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2022-12-31-accounts

Baltic Exchange Charitable Foundation

Annual report and financial statements for the year ended 31 December 2022

Registered Charity No. 1178830

BALTIC EXCHANGE CHARITABLE FOUNDATION Contents

Page
Trustees’ Annual Report 1-5
Trustees’ Responsibilities Statement 6
Independent Examiner’s Report on the Financial Statements 7
Statement of financial activities 8
Balance sheet 9
Statement of Cash Flows 10
Notes to the Financial Statements 11-18

BALTIC EXCHANGE CHARITABLE FOUNDATION Trustees’ annual report (including strategic report) Year ended 31 December 2022

ANNUAL AND STRATEGIC REPORT

The Trustees present their annual and strategic report along with the financial statements of the Charity for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the Charities Act 2011.

OBJECTIVES AND ACTIVITIES

The objectives of the Charity, as set out in its constitution, are:

The potential beneficiaries are the life members of the former Baltic Exchange Charitable Society; individuals engaged or formerly engaged in maritime activities; the spouses, civil partners, widows, widowers, issue or other dependants of the foregoing; and the employees and former employees of the Baltic Exchange.

The Charity was formed to take over the activities of the following charitable trusts:

The transfer of activities occurred on 31 March 2021 and the Charity now carries on the activities of the trusts transferred, namely:

Activities in the year

Supporting individuals in need

The Charity supports individuals by the award of financial grants and the provision of interest free loans.

The financial grants are awarded as annual grants to help towards the payment of day-to-day expenses or as special grants to cover unexpected or unaffordable one off expenses incurred by the beneficiaries. The annual grants are paid quarterly and reviewed on an annual basis, whereas special grants are paid on an ad hoc basis as required.

In the year, the Charity continued to support eight (2021 – ten) individuals receiving annual grants and also paid special grants to a further five (2021 – four) individuals.

The Charity has six (2022 – six) secured loans to individuals; there was no change to these loans over the year.

Grants to institutions

During the year, the Charity awarded eleven (2021 – nine) grants to various institutions linked to the

1

BALTIC EXCHANGE CHARITABLE FOUNDATION Trustees’ annual report (including strategic report) Year ended 31 December 2022

maritime industry and continued to pay two (2021 – four) grants previously awarded. The significant grants awarded in the year were:

Recipient Purpose of the award £
Ahoy Support for Ahoy’s work in providing water skills 30,000
training to youngsters living in the Thames
estuary region; this grant will paid over three
years
Wet Wheels Wet
Wheels
designs,
commissions
and		 5,000
operates specialist purpose built catamaran
speed boats to provide sea going experience
for disabled people in wheel chairs. This grant
was to support their work.
National Coastwatch Towards the production of revised and updated 10,000
Institution station manuals
Stella Maris Stella Maris is the largest ship-visiting network 10,000
in the world, which seeks to improve the lives of
seafarers and fishers. The grant is to fund Stella
Maris’ work at ports around the world

Public benefit

The Trustees have had regard to the Charity Commission’s guidance on public benefit and will consider that guidance in their future activities.

Plans for Future Periods

The Trustees expect to continue the activities of the charity as described above for the foreseeable future.

FINANCIAL REVIEW

Financial performance

The Statement of Financial activities sets out the income and expenditure of the Charity for the year ended 31 December 2022.For the comparative period, the Charity was active only for the 9 months following the transfer of activities from the predecessor charities.

At their meeting in October 2022, the trustees approved the payment of the quarterly grants for January 2023 and thus the grants to individuals comprise 5 quarterly grants.

A revaluation deficit of £998,895 (2021 – surplus £565,000) arose on the investments, resulting in a significant reduction in the reserves over the year. Nevertheless, the Charity’s closing balance sheet position is robust, with significant reserves and cash on hand in excess of £500,000.

Investment policy

The investment policy is as follows:

2

BALTIC EXCHANGE CHARITABLE FOUNDATION Trustees’ annual report (including strategic report) Year ended 31 December 2022

Target asset allocation ranges as follows:
Lower bound Upper bound
Cash -% 20%
Government and corporate bonds 10% 30%
Total cash and bonds 10% 40%
UK Equities 20% 50%
International equities 20% 60%
Property -% 15%
Alternatives -% 10%

The trustees consider that the investments are held for the long term and therefore typically consider the investment performance over a rolling multi-year period,

Investment review

The portfolio showed an annualised net loss of 9.1% (2021 – a gain of 10.9%), against a target return of 14.5%. The trustees are disappointed by this result, but note that the target return in high due to a high inflation which has subsequently abated.

