as a significant percentage of the portfolio funds can be liquidated at short notice, the Trustees feel the level of reserves held sufficiently covers the level of future expenditure that will be required to cover management, administration, support costs and forecast benevolence.

The Trustees will review and where necessary update their reserves policy and are confident that they will be able to meet all planned and forecast obligations for the coming year.

......................................... Mr Phil Monk Treasurer

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 (continued)

Legacies and capital gifts

During 2022 the Charity received a donation of £1,190 in the form of a legacy.

Leaving a Legacy to The Salespeople's Charity

Leaving a legacy to the Charity is an effective 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 9BA 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 9BA, 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 (continued)

Testimonials

Thanks so much this will give me my mobility back and I will be able to get out by myself again .Due to my condition I've become a prisoner in my flat. Once again I can't thank the salespeople s charity enough. Kindest Regards,

PG

Thank you very much for all the help and support you have provided for me. This certainly gave me the lifeline and funding when l needed it most. A truly wonderful gift and l will never forget. Thank you once again and warm regards, LL

I just wanted to say thank you to you all again. I can’t explain the weight and stress that has been lifted because of your generosity. I hope I can be a contributor to this wonderful charity in the future. Thank you for everything you’ve all done! Have a great weekend.

NP

I’ve just picked up your email and felt so great-full for this support, it brought a tear to my eyes. I hope in time that I can give something back to this amazing charity that I will be eternally grateful for. My greatest thanks could never be enough, I feel a sense of something great will come out of this. Thank-you a million times over Kind Regards HH

Thank you for your email, I am overwhelmed by the generosity of the charity and will be forever grateful for the help that is being provided, I have been in tears since I received your email, and I am so humbled that you are able to help me.

Thank you so much for your generosity, I am truly grateful and feel that I can start to rebuild my life again. SJ

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

The annual report was approved by the trustees of the charity on 22 September 2023 and signed on its behalf by:

......................................... Mr Mark Sheridan Chairman

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The Salespeople's Charity

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees of the charity on 22 September 2023 and signed on its behalf by:

......................................... Mr Mark Sheridan Chairman

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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 2022, 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 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 (continued)

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 (Accounts and Report) Regulations 2008 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 15), 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 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:

Page 17

The Salespeople's Charity

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

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.

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.

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 audit 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.

Page 18

The Salespeople's Charity

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

...................................... Gary Robinson (Senior Statutory Auditor) For and on behalf of Stewart & Co Accountants LLP, Statutory Auditor

Knoll House Knoll Road Camberley Surrey GU15 3SY

22 September 2023

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 2022

Note
Income and Endowments from:
Donations and legacies
2
Investment income
3
Total Income
Expenditure on:
Raising funds
4
Charitable activities
5
Total Expenditure
Gains/losses on investment assets
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
22
Note
Income and Endowments from:
Donations and legacies
Investment income
3
Total income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
6
Total expenditure
Net expenditure
Other recognised gains and losses
Gains/losses on revaluation of fixed assets for charity's own use
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
£
451,336
204,875
656,211
(27,363)
(640,074)
(667,437)
(887,444)
(898,670)
6,816,082
5,917,412
Unrestricted
funds
£
455,183
209,290
664,473
(31,794)
(731,150)
(1,532)
(764,476)
(100,003)
488,365
388,362
6,427,720
6,816,082		 Total
2022
£
451,336
204,875
656,211
(27,363)
(640,074)
(667,437)
(887,444)
(898,670)
6,816,082
5,917,412
Total
2021
£
455,183
209,290
664,473
(31,794)
(731,150)
(1,532)
(764,476)
(100,003)
488,365
388,362
6,427,720
6,816,082

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 22.

