OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-12-31-accounts

REGISTERED CHARITY NUMBER: 204592

Report of the Trustees and

Financial Statements

for the Year Ended 31 December 2021

for

THE BRISTOL BENEVOLENT INSTITUTION

THE BRISTOL BENEVOLENT INSTITUTION

Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2021

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 9
Report of the Independent Auditor 10 to 12
Statement of Financial Activities 13
Balance Sheet 14 to 15
Cash Flow Statement 16
Notes to the Financial Statements 17 to 29
Detailed Statement of Financial Activities 30 to 31

THE BRISTOL BENEVOLENT INSTITUTION

Reference and Administrative Details FOR THE YEAR ENDED 31 DECEMBER 2021

Registered Charity: 204592 Governing THE CONSTITUTION OF THE BRISTOL BENEVOLENT INSTITUTION DATED Document: 15TH JUNE 2011 THE BRISTOL BENEVOLENT INSTITUTION ENDOWMENT FUND CREATED Subsidiary Charity: UNDER A SCHEME 7TH DECEMBER 2007 President: THE LORD MAYOR OF BRISTOL Custodian Trustees: MR D FARRAR, SIR JAMES TIDMARSH KCVO MBE, MS L SEAGER, MR M LAWS BRISTOL BENEVOLENT CORPORATE TRUSTEE LIMITED (appointed 11 June Corporate Trustee: 2021) DIRECTORS OF CORPORATE TRUSTEE FROM 4 AUGUST 2021 AND TRUSTEES OF THE CHARITY TO 4 AUGUST 2021: MR N BOND * MR D FARRAR * MR M LAWS MRS S MORRIS MRS J PARA MS L SEAGER * (Chair) SIR JAMES TIDMARSH KCVO MBE * MR J WILLIAMS * (Hon Treasurer) * denotes member of Finance Committee MS E LAWRENCE (appointed after the year end date) Secretary: MRS M B NICHOLLS MRS C CHAPMAN, MRS M GORONWY MBE (deceased November 2021), MRS J Visitors: LANGFORD, MRS P ROBINSON, MRS J THORNE Offices: 45 HIGH STREET, NAILSEA, BRISTOL, BS49 1AW And BATH HOUSE, 6 - 8 BATH STREET, BRISTOL, BS1 6HL Accountants: HAINES WATTS ACCOUNTANTS (BRISTOL) LIMITED BATH HOUSE, 6 - 8 BATH STREET, BRISTOL, BS1 6HL Independent auditor: BURTON SWEET LTD, CHARTERED ACCOUNTANTS AND REGISTERED AUDITOR, THE CLOCK TOWER, FARLEIGH COURT, OLD WESTON ROAD, FLAX BOURTON, BRISTOL, BS48 1UR Nominees and SMITH & WILLIAMSON INVESTMENT MANAGEMENT LIMITED Investment Managers: PORTWALL PLACE, PORTWALL LANE, BRISTOL, BS1 6NA Bankers: CAF BANK LIMITED 25 KINGS HILL AVENUE, KING HILL, WEST MALLING, KENT, ME19 4JQ

Page 1

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Mrs Mary Goronwy

We start our report with the sad news of the death of Mrs Mary Goronwy, our longest serving Visitor, in November 2021. Mary had been a Visitor for the charity since late 1981, and was much loved by the beneficiaries she visited and was greatly valued by everyone in the Charity.

Mary provided a wealth of down-to-earth and practical comments to the Trustees about the support that would best help our beneficiaries, and her detailed lay knowledge of how the social support systems and benefits worked was a great help to the rest of our team. Over the last 40 years she helped many hundreds of individuals and families, all done with a straightforward pragmatism and unassuming air. Throughout her illness, which she tried her best to keep to herself, she continued to work with her beneficiaries, and her visiting was only limited by the onset of the pandemic. Although required to shield and stay at home, Mary continued to maintain regular contact with her beneficiaries on the telephone and whilst she never embraced the internet and computers, she always attended the Charity's Zoom committee meetings by phone until just a few weeks before she died.

We will miss her a great deal, and the Trustees and Visitors extend their best wishes and grateful thanks to Mary's family for the many years that she supported the Charity.

Formation of a Corporate Trustee Company

The report for the year ended 31 December 2020 advised of the Trustees' future plan to change the Charity's structure and form a Corporate Trustee in order to bring it up-to-date and suitable for the 21st Century. The Trustees resolved in 2021 to form a Corporate Trustee for the Bristol Benevolent Institution and, after securing the support of Members and consulting the beneficiaries, a Scheme was put to the Charity Commission early in 2021. This was approved in May 2021 by the Charity Commission and Bristol Benevolent Institution Corporate Trustee was appointed Trustee on 11th June 2021.