Reserves

The reserves comprise:

This is a permanent endowment fund which was created by the will of Bonno Julius Leopold Krull. The income from the fund is to be used to maintain the grave of Mr Krull and his wife, with any surplus to be used for charitable purposes connected to shipbroking and shipping.

The restricted funds comprise the reserves of the former Baltic Exchange Charitable Society and the former London Shipowners’ and Shipbrokers’ Benevolent Society. The Baltic Exchange Charitable Society reserves are to be used to support the former members of the Society and their dependents. The London Shipowners’ and Shipbrokers’ Benevolent Society reserves are to be used to support those who have been involved in ship owning and ship broking businesses and their dependants.

The unrestricted funds comprise the funds from the other predecessor charity and the unexpended Bonno Krull income.

The Charity’s free reserves comprise cash held in operating bank accounts and sundry debtors, less current creditors. The Trustees aim to draw down cash from investments as needed, maximising the funds available to invest and resulting in minimal cash held in operating bank accounts. This equates to a free reserves target of £nil. The current level of free reserves is £25,058, which is in line with the policy.

Principal risks and uncertainties, and risk management

The Trustees review the risks facing the Charity periodically and confirm that they have taken appropriate steps to manage the risks arising.

3

BALTIC EXCHANGE CHARITABLE FOUNDATION Trustees’ annual report (including strategic report) Year ended 31 December 2022

The most significant risks that the Charity faces are:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity is a charitable incorporated organisation which was incorporated on 18 June 2018. The governing document is the Constitution.

Appointment of trustees

Under the Rules of the Charity, the trustees comprise:

Trustee recruitment

The Board maintains a constant watch for suitable candidates to replace retiring Trustees from time to time.

Trustee training

Newly appointed Trustees are provided with a copy of the Constitution together with the Charity Commission’s Guidance for Trustees. All Trustees are informed of updated charity investment guidance provided by fund managers as well as being encouraged to take up training seminars and workshops.

Management

The Charity has no staff and is managed by its Trustees. The Trustees are assisted by the secretary.

The Charity continues to share its secretarial services to the Corn Exchange Benevolent Society (Charity No. 207733).

Grant making policy

Grants to individuals

The Charity helps beneficiaries with annual grants that are paid in quarterly instalments and are based on income benchmarks which are set for single beneficiaries, married couples and families. All such grants are based on a recipient’s financial circumstances which are reviewed at quarterly intervals. Emergency or one-off special grants are awarded as deemed necessary by the Trustees. Those claiming assistance are required to provide full details of income and expenditure, and financial need must be established before any help can be offered. The Trustees are always mindful of the “need” qualification in the Charity’s objects. All grants are awarded after full consultation amongst the Trustees.

4

BALTIC EXCHANGE CHARITABLE FOUNDATION Trustees’ annual report (including strategic report) Year ended 31 December 2022

Grants to institutions

The Charity principally supports institutions focussed in the maritime sector. These institutions in the main cover education, pastoral support to seafarers and their families and other related charitable works. These grants in the main are of a one-off nature but can extend on a repeat basis over a fixed period of time. All grants are awarded after full consultation amongst the Trustees.

REFERENCE AND ADMINISTRATIVE INFORMATION

Name and Registered Number of Charity

The Charity is registered as “The Baltic Exchange Charitable Foundation” and its registered number is 1178830.

Principal Address

The principal address of the Charity is PO Box 6311 , Newbury , RG14 9RF. The Charity’s email address is anthony.carroll@becf.co.uk.

Names of Trustees

The Trustees who acted during the year and subsequently were as follows:

WM Robson (Chairman) DA Petropoulos RT Reed MA Read CJ Nolan FWA Crouch MR Jackson LC Varnavides EB Mavroleon (resigned 14 July 2022) NA Harper (resigned 24 July 2022) CM Morton (resigned 24 July 2022) KA Marsh (appointed 11 October 2023)

Investment advisers (as at 31 December 2022)

Bankers

Independent examiner

Approved by order of the board of Trustees and signed on their behalf by:

WM Robson Chair of the Trustees Date: 26/06/2024

5

BALTIC EXCHANGE CHARITABLE FOUNDATION Trustees’ responsibilities statement For the year ended 31 December 2022

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the Trustees must not approve the financial statements unless they are satisfied that they 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 adequate accounting records which are sufficient to show and explain the Charity’s transactions and 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. They 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.

