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## 

|Reports|Reports|
|---|---|
|Referenceandadministrativedetailsofthe||
|charity,itstrusteesandadvisers|1|
|Trustees'report|2|
|Independentauditor'sreport|31|
|Accounts||
|Statementoffinancialactivities|35|
|Balancesheet|36|
|Statementofcashflows|37|
|Principalaccountingpolicies|38|
|Notestotheaccounts|42|





## 

|Trustees|DCrudge|
|---|---|
||BEdgar|
||REller|
||CGibson|
||HHamer(Chairperson)|
||KSmalls|
||RTocockMBE|
||STopping|
|Postaladdress|BHSTrustFund|
||POBox7762|
||Kettering|
||NN166NP|
|Telephone|07495723550|
|Charityregistrationnumber|1171705|
|Auditor|BuzzacottLLP|
||130WoodStreet|
||London|
||EC2V6DL|
|Bankers|HSBCBankplc|
||90BakerStreet|
||London|
||W1M2AX|
|Investmentmanagers|InvestecWealthandInvestmentLimited|
||30GreshamStreet|
||London|
||EC2V7QN|
|Solicitors|RoydsWithyKingLLP|
||69CarterLane|
||London|
||EC4V5EQ|





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## H Hamer 


7 February 2023 



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## 15 February 2023 



|||Unrestrictedfunds|Unrestrictedfunds|
|---|---|---|---|
|||2022|2021|
|||funds|funds|
||Notes|`£`|`£`|
|Incomefrom:||||
|Investments|1|73,312|68,844|
|Interestreceivable|1|23|19|
|Othersources||155|142|
|Totalincome||73,490|69,005|
|Expenditureon:||||
|Raisingfunds||||
|.Investmentmanagementfees||21,889|21,394|
|Charitableactivities||||
|.ReliefofhardshipamongstformeremployeesofBhs||||
|Limited,theirdependentsandretiredemployeesofthat||||
|company|2|232,401|204,023|
|Totalexpenditure||254,290|225,417|
|Netexpenditurebeforeinvestment(losses)gains||(180,800)|(156,412)|
|Netinvestment(losses)gains|8|(112,333)|475,332|
|Net(expenditure)incomeandnetmovementinfunds|5|(293,133)|318,920|
|Reconciliationoffunds:||||
|Fundbalancesat1June2021||3,469,541|3,150,621|
|Fundbalancesat31May2022||3,176,408|3,469,541|





## H Hamer 

7 February 2023 



## 

||Notes|2022|2021|
|---|---|---|---|
|||`£`|`£`|
|Cashflowsfromoperatingactivities:||||
|Netcashusedinoperatingactivities|A|(277,024)|(184,798)|
|Cashflowsfrominvestingactivities:||||
|Investmentincomeandinterestreceived||75,506|66,850|
|Proceedsfromdisposalofinvestments||438,693|885,716|
|Purchaseofinvestments||(238,269)|(745,628)|
|Netcashprovidedbyinvestingactivities||275,930|206,938|
|Changeincashandcashequivalentsintheperiod||(1,094)|22,140|
|Cashandcashequivalentsat1June2021||139,233|117,093|
|Cashandcashequivalentsat31May2022|B|138,139|139,233|
|Notestothestatementofcashflowsfortheperiodto31May2022||||
|Reconciliationofnetmovementinfundstonetcash|usedinoperatingactivities|||
|||2022|2021|
|||`£`|`£`|
|Netmovementinfunds(asperthestatementoffinancialactivities)||(293,133)|318,920|
|Adjustmentsfor:||||
|Losses(gains)oninvestments||112,333|(475,332)|
|Investmentincomeandinterestreceivable||(73,335)|(68,863)|
|Decreaseindebtors|||6,000|
|(Decrease)increaseincreditors||(22,889)|34,477|
|Netcashusedinoperatingactivities||(277,024)|(184,798)|
|Analysisofchangesincashandcashequivalents||||
||2021|Cashflows|2022|
||`£`|<br>`£`|`£`|
|Cashatbankandinhand|75,211|47,086|122,297|
|Cashheldbyinvestmentmanagers|64,022|(48,180)|15,842|
|Totalcashandcashequivalents|139,223|(1,094)|138,139|