The single Trustee of the Charity is now Bristol Benevolent Institution Corporate Trustee Company Limited, and the individuals listed as Trustees at the front of these Statutory Accounts are all Directors of this company and carry out their duties and responsibilities through this company.

The charity itself, which is an unincorporated association, remains unchanged.

Throughout this report, all references to Trustees refer to the individual Trustees up to 4th August 2021 and to the Corporate Trustee company thereafter, whose actions are determined by its Directors, acting as if they were Trustees of the Charity.

Page 2

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2021

OBJECTIVES AND ACTIVITIES Objectives and aims

The principal object of the Charity is to afford relief to respectable persons of either sex who have by force of circumstances been reduced to comparative poverty, and have become by reason of infirmity or age incapable of providing for themselves.

The Charity has continued to provide much needed support to those less fortunate than many in Bristol, North Somerset and South Gloucestershire. Benefit is given in the form of grants, payable quarterly to beneficiaries in sums specified by the Trustees, in addition to which special grants are made to applicants on occasions when a specific need has arisen. Interest free loans are also made to individuals who own their own properties - such loans are generally secured on the property and are repayable on sale of the property by the beneficiary or more usually upon their death. The Charity also grants occasional support to clubs and societies with similar aims and beneficiaries as our own, as a means of extending the reach of the Institution to likely new direct beneficiaries.

The Covid restrictions have prevented personal visits to beneficiaries again this year . In lieu of visits, Visitors have continued to make regular contact with our beneficiaries with telephone calls, which are very much welcomed and appreciated by our beneficiaries, many of whom have felt isolated and alone in the particularly challenging circumstances presented by the pandemic. The Trustees and Visitors hope that this year in-person visits can start again, as our visitors tell us that the phone is a very poor substitute for a personal visit with much less time spent with a beneficiary when phoning than is the case with a visit.

Any changes in beneficiaries' circumstances are reported to the Trustees, who consider whether an amendment to the level of grant is appropriate. A full review of the financial situation of all beneficiaries is carried out by the Secretary and the Visitors triennially.

The Trustees confirm that they have complied with the duty to have due regard to public benefit guidance published by the Charity Commission and believe that:

The Trustees consider that they are compliant with the requirements of the Equalities Act 2010, as the Charity's objectives are to benefit people with protected characteristics.

Page 3

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2021

ACHIEVEMENT AND PERFORMANCE Charitable activities

This year the Charity has again been affected by the pandemic like so many other organisations. Our visitors have not been able to see our Beneficiaries in person and have had to rely on telephone calls to keep in touch. Despite everyone's best efforts this is not ideal; the pastoral support that our Visitors give is a core part of our Charity's activities, and it is so much harder to do this when you cannot see the people you are supporting. Many of our Beneficiaries will have again suffered from loneliness and isolation with separation from their families and friends, and the continued imposition of lockdowns during 2021 will have built uncertainly and insecurity in their minds. We very much look forward to the time when we can resume our visits in person.

Thankfully, the pandemic had much less impact on our income this year than in 2020. The Charity is an endowed charity, with income derived from capital donated over many years (a list of our major gifts over the years is at the end of these Statutory Accounts). Income received from our investments was significantly higher than we dared budget at the start of the year, such that for the full year our income of £636,866 was 37% higher than 2020, and slightly better than our last pre-pandemic year of 2019.

Having cut our quarterly grant to beneficiaries in 2020 as a response to the feared drop in income, we started 2021 with a backdrop of the 24% drop in income that we suffered in 2020. The Trustees decided at that stage that we would not restore the cut in quarterly grants that we had made in 2020, but we did maintain the £200 "winter fuel" payment that we have made to every beneficiary in recent years. By the summer of 2021 there were encouraging signs that income was returning to previous levels, but the Trustees decided not to make any one-off payment to beneficiaries in the Summer. However, by the end of the year, it was clear that our income was back to pre-pandemic levels, and the Trustees decided to make a £200 "Christmas" grant to all beneficiaries (2020: £100).

It is difficult to properly assess new applicants without meeting them, in person, in their own homes, and so the number of new applicants this year was still lower than usual. However, we did accept five new quarterly beneficiary grant applicants and the Trustees hope that now that restrictions are largely lifted, there will be more new applicants in 2022 that we can help.