6

BALTIC EXCHANGE CHARITABLE FOUNDATION

Independent Examiner’s Report to the trustees of Baltic Exchange Charitable Foundation

I report to the trustees on my examination of the accounts of Baltic Exchange Charitable Foundation for the year ended 31 December 2022, which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the notes to the accounts, including significant accounting policies.

Respective responsibilities of trustees and examiner and basis of report

As the trustees of the charitable incorporated organization you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. Accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. The accounts do not accord with those records; or

  3. The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Julie Mutton

Julie Mutton (Jun 26, 2024 16:15 GMT+1)

Name: Julie Mutton

Fellow of The Institute of Chartered Accountants in England & Wales

Address: Evelyn Partners LLP Onslow House Onslow Street Guildford GU1 4TL

26/06/2024

7

BALTIC EXCHANGE CHARITABLE FOUNDATION Statement of financial activities

For the year ended 31 December 2022

Notes
Un-
restricted
Funds 2022
£
Income:
Donations and legacies
6
1,000
Investment Income
7
115,984
Other income
252
117,236
Funds transferred from
predecessor charities
-
Total
117,236
Expenditure:
Raising Finance
Investment management
costs
18,023
Charitable Activities
Grants to individuals
8
-
Grants to institutions
9
63,553
Grave maintenance
322
Support costs
10
17,073
Governance costs
11
22,478
Total Expenditure
121,449
Net (losses)/gains on
Investments
12
(291,169)
Net movement in funds
(295,382)
Total funds brought
forward
2,608,026
Total funds carried forward
16
2,312,644
Restricted
Funds
2022

£

200

124,118

-

124,318

-

124,318

39,786

105,211

-

-

32,092

42,253

219,342

(610,413)
(705,437)
6,750,357
6,044,920
Bonno
Krull
Endow-
ment Fund
2022

£

-

-

-

-

-

-

6,136

-

-

-

-

-

6,136

(97,313)
(103,449)

932,061
828,612
Total Funds
2022

£

1,200

240,102

252

241,554

-

241,554

63,945

105,211

63,553

322

49,165

64,731

346,927

(998,895)

(1,104,268)

10,290,444

9,186,176
Total Funds
2021

£

190

180,185

-

180,375

9,759,408

9,939,783

40,227

15,605

61,981

-

32,728

63,877

214,418
565,079

10,290,444

-

10,290,444

8

BALTIC EXCHANGE CHARITABLE FOUNDATION Balance sheet

As at 31 December 2022

Note
Non-Current Assets
Investments
13
Current Assets
Debtors: amounts falling due after more than
one year
14
Debtors: amounts falling due within one year
14
Cash at bank and in hand
Total Current Assets
Liabilities
Creditors: amount falling due within one year
15
Net Current Assets
Creditors: amount falling due after more than
one year
15
Net Assets
Bonno Krull Endowment Fund
16
Restricted Funds
16
Unrestricted Fund
17
Total Charity Funds		 31 December
2022
£
8,539,123
315,639
15,749
520,006
535,755
(194,341)
341,414
(10,000)
9,186,176
828,612
6,044,920
2,312,644
9,186,176		 31 December
2021

£

9,029,705

315,639

86,941

1,041,691

1,128,632

(168,532)

960,100

(15,000)

10,290,444

932,061

6,750,357

2,608,026

10,290,444

The trustees acknowledge their responsibilities for complying with the requirements of the relevant Acts with respect to accounting records and preparation of financial statements

The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:

WM Robson Date: 26/06/2024

9

BALTIC EXCHANGE CHARITABLE FOUNDATION Statement of cash flows

For the year ended 31 December 2022

Cash flows from operating activities
(Deficit)/surplus for the year
Less: transfer of assets to the Charity from predecessor
charities
Losses/(gains) on investments
Change in debtors
Change in creditors
Investment income
Net cash used in operating activities
Cash flows from investing activities
Cash and cash equivalents transferred from predecessor
charities
Additions to investments
Interest and dividends
Proceeds on disposals of investments
Net cash (used in) / generated from investing activities
(Decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Analysis of cash and cash equivalents
Cash at bank and in hand
Cash held as part of the investment portfolio
Cash and cash equivalents at end of year		 31 December
2022
£
(1,104,268)
-
(1,104,268)
998,895
71,192
20,809
(240,103)
(253,475)
-
(5,051,955)
240,103
4,543,642
(268,210)
(521,685)
1,041,691
520,006

203,650
316,356
520,006		 31 December
2021
£

10,290,444
(9,759,408)

531,036

(565,079)

(16,094)

(137,444)

(171,400)

(358,981)
652,728

(1,954,682)

171,400

2,230,317

1,099,763

740,782

300,909

1,041,691

489,702
551,989

1,041,691

Non-cash transactions

There were no significant non-cash transactions in the current year.