The notes on pages 23 to 34 form an integral part of these financial statements. Page 20

The Salespeople's Charity

(Registration number: 1171272) Balance Sheet as at 31 December 2022

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
15
Creditors: Amounts falling due within one year
16
Net current assets
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
22		 2022
£
903
5,770,424
5,771,327
2,639
158,129
160,768
(14,683)
146,085
5,917,412
5,917,412
5,917,412		 2021
£
1,128
6,614,924
6,616,052
2,141
212,994
215,135
(15,105)
200,030
6,816,082
6,816,082
6,816,082

The financial statements on pages 20 to 34 were approved by the trustees, and authorised for issue on 22 September 2023 and signed on their behalf by:

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

Mr Mark Sheridan Chairman

The notes on pages 23 to 34 form an integral part of these financial statements. Page 21

The Salespeople's Charity

Cash Flow Statement for the Year Ended 31 December 2022

Note
Cash flows from operating activities
Net cash (expenditure)/income
Adjustments for:
Depreciation
4, 6
Gains/losses on investment assets
Income from dividends
3
Interest receivable and similar income
3
Loss on disposal of fixed assets held for the charity's own use
8
Accrued expenses
Changes in:
Trade and other debtors
14
Trade and other creditors
16
Cash generated from operations
Interest received
Net cash flows from operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
12
Purchase of investments
13
Proceeds from sale of investments
Income from dividends
3
Net cash flows from investing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
15		 2022
£
(898,670)
225
887,444
(204,353)
(522)
-
(862)
(216,738)
(498)
440
(216,796)
522
(216,274)
-
(1,010,308)
967,364
204,353
161,409
(54,865)
212,994
158,129		 2021
£
388,362
283
(488,365)
(207,990)
(1,300)
1,532
570
(306,908)
(327)
985
(306,250)
1,300
(304,950)
(220)
(1,165,982)
1,357,126
207,990
398,914
93,964
119,030
212,994

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

The notes on pages 23 to 34 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 2022

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom 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.

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.

Page 23

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

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 2022 (continued)

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 2022 (continued)

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 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 2022 (continued)

2 Income from donations and legacies

Donations and legacies;
Leverhulme Trade Charities Trust
Donations from individuals
3
Investment income
Income from dividends;
Dividends receivable from other listed investments
Interest receivable and similar income;
Loan interest receivable
Other interest receivable		 Unrestricted
General
£
450,000
1,336
451,336
Unrestricted
General
£
204,353
387
135
204,875		 Total
2022
£
450,000
1,336
451,336
Total
2022
£
204,353
387
135
204,875		 Total
2021
£
450,000
5,183
455,183
Total
2021
£
207,990
620
680
209,290

4 Expenditure on raising funds

a) Investment management costs

Note
Portfolio management		 Unrestricted
General
£
27,363		 Total
2022
£
27,363		 Total
2021
£
31,794

Page 27

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

5 Expenditure on charitable activities

Bi-monthly & quarterly benefit payments
One-off grants
Activity
undertaken
directly
£
Bi-monthly & quarterly benefit
payments
344,774
One-off grants
177,263
522,037		 Unrestricted
funds
General
£
370,571
263,629
634,200
Activity
support costs
£
25,797
86,366
112,163		 Total
2022
£
370,571
263,629
634,200
2022
£
370,571
263,629
634,200		 Total
2021
£
486,975
244,175
731,150
2021
£
486,975
244,175
731,150
6
Other expenditure
Loss on disposal of tangible fixed assets held for charity's own use
Total
2022
£
-
-		 Total
2021
£
1,532
1,532