The restrictions of the pandemic meant that we could not hold our annual Thanksgiving Service and Tea Party at Bristol Cathedral and City Hall again this year. The Trustees hope that something can take place this year, albeit that it might be a different format and one that can ensure that the maximum number of beneficiaries are able to attend, if they so wish.

The benefits provided by the Charity have continued during the year through the provision of financial support, telephone calls and, where possible and permitted, regular visits, by our Visitors to those in need in Bristol, North Somerset and South Gloucestershire. The Charity has given financial assistance through Grants, 290 in December 2021 (312 in December 2020) and Loans, 41 outstanding at the end of 2021 (44 at the end of 2020). We were pleased to be in a position to give each beneficiary a special grant of £200 to assist with their heating costs in February 2021. This year, in light of the, then ongoing, financial uncertainty and as part of our mitigating steps, the Trustees did not grant a Summer award (2020: £nil) to beneficiaries, but with the better than feared outturn by the end of the year, we made a substantially increased Christmas grant of £200 (2020: £100).

In most cases our beneficiaries have less than £100 per week for food and clothing after paying their rent, medical bills, heat, light, transport and other standing costs. We give annual grants, paid quarterly, ranging from £320 p.a to £1,280 p.a. The Trustees will keep these levels under review as the economy, and our income, hopefully recovers. The majority of our new grants are made at this highest level. We will also continue to assess our existing beneficiaries and adjust their grants, whether up or down within these bands, where appropriate. The sums we give become a significant part of our beneficiaries' disposable income. Where circumstances change such that our assistance is no longer needed, we reduce or end the grant award. None of our grants are guaranteed as an annuity.

Page 4

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2021

Many of our beneficiaries are homeowners, and our loan scheme permits those who own property but have limited means to continue to live in and maintain their homes for many years longer than might otherwise be the case. We saw no need to adjust our loan scheme as a result of the pandemic and have continued to provide new loans and top-ups during the year.

We believe that the most valued assistance we give is friendship and advice, ably provided by our Visitors. Our periodic newsletter, the visits and the phone calls from the Visitors, the annual Thanksgiving Service and Tea Party, held at Bristol Cathedral, and simple actions such as sending our beneficiaries Christmas cards, all provide a link with the outside world that they greatly appreciate.

We also give direct grants to other organisations with similar aims as the Charity. In 2021 we awarded grants to the following organisations:

Care & Repair £nil (2020: £2,000) - We have worked with Care & Repair for many years. They carry out urgent minor housing repairs for elderly people who have no other means of paying for such work. We were not approached for any specific support this year.

Corner Club £8,000 (2020: £8,000) - The Corner Club is reliant on our ongoing funding to continue operating beyond 12 months and looks forward to meeting with its members in gardens and then indoors as soon as the lifting of the COVID restrictions allows. During the pandemic it replaced its lunch club with hot food deliveries, daily telephone support, running errands and preparing weekly newsletters containing news stories, games, helpful advice and phone numbers to contact in emergencies.

BS3 Community Web Project - In 2018 the Charity awarded a grant of up to £126,000 to the BS3 Community Web Project, with £3,500 payable per month over a 3 year period, which ended in June 2021, when we had paid a total of £90,517. Our funding to the BS3 projects helped to fund a pilot Social Prescribing outreach surgery at four GP surgeries in South and East Bristol, which works with elderly residents whose general health and wellbeing are compromised by social problems within the home; poor housing, bereavement, loneliness, inability to manage cooking or washing through lack of money to replace household items; these are just some of the problems which a normal Doctor Patient consultation would be unable to address, but can be dealt with more efficiently by the Outreach project. Jo Langford, one of our visitors, works with the Project to direct suitable potential beneficiaries towards further help from the Institution.

As a result of our support, BS3, who have worked tirelessly to make a success of this venture, managed to secure long-term funding in the year from their Primary Care Network, which hopefully gives the project some long-term financial security. The Trustees are delighted that BS3 have secured this funding and that the support from the Charity has enabled BS3 to establish this very valuable service. As a result of the new funding being obtained, the Charity's commitment was reduced from April 2020 by £35,483 against the original amount of £126,000 awarded. Our final payment to BS3 was made in June 2021, and we look forward to seeing the service thrive in the future

These organisations are all local initiatives, reaching out to people who would in all likelihood be those that the Institution would help anyway. Local Authority funding has been significantly cut back for these groups in recent years and, in some case, the organisations would be unable to operate, or would have to greatly limit their activities without the financial help provided by the Charity.

Our Visitors, although not trained experts, are all familiar with the care and benefits systems, and in many cases are able to provide a valuable pointer to other services or benefits which can improve our beneficiaries' lives.