10

BALTIC EXCHANGE CHARITABLE FOUNDATION Notes to the financial statements For the year ended 31 December 2022

1 Status

Baltic Exchange Charitable Foundation (“the Charity”) is a charitable Trust governed by its constitution dated 18 June 2018. The charity number is 1178830. Its principal address is PO Box 6311, Newbury, RG14 9RF.

2 Accounting policies

The principal accounting policies are summarised below.

Basis of preparation

The accounts have been prepared in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) including Section 1A, and with the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102 (effective 1 January 2019). The financial statements are also prepared in accordance with the Charities Act 2011.

The charity is a public benefit entity as defined by FRS 102.

Judgements and estimates

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make judgements and estimates in applying the company’s accounting policies that may have a significant impact on the amounts recognised in the financial statements.

The only material judgement relates to the recognition of constructive obligations to the recipients of grants, as detailed the policy below and the creditors note. There are no material estimates affecting the carrying values of the assets as at the year end.

Fund accounting Unrestricted Funds

These are funds which can be used in accordance with the charitable objects of the charity at the discretion of the Trustees.

Restricted Funds

These are funds are to be used for specific purposes as specified by the donor.

Endowment Funds

These are funds which can be used in accordance with the donor imposed restrictions.

Going concern

The trustees are confident that the Charity is a going concern. The investments held are expected yield positive returns and cash generated from investments is forecast to be adequate to support grant commitments and administrative costs for at least 12 months from the date of this annual report.

Income

All incoming resources are included in the Statement of Financial Activities when the Charity is legally entitled to the income, when its receipt is probable and when it can be measured with reasonable certainty.

11

BALTIC EXCHANGE CHARITABLE FOUNDATION Notes to the financial statements (continued) For the year ended 31 December 2022

2 Accounting policies (continued)

Expenditure

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities, they have been allocated on a basis consistent with the use of the resources.

Grants are accrued when a constructive obligation is created in the mind of the grant recipients. The trustees judge this to arise when the Charity has communicated its intention to pay a grant to the recipient and the amount of the obligation is the grant that will be paid up to the next grant review date.

Investments

Investments are a form of basic financial instruments and are initially recognised at their transaction cost and subsequently remeasured at fair value at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses on revaluations and disposals throughout the year.

Recognition of Liabilities

Liabilities are recognized as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the group becomes a party to the contractual provisions of the instrument.

Investments in listed shares and bonds are classified as basic financial instruments and accounted for as set out above.

Loans to beneficiaries are classified as public benefit concessionary loans are recognised initially at the transaction value and subsequent at impaired cost.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the group will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and short-term deposits with an original maturity of three months or less. Cash and cash equivalents includes cash held by investment managers.

3 Employee information

The Charity had no employees (2021 – none).

4 Trustees

No trustee was remunerated in the period (2021 – none). No expenses were incurred by trustees and reimbursed to trustees in the period (2021 – none).

5 Taxation

The Charity is exempt from tax on income and gains falling within sections 524 to 536 of the Income Taxes Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the period.

12

BALTIC EXCHANGE CHARITABLE FOUNDATION Notes to the financial statements (continued) For the year ended 31 December 2022

6 Donations and legacies

Donations
Total
Investment income
Interest and dividends
Total
Grants to individuals
Quarterly grants
Special grants
Christmas grants
Total
Grant awarded, but unpaid at start of the year
Grant obligation transferred from predecessor charities
Grant obligation settled during the year
Grant awarded, but unpaid at end of the year (all due
within one year)		 2022
£
1,200
1,200
2022
£
240,103
240,103
2022
£
81,100
14,998
9,113
105,211
-
-
(91,690)
13,521		 2021
£
190
190
2021
£
180,185
180,185
2021
£
7,895
7,710
-
15,605
-
56,683
(72,288)
-

7 Investment income

8 Grants to individuals

All grants are made to individuals who are in need.