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|Incomefrom:Investmentsandinterestreceivable|||
|---|---|---|
||2022|2021|
||`£`|`£`|
|Incomefromlistedinvestments|||
|UKfixedinterestsecurities|4,736|5,070|
|Overseasequities|21,797|19,634|
|UKequities|32,461|33,266|
|Alternatives|14,318|10,874|
||73,312|68,844|
|Incomefrominterestreceivable|||
|Bankinterest|17|19|
|Interestoncashheldwithinvestmentmanagers|6||
||23|19|
|Total|73,335|68,863|



|Expenditureon:Reliefofhardshipamongstformeremploye<br>dependentsandretiredemployeesofthatcompany|esofBhsLimi|ted,their|
|---|---|---|
||2022|2021|
||`£`|`£`|
|Grantspayable|140,419|132,846|
|RetiredStaffAssociationexpenses|8,076|1,348|
|Administrationcostsincludingliaisonwithgrantandloanrecipients|83,906|69,829|
||232,401|204,023|



||2022|2021|
|---|---|---|
||`£`|`£`|
|Hardshipgrants|122,027|114,511|
|Christmasgrants|16,169|18,335|
|Holiday|2,223|—|
||140,419|132,846|





||2022|2021|
|---|---|---|
||`£`|`£`|
|Wagesandsalaries|41,548|33,394|



## 

|Governancecosts|||
|---|---|---|
||2022|2021|
||`£`|`£`|
|Auditor'sremuneration(includingVAT):|||
|.Statutoryauditservices|9,150|7,602|
|Legalandprofessional|1,152|4,624|
||10,302|12,226|
|Netincome(expenditure)andnetmovementinfunds|||
|Thisisstatedaftercharging:|||
||2022|2021|
||`£`|`£`|
|Staffcosts(note3)|41,548|33,394|
|Auditor'sremuneration(includingVAT)|9,150|7,602|



## 



## 

## 

|Investments|||
|---|---|---|
||2022|2021|
||`£`|`£`|
|Listedinvestmentsatmarketvalue|||
|.At1June2021|3,375,755|3,040,511|
|.Additionsatcost|238,269|745,628|
|.Disposalsatopeningbookvalue(proceeds:£438,693;realised|||
|gains:£24,380)|(414,313)|(798,416)|
|.Unrealisedgains(losses)onrevaluation|(136,713)|388,032|
|.At31May2022|3,062,998|3,375,755|
|Cashheldbyinvestmentmanagersforreinvestment|15,842|64,022|
||3,078,840|3,439,777|
|Listedinvestmentsatcost|2,377,703|2,498,084|



||2022|2021|
|---|---|---|
||`£`|`£`|
|UKfixedinterestsecurities|80,540|126,469|
|Overseasfixedinterestsecurities|149,028|135,919|
|UKequities|922,095|1,109,204|
|Overseasequities|1,415,113|1,546,898|
|Propertyfunds|224,494|192,864|
|Alternatives|271,728|264,401|
||3,062,998|3,375,755|



||2022|2022|2021|2021|
|---|---|---|---|---|
||Market|%of|Market|%of|
||value<br>£|portfolio<br>%|value<br>£|portfolio<br>%|
|CharitiesPropertyFund|187,766|6.1|161,694|4.8|
|SchroderInvMgEISFAsianTotalRtnC|158,341|5.2|175,303|5.1|
|JPMorganFundsLtdUSEquityIncK|231,450|7.6|200,400|6.0|
|BaillieGiffordAmericanW3Dis|110,542|3.6|200,421|6.0|
|SpdrS&P500EtfTr.UnitsSer1S&P|393,245|12.8|394,048|11.7|



## 

|Debtors|||
|---|---|---|
||2022|2021|
||`£`|`£`|
|Accruedinvestmentincome|231|2,402|
||231|2,402|





## 

|Creditors:amountsfallingduewithinone|year||
|---|---|---|
||2022|2021|
||`£`|`£`|
|Investmentpurchase|—|27,200|
|Grantspayable|11,898|8,428|
|Accruals|13,062|12,221|
||24,960|47,849|



## 

## 

|Thetotalunrealisedgainsat31May2022constitutedmovem<br>asfollows:|entsonrevaluatio|nandwere|
|---|---|---|
||2022|2021|
||`£`|`£`|
|Totalunrealisedgainsat31May2022:Oninvestments|685,295|877,671|
|Reconciliationofmovementsinunrealisedgains:|||
|Unrealisedgainsat1June2021|877,671|584,145|
|Inrespecttodisposalsintheperiod|(80,044)|(94,506)|
|Net(losses)gainsarisingonrevaluationsarisingintheperiod|(112,332)|388,032|
|Totalunrealisedgainsat31May2022|685,295|877,671|