Registered Charity No: 202349
The Grateful Society
Annual report and financial statements
For the year ended 31 December 2021
The Grateful Society
Contents
| Page | |
|---|---|
| Administrative information | 1 |
| President report |
3 |
| Report of the Trustees | 4 |
| Independent eport |
8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the accounts | 11 |
The Grateful Society Administrative information Year ended 31 December 2021
Registered charity number: 202349
President
Allan Rosengren
President elect
Professor Bhupinder Sandhu OBE
Secretary
Robert Drewett
Treasurer
Mark Hill
Administrator
Rachel Nash
Principal office
Berkeley Place Clifton Bristol BS8 1BQ
Trustees
Julian Telling (resigned 13 November 2021) Tim Pearce (resigned 13 November 2021) Robert Drewett Mark Hill Dr Jackie Cornish OBE (resigned 13 November 2021) Susan Darwall-Smith DL (chairman) Allan Rosengren Nicholas Hutchen (appointed 13 November 2021) Professor Bhupinder Sandhu (appointed 13 November 2021) Christopher Moorsom (appointed 13 November 2021)
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The Grateful Society Administrative information (continued) Year ended 31 December 2021
Independent examiner
JWB Corporate Ltd 22 Mulberry Avenue Portishead North Somerset BS20 7LG
Bank
CAF Bank Limited Kings Hill West Malling Kent, ME19 4TA
Investment managers
Smith & Williamson Investment Management Limited Portwall Place Portwall Lane Bristol, BS1 6NA
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The Grateful Society Year ended 31 December 2021
Our main aim is to make a positive difference through the collaborative support and funding of charities and other good causes that help to alleviate the corrosive effects of loneliness and isolation among older people living in the greater-Bristol region.
The challenges resulting from successive lockdowns and the necessary social distancing owing to the Covid pandemic during 2020 and 2021, meant that older people many of whom live alone with frailties, were isolated to a greater extent than previously could have been imagined. We assisted sixteen causes, listed local community and independence in their own homes. During my year as President I had the pleasure of meeting a number of these excellent causes, together with the staff and volunteers who so selflessly offer help and support to the elderly in our area, along with some of the beneficiaries.
The response to our 2021 annual appeal was generously met through donations from individuals, grant giving trusts and companies. This has again enabled us to provide much needed funding to local causes focused on tackling old-age isolation in many practical and innovative ways. Ensuring that older people know that they are not alone has helped to improve their mental health and wellbeing by being able to alone but your calls, your care and laughs, flowers, Sunday lunches and jigsaws made me feel positive and
Our operating costs are minimal and the vast majority of the funds raised in the year have already been distributed. The usual pattern of our lives has been disrupted by Covid for the best part of two years, but we appear at last to be experiencing a gradual return to normality. The Grateful Society will, as we have done for over 260 years, continue to adapt to the changing needs of the elderly who are assisted by causes we fund. There remains much work still to be done. I am pleased to refer to a quote from Alive - your invaluable support of our work is making a hugely positive difference to the lives of older people in our local
It has been a privilege to serve as President and I thank everyone who has so generously supported our efforts. I have greatly appreciated the advice and encouragement of my co-Trustees and wish Professor Bhupinder Sandhu every success for her year as President.
~~Allan Rosengren~~
President 2021
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The Grateful Society Report of the Trustees Year ended 31 December 2021
The trustees present their annual report and financial statements of the charity for the year ending 31 December 2021. The financial statements have been prepared in accordance with the accounting and the Statement of Recommended Practice - Accounting and Reporting by Charities (FRS 102) issued in 2015 .
Structure, governance and management
The Grateful Society was founded in 1758 and is registered under the Charities Act 2011, charity number 202349. The Society operates under a Constitution, which was updated by a Charity Commission Scheme in 2016 and which states that the objects of the Society are both the relief of financial hardship, sickness and ill health amongst elderly people in Bristol, Bath and North East Somerset, North Somerset and South Gloucestershire and also the advancement of health, the relief of poverty and the advancement of education in this area.
The Society fulfils its objectives by raising funds from the public by an annual collection, from its investment income, and by using accumulated reserves from past annual collections.
Following changes in 2017 to the Rules of the Society, the Trustees of the Society are now made up of a Board of seven members; the Chairman, President, immediate past President, Honorary Secretary and Treasurer and two other past Presidents. The President-Elect is appointed annually from outside the Society to succeed the President and is in attendance at Trustee meetings.