The quarterly grants are recurring grants which are subject to an annual review and which provide additional income to the beneficiaries to enable them to have an acceptable standard of living. The Christmas grants are one off grants made in the wintertime to provide beneficiaries with assistance to meet addition costs at that time of the year. Special grants are generally one off grants to meet an immediate need.

13

BALTIC EXCHANGE CHARITABLE FOUNDATION Notes to the financial statements (continued) For the year ended 31 December 2022

9 Grants to institutions

Donations to Institutions
Total
Grant awarded, but unpaid at start of the year
Grant obligation transferred from predecessor charities
Grant obligation settled during the year
Grant awarded, but unpaid at end of the year (all due
within one year)
Due with one year
Due after more than one year		 2022
£
63,552
63,552
64,160
-
(84,712)
43,000
33,000
10,000
43,000		 2021
£
61,981
61,981
-
101,600
(99,421)
64,160
49,160
15,000
64,160

Details of the significant grants to institutions are given in the accompanying annual report.

10 Support costs

Secretarial fees
Administrative expenses
Rent
Bank charges
Loss on foreign exchange
Total
Governance costs
Evelyn Partners’ remuneration:
- Independent examination
- statutory audit
- accountancy fees
Legal fees
Total		 2022
£
38,017
11,068
-
80
-
49,165
2022
£
10,000
-
52,003
2,728
64,731		 2021
£
22,550
6,241
2,275
1,266
395
32,727
2021
£
-
27,300
34,548
2,029
63,877

11 Governance costs

14

BALTIC EXCHANGE CHARITABLE FOUNDATION Notes to the financial statements (continued) For the year ended 31 December 2022

12 Gains/(losses) on investments

Proceeds of sale
Market value
Realised gainson sales
Net unrealised gains/(losses)
Net gains/(losses) on investments
Listed investments at market value
As at 1 January 2022
Transferred from predecessor charities
Additions
Disposals
Unrealised gains/(losses)
Realised gains
As at 31 December 2022
nalysis of investments by category of holding
Alternatives
Equities
Bonds
Cash equivalents
Total
Debtors
Amounts falling due within one year:
Other debtors
Accrued dividends
Total		 2022
£
4,543,642
(4,398,081)
145,561
(1,144,456)
(998,895)
2022
£
9,029,705
-
5,051,955
(4,543,642)
(1,144,456)
145,561
8,539,123
2022
£
803,694
4,149,101
3,517,641
68,687
8,539,123
2022
£
-
15,749
15,749		 2021
£
2,230,317
(2,170,767)
59,550
505,529
565,079
2021
£
-
8,740,837
1,954,106
(2,230,317)
505,529
59,550
9,029,705
2021
£
-
6,016,671
2,883,708
129,326
9,029,705
2021
£
72,700
14,241
86,941

13 Listed investments at market value

Analysis of investments by category of holding

14 Debtors

15

BALTIC EXCHANGE CHARITABLE FOUNDATION Notes to the financial statements (continued) For the year ended 31 December 2022

14 Debtors (continued)

Amounts falling due after more than one year:

Loans to beneficiaries
Total		 2022
£
315,639
315,639		 2021
£
315,369
315,369

Each loan to a beneficiary is secured on the beneficiary’s property, is interest free and repayable at the option of the beneficiary or in the event of the beneficiary’s death, a material change in the beneficiary’s circumstances, the sale of the property, or the property no longer being the beneficiary’s (or their spouse’s) principal residence.

As at the year end, there were no extant loan offers (2021 - £nil) which had not been taken up.

15 Creditors

Amounts falling due within one year

Trade creditors
Donations payable
Accruals
Total		 2022
£
12,804
46,521
135,016
194,341		 2021
£
-
49,160
119,372
168,532

Amounts falling due after more than one year

Donations payable
Total		 2022
£
10,000
10,000		 2021
£
15,000
15,000

16 Summary of funds

As at 1st January
2022
Income
Expenditure
Gains/(losses) on
investments
Balance at 31
December 2022		 Unrestricted
Funds
£
2,608,026
117,236
(121,449)
(291,169)
2,312,644		 BECS
Restricted
Fund
£
5,806,724
108,039
(176,020)
(539,587)
5,199,156		 LSSBS
Restricted
Fund
£
943,633
16,279
(43,322)
(70,826)
845,764		 Bonno Krull
Endowment
Fund
£
932,061
-
(6,136)
(97,313)
828,612		 Total Funds
£
10,290,444
241,554
(346,927)
(998,895)
9,186,176