Page 28

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

7 Analysis of governance and support costs

Governance costs

Audit fees
Audit of the financial statements
Total for 2022
Total for 2021
Support costs
Wages and salaries
Employer's NIC
Employer's pension contributions
Computer costs
Other motor/travel costs
Other office costs
Bank Charges
Depreciation
Insurance
Printing and stationary
Postage
Office expenses and repairs
Marketing
Governance costs
Audit fees		 Bi-monthly &
quarterly
benefit
payments
£
17,037
722
1,383
1,136
2,158
405
23
52
167
46
123
917
1,628
25,797
1,351
27,148		 One-off grants
£
57,038
2,418
4,629
3,805
7,224
1,357
75
173
558
155
413
3,070
5,451
86,366
4,523
90,889		 Unrestricted
funds
General
£
5,874
5,874
5,592
Total
2022
£
74,075
3,140
6,012
4,941
9,382
1,762
98
225
725
201
536
3,987
7,079
112,163
5,874
118,037		 Total
funds
£
5,874
5,874
5,592
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

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

£112,163.00 (2021: £98,345.00) of the above expenditure was attributable to unrestricted funds.

Page 29

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

8 Net incoming/outgoing resources

Net outgoing resources for the year include:

Audit fees
Loss on disposal of fixed assets held for the charity's own use
Depreciation of fixed assets		 2022
£
5,874
-
225		 2021
£
5,592
1,532
283

9 Trustees remuneration and expenses

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

During the period the charity reimbursed 10 (2021: 11) trustees £3,703 (2021: £4,752) 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 (2021: Nil).

No trustees have received any other benefits from the charity during the year (2021: Nil).

10 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2022
£
74,075
3,140
6,012
83,227		 2021
£
70,126
3,241
5,608
78,975

No employee received emoluments of more than £60,000 during the year (2021: 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 £54,567 (2021 - £54,547).

11 Auditors' remuneration

Audit of the financial statements 2022
£
5,874		 2021
£
5,592

Page 30

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

12 Tangible fixed assets

Cost
At 1 January 2022
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
13 Fixed asset investments
Other investments
Cost or Valuation
At 1 January 2022
Additions
Disposals
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Furniture and
equipment
£
2,559
2,559
1,431
225
1,656
903
1,128
Unlisted
investments
£
97,340
387
(2,000)
95,727
95,727
97,340		 Total
£
2,559
2,559
1,431
225
1,656
903
1,128
Total
£
97,340
387
(2,000)
95,727
95,727
97,340

All investments shown above are held at valuation.

Page 31

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

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.

14 Debtors

Prepayments
Other debtors		 2022
£
2,196
443
2,639		 2021
£
2,034
107
2,141

15 Cash and cash equivalents

Cash on hand
Total cash and cash equivalents
16 Creditors: amounts falling due within one year
Other creditors
Accruals		 2022
£
158,129
158,129
2022
£
1,927
12,756
14,683		 2021
£
212,994
212,994
2021
£
1,487
13,618
15,105

17 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 £6,012 (2021 - £5,608).

Page 32

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

18 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.

19 Analysis of net funds

Cash at bank and in hand
Net debt		 At 1 January
2022
£
212,994
212,994		 Financing cash
flows
£
(54,865)
(54,865)		 At 31
December
2022
£
158,129
158,129

20 Related party transactions

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

Brian Riddell

(Charity manager)

Brian Riddell, received £8,343 for travel and subsistence and 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 (2021 - £Nil).

21 Analysis of net assets between funds

Unrestricted

Unrestricted
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 General
£
903
5,770,424
160,768
(14,683)
5,917,412		 2022
Total funds
£
903
5,770,424
160,768
(14,683)
5,917,412

Page 33

The Salespeople's Charity

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
22 Funds
Unrestricted
General
Unrestricted
General		 Balance at 1
January 2022
£
6,816,082
Balance at 1
January 2021
£
6,427,720		 Incoming
resources
£
656,211
Incoming
resources
£
664,473		 Unrestricted
General
£
1,128
6,614,924
215,135
(15,105)
6,816,082
Resources
expended
£
(1,554,881)
Resources
expended
£
(276,111)		 2021
Total funds
£
1,128
6,614,924
215,135
(15,105)
6,816,082
Balance at 31
December
2022
£
5,917,412
Balance at 31
December
2021
£
6,816,082

Page 34