The Trustees meet four times a year to agree the broad strategy and areas of activity of the Society, to approve the accounts, to appoint new Trustees and the President Elect, set the reserves policy and review risk management. The Board also approve grant and administrative expenditure.
All trustees give of their time freely and no trustee remuneration is paid.
Risk management
The charity trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
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The Grateful Society Year ended 31 December 2021
Objectives and activities for the public benefit
The objectives of the Society are the relief of financial hardship, sickness and ill health amongst elderly people in Bristol, Bath and North East Somerset, North Somerset and South Gloucestershire and also the advancement of health and education and relief of poverty in this area. This is delivered by paying annuities and other benefits to 7 annuitants (2020: 9) and in recent years providing support by way of grants, to an increasing number of day centres. During 2021 annuities of £2,262 and grants of £97,767 were paid (2020: £3,546 and £126,027).
Grant making policy
The Trust has extended its grant making in pursuance of its objects by supporting care homes and day centres in the Bristol area. Grants are awarded to fund improvements to facilities, enhance the programme of activities at day centres and widen the access to these benefits for the elderly of the local community. The beneficiaries of our grant making programme in 2021 were:
Nailsea Tithe Barn Trust Old Patchway Pensioners Club Corner Club, Clifton Bristol Black Carers Alive St Monica Trust Trinity Memory Cafe Bristol Music Trust Marmalade Trust Nailsea Stroke Club & Memory Cafe Wyldwoods Arts Bristol & Avon BS3 Community Development Association Eastville Park Bowling Club Bristol After Stroke WSM Stroke
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The Grateful Society Year ended 31 December 2021
Financial review
its
reserves. Income for the year totalled £119,335 (2020: £150,871), comprising an annual appeal of £112,548, investment income of £3,037 and a legacy of £3,750.
Expenditure on charitable activities amounted to £107,783 (2020: £136,692) and the surplus for the year before investment gains was £9,535 (2020: £12,777). At the end of the year total funds carried forward were £431,306 an increase of £27,742 from the previous year.
Reserves policy
to continue ongoing annuities and other commitments in the event of a fall-off in the annual collection, which takes place just before the year end.
Target reserves at 31 December should amount to two to three (of approximately £100,000 per annum), equating to £200,000 to £300,000. At 31 December 2021 reserves, including the £70,000 unspent legacy in 2018, amounted to £431,306.
This proportion of reserves held in cash should be between six and eighteen expenditure, equating, at current expenditure levels, to £50,000 to £150,000. At 31 December 2021 cash, including the £70,000 unspent legacy in 2018, amounted to £247,046.
Investment policy and performance
The Soci the balance of the reserves not held as cash should be invested in medium risk investment portfolio of equities and fixed income stocks with a view to the real value of the portfolio being maintained and enhanced over the long term.
Plans for the future
The Society has undertaken a review of its charitable activities, which has led to its focusing upon donations to organisations and projects which combat loneliness in old age. It continues to make gifts and grants to the elderly.
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The Grateful Society Year ended 31 December 2021
The trustees are responsible for preparing the with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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:
Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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, applicable accounting regulations and the provisions of the trust deed. 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.
Approved by the trustees on March 2022 and signed on their behalf by:
Allan Rosengren
President 2021
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The Grateful Society Independ Year ended 31 December 2021
I report to the trustees on my examination of the accounts of The Grateful Society for the year ended 31 December 2021 as set out on pages 9 to 14.