16

BALTIC EXCHANGE CHARITABLE FOUNDATION Notes to the financial statements (continued) For the year ended 31 December 2022

16 Summary of funds (continued)

As at 1st January
2021
Income
Expenditure
Gains on
investments
Funds transferred
in
Balance at 31
December 2021		 Unrestricted
Funds
£
-
79,477
(105,187)
228,367
2,405,369
2,608,026		 BECS
Restricted
Fund
£
-
89,430
(86,463)
258,753
5,545,004
5,806,724		 LSSBS
Restricted
Fund
£
-
11,468
(18,536)
7,125
943,576
943,633		 Bonno Krull
Endowment
Fund
£
-
-
(4,232)
70,834
865,459
932,061		 Total Funds
£
-
180,375
(214,418)
565,079
9,759,408
10,290,444

Bonno Krull Endowment Fund

This is a permanent endowment fund which was created by the will of Bonno Julius Leopold Krull. The income from the fund is to be used to maintain the grave of Mr Krull and his wife, with any surplus to be used for charitable purposes connected to shipbroking and shipping.

BECS Restricted Fund

The restricted fund comprise the reserves of the former Baltic Exchange Charitable Society, which are to be used to support the former members of the Society and their dependents.

LSSBS Restricted Fund

The restricted fund comprise the reserves of the former London Shipowners’ and Shipbrokers’ Benevolent Society, which are to be used to support those who have been engaged in the business of ship owning or ship broking, and their dependents.

17 Analysis of net assets between funds

As at 31 December
2022
Investments
Debtors due after more
than one year
Debtors due within one
year
Cash at bank and in
hand
Creditors due within one
year
Creditors after more
than one year
Inter-fund balances
Total		 Unrestricted
Funds
£
2,115,591
-
5,481
279,280
(180,820)
(10,000)
103,112
2,312,644		 BECS
Restricted
Fund
£
4,661,620
315,639
7,808
99,784
(13,521)
-
127,826
5,199,156		 LSSBS
Restricted
Fund
Bonno Krull
Endowment
Fund
£
£
906,328
855,584
-
-
2,460
-
27,299
113,643
-
-
-
-
(90,323)
(140,615)
845,764
828,612		 Total
Funds
£
8,539,123
315,639
15,749
520,006
(194,341)
(10,000)
-
9,186,176

17

BALTIC EXCHANGE CHARITABLE FOUNDATION Notes to the financial statements (continued) For the year ended 31 December 2022

As at 31 December 2021
Investments
Debtors due after more
than one year
Debtors due within one
year
Cash at bank and in
hand
Creditors due within one
year
Creditors after more
than one year
Inter-fund balances
Total		 Unrestricted
Funds
£
2,374,079
-
5,456
489,611
(168,532)
(15,000)
(77,588)
2,608,026		 BECS
Restricted
Fund
£
4,861,977
315,639
79,520
406,682
-
-
142,906
5,806,724		 LSSBS
Restricted
Fund
Bonno Krull
Endowment
Fund
£
£
865,090
928,559
-
-
1,965
-
142,783
2,615
-
-
-
-
(66,205)
887
943,633
932,061		 Total
Funds
£
9,029,70
5
315,639
86,941
1,041,691
(168,532)
(15,000)
-
10,290,44
4
Income:
Donations and legacies
Investment Income
Funds transferred from predecessor
charities
Total
Expenditure:
Raising Finance
Charitable Activities
Grants to individuals
Grants to institutions
Support costs
Governance costs
Total Expenditure
Net gains on Investments
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
-
79,477
79,477
2,405,369
2,484,846
10,656
-
61,981
11,028
21,522
105,187
228,367
2,608,026
-
2,608,026		 Restricted
Funds
£

190

100,708

100,898
6,488,580

6,589,478

25,339
15,605

-

21,700

42,355

104,999
265,878

6,750,357

-

6,750,357		 Bonno
Krull
Endow-
ment Fund
£

-

-

-

865,459

865,459

4,232

-

-

-

-

4,232

70,834

932,061

-

932,061
Total Funds
£

190

180,185

180,375

9,759,408

9,939,783

40,227

15,605

61,981

32,728

63,877

214,418

565,079

10,290,444

-

10,290,444

18