Collectively our Visitors offer company and support in a number of different ways. The number of visits and the time spent with each beneficiary, is not fixed, but is tailored to the needs of the individuals, and often entailing longer or more regular visits and telephone calls.

Page 5

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2021

The Institution prepares regular newsletters which are circulated to the beneficiaries. The newsletter covers stories of interest from the lives of some of the beneficiaries as well as providing useful information and reminders about help that may be available to them. The positive feedback received highlights the benefit these newsletters provide.

The Charity's website (http://bristolbenevolent.org/) provides profile and contact details and which we hope will help social workers, health visitors and prospective beneficiaries to find out more about the Charity and help increase the number of prospective beneficiaries that are referred to the Charity.

The Trustees give their thanks to our Secretary, Maureen Nicholls, and the Visitors for their continued loyal work on behalf of the Institution and support to the beneficiaries.

Page 6

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2021

FINANCIAL REVIEW

The Statement of Financial Activities on page 13 sets out income and expenditure of the Institution in the year.

Net income/(expenditure) before net gains/(losses) on investments was £17,321 (2020: (£149,827)). A total of £458,450 was paid by way of grants to beneficiaries, as compared with £444,973 in the previous year. Of this amount, £8,000 (2020: 10,000) has been provided by way of grant to other organisations working in the region, as described in more detail on page 5.

The total fund balance, including gains on investment assets, increased by £1,506,513 to £16,057,498 of which £12,187,769 are Permanent Endowment funds, £2,809,744 are Expendable Endowment Funds and £1,059,985 are Unrestricted funds.

Investment Policy and Performance

The Institution's Investment Policy for 2021 was as follows: "The Institution is looking for its investments to provide capital growth over the long term, but also needs to maintain a minimum income flow. Funds are to be invested in UK and overseas equities and collective funds with the balance in fixed and variable interest instruments. A minimum income requirement is to be set for each year. The aim for the portfolio is to be reviewed and re-stated at the first meeting of the Finance Committee each year, at which meeting the managers are to report on the performance of the portfolio against the agreed benchmark".

In 2021, economic recovery drove optimism back into stocks and property. Last year, the market value of all global stocks rose by US$13tn to reach US$94tn or 100% of global GDP for the first time. However, 2021 also saw the unwelcome return of inflation, pushed higher by accommodative policy and pent-up demand at a time when global supply chains were disrupted, and labour markets stretched. Consumer price inflation hit multi-decade highs in the US and eurozone, and its highest level since 2011 in the UK.

The charity's investments, after costs, returned 15.5% in the year ended 31st December 2021. Over the same timeframe, the composite benchmark returned 14.5%. The performance of the charity's investments was driven by UK and US equities. In fact, the US equity exposure returned 29% and was the best performing area.

The income generated grew to £636,691 significantly ahead of our very cautious target of £500,000 as dividend income returned after the immediate cuts arising from the onset of the pandemic.

In February 2022, the Trustees agreed to manage the Permanent Endowment Fund (£12,187,769 at 31 December 2021) in future on a Total Return basis, with a capital base of £9,999,087 and an opening unapplied total return fund balance of £2,220,973, with a target growth objective of CPI + 4% for both of the Endowment Funds, a minimum cash income target of 2.5% and a target drawdown of £600,000, increasing by 4% each year. In 2022, the Trustees, after seeking advice from the Charity's Investment Managers, also decided to drawdown an additional £50,000 in 2022 to go towards funding the Charity's objectives. These targets will be reviewed in future with the Investment Managers in November each year, with the first review taking place in November 2022.

Reserves Policy

Unrestricted reserves are needed:

a) To cover Charitable and Governance expenditure; and

b) To provide for advances on loans to relevant beneficiaries.

This should include available cash reserves to avoid the necessity of realizing capital investment assets at short notice, by holding as cash reserves the equivalent of:

a) Six months' charitable and governance expenditure and

b) Half of the average loan advances made over the preceding 2 years.

Page 7

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2021

At the year end the available cash reserves were £494,364 including net current assets of £370,129 and cash deposits held within the expendable endowment fund of £124,235.

Under the reserves policy, the Institution would be required to hold £354,361 of available cash reserves resulting in a surplus of £140,003. The projected deficit in 2022 of £49,513 will partly utilise this surplus.

FUTURE PLANS

The charitable activities will continue in the future without significant change.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Bristol Benevolent Institution was founded in 1869 to assist those Bristolians who had been self-employed in the city but had fallen on hard times. This definition was soon extended to include their widows and daughters and, in its first year, the Institution assisted six people with an average grant of £22.

The original funds of the Institution were created by gifts and donations from charitably minded citizens and were substantially increased by legacies in 1945 and 1950 from the estates of Colonel HC and Mrs AE Woodcock: these, together with many other legacies, have created the substantial funds that exist today.

In 1982, the rules were amended to enable the Institution to offer help to elderly people who had been resident in the city for over fifteen years and, in addition, the Institution took steps to provide loans for elderly and impoverished people who wished to remain in their own homes but were unable to keep them maintained.

In 1978 the Institution appointed a Visitor whose administrations proved so welcome that two further ladies were co-opted. The provision of support, assistance and pastoral contact with our beneficiaries has become a core purpose of the Institution, which now employs 5 part-time visitors whose primary role is to administer support to its beneficiaries

In December 2007, a scheme was approved by the Charity Commission whereby the Permanent Endowment Funds of the Charity (Colonel HC and Mrs AE Woodcock Fund and Consolidated Special Fund) are to be administered as one fund named The Bristol Benevolent Endowment Fund. The object of this fund is to further the objects of the Institution.

In June 2011, the Institution adopted a new Constitution, based on the Charity Commission's model constitution for unincorporated associations.

Organisational structure

Membership of the Institution is open to any individual over the age of eighteen years, or to organisations, who are approved by the Trustees. The affairs of the Institution are under the control of the Trustees, who are elected by the Members at Annual General Meeting and who remain in place until they resign, are removed or are disqualified from office. The Chairman and Honorary Treasurer are appointed by the Members at the Annual General Meeting from the body of Trustees. Additional Trustees may be appointed by the Trustees at any time, subject to confirmation of the appointment by the members at the succeeding Annual General Meeting.

The Trustees meet four times a year, and the Charity normally holds its Annual General Meeting in June. A separate finance sub-committee meets quarterly under the chairmanship of the Honorary Treasurer in order to monitor and review the financial position of the Institution, and to receive advice from the Institution's investment advisers.

Applications for benefit from the Institution are considered at the quarterly Trustees' meetings, based on information collated by the Secretary and Visitors.

Page 8

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment, induction and training of new Trustees

The Trustees have initiated a Statement of Policy with regard to the recruitment, induction and training of Trustees. This endeavours to ensure that individuals with an interest in the works of the Institution, with appropriate range of expertise and sufficiently diverse skills to provide a reasonable representation of the community, are recruited, appointed and subsequently adequately versed in the affairs of the Charity and the requirements and responsibilities of charity trusteeship.

Risk management

The Trustees confirm that the major risks, to which the charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to manage those risks. The principal risks are the safe custody of investments and income generation there from, security of loans to beneficiaries and grant making as being in accordance with the charity's objectives. In response to these risks independent investment managers have been appointed to manage charity funds and to produce target levels of income each year. Loans to beneficiaries are registered with the Land Registry wherever possible and committee must approve all payments as being in accordance with the charitable objectives.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & 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 income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required to:

disclosed and explained in the financial statements; and

The Trustees are responsible for keeping sufficient 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/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.

Approved by order of the board of Trustees on 26[th] April 2022 and signed on its behalf by:

J Williams - Trustee

Page 9

Report of the Independent Auditors to the Trustees of The Bristol Benevolent Institution

Independent auditor's report to the members of The Bristol Benevolent Institution

Opinion

We have audited the financial statements of The Bristol Benevolent Institution (the "Charity") for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the 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 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the Charity's Trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of the Act. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditor's 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's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion, the financial statements:

Basis of opinion

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

Conclusions relating to going concern

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

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

Page 10

Report of the Independent Auditors to the Trustees of The Bristol Benevolent Institution

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities to the Trustees

As explained more fully in the Trustees' responsibilities statement, 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 they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue and 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 with 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Page 11

Report of the Independent Auditors to the Trustees of The Bristol Benevolent Institution

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/apb/scope/private.cfm This description forms part of our auditor's report.

Burton Sweet Limited Chartered Accountants and Statutory Auditor The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

26[th] April 2022

Page 12

THE BRISTOL BENEVOLENT INSTITUTION

Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
Income
Fund
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
175
Investment income
3
636,691
Total
636,866
EXPENDITURE ON
Raising funds
4
-
Charitable activities
5
Visiting beneficiaries in need of
support and awarding grants and
loans
551,314
Total
551,314
Net gains/(losses) on
investments
-
NET
INCOME/(EXPENDITURE)