Respective Responsibilities of trustees and examiner
you are responsible for the preparation of the accounts in accordance with the
I report in respect of my examination of th 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.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
Signed:
Jacob Bray, FCA
JWB Corporate Ltd Chartered Accountants Portishead, North Somerset
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The Grateful Society Statement of financial activities Year ended 31 December 2021
| Note Income from Donations and legacies Annual appeal Legacy Investments Interest Dividends Total incoming resources Expenditure on Charitable activities 2 Raising funds Total resources expended Net incoming funds from operations before investment gains Net gains on investments 3 Net income Funds brought forward 1 January 2021 Funds carried forward 31 December 2021 |
2021 Unrestricted £ 112,548 3,750 521 2,516 119,335 107,783 2,017 109,800 9,535 18,207 27,742 403,564 431,306 |
2020 Unrestricted £ 148,121 - 170 2,580 150,871 136,692 1,402 138,094 12,777 7,818 |
|---|---|---|
| 20,595 382,969 403,564 |
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The Grateful Society Balance sheet As at 31 December 2021
| Note ixed assets vestments 3 otal fixed assets urrent assets ebtors and prepayments 4 ash at bank and on deposit otal current assets reditors: amounts falling due within one year 5 et current assets otal assets less current liabilities otal Unrestricted funds 7 |
2021 £ 183,593 183,593 5,647 247,046 252,693 (4,980) 247,713 431,306 431,306 |
2020 £ 163,981 163,981 18,270 222,993 |
|---|---|---|
| 241,263 (1,680) |
||
| 239,583 | ||
| 403,564 403,564 |
Allan Rosengren
President 2021
March 2022
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The Grateful Society Notes to the financial statements Year ended 31 December 2021
1 Accounting policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
(a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Grateful Society meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
(b) Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis in preparing the financial statements.
(c) Funds structure
Funds are available to spend on activities to further any of the purposes of the charity. There are no restricted funds.
(d) Voluntary income
Cash donations, gifts and legacies are included in full in the income and expenditure account as they are received. Cash collected during the annual collection is included in the income and expenditure account before deducting the expenditure incurred in organising and administering the appeal. Donations under deed of covenant or gift aid plus the associated income tax recovery are recognised as income when the donation is received. The charity benefits from the involvement and enthusiastic support of its many volunteers, details of which are given in our annual report. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.
(e) Investment income
Bank interest is included in the income and expenditure account on receipt. Dividends are included in the income and expenditure account when they are received.
(f) Investments
Stocks and shares quoted on a recognised stock exchange are included in the balance sheet at their mid-market value at the year end. The difference between market and original cost of the investments are shown as unrealised investment gains or losses.
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The Grateful Society Notes to the financial statements Year ended 31 December 2021
(g) Granting making policy
The Society has extended its grant making in pursuance of its objects by supporting care homes and day centres in the Bristol area. Grants are awarded to fund improvements to facilities, enhance the programme of activities at day centres and widen the access to these benefits for the elderly of the local community.
(h) Accounting estimates and judgements
In the application of the charities accounting policies, the trustees have made no judgements or estimations.
2 Resources expended
| Charitable activities Payment to annuitants Grants Total |
Grants and Annuities 2,262 97,767 100,029 |
Support Costs 1,551 6,203 7,754 |
2021 £ 3,813 103,970 107,783 |
2020 £ 4,970 131,722 136,692 |
|---|---|---|---|---|
Included within support costs are governance costs of £2,580 (of which £900 relates to the Independent Examination). Total support costs in 2020 were £7,119 which included governance costs of £1,680.
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The Grateful Society Notes to the financial statements Year ended 31 December 2021
3 Investments
| Market value at 1 January 2021 Additions at cost Disposals at market value Realised gains Unrealised gains Market value at 31 December 2021 Cost at 31 December 2021 All investments held are listed. 4 Debtors: Amounts falling due within one year Other debtors 5 Creditors: Amounts falling due within one year Accruals 6 Financial instruments Carrying amount of financial assets held at amortised cost Carrying amount of financial liabilities held at amortised cost |
2021 £ 163,981 24,335 (22,930) 165,386 1,642 16,565 183,593 129,873 2021 £ 5,647 2021 £ 4,980 2021 £ 5,647 4,980 |
2020 £ 154,982 10,398 (9,217) |
|---|---|---|
| 156,163 72 7,746 |
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| 163,981 126,742 2020 £ 18,270 2020 £ 1,680 2020 £ 18,270 1,680 |
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The Grateful Society Notes to the financial statements Year ended 31 December 2021
7 Unrestricted funds
| At 1 January 2021 Net incoming funds Movement in investment valuation At 31 December 2021 8 Reconciliation of net income and cash movements Net income before investment gains and losses Realised (increase) / decrease in investments (Decrease) / increase in debtors Increase / (decrease) in creditors Increase in cash |
2021 £ 403,564 9,535 18,207 431,306 2021 £ 9,535 (1,405) 12,623 3,300 24,053 |
2020 £ 382,969 12,777 7,818 403,564 2020 £ 12,777 (1,185) (10,120) 120 1,592 |
|---|---|---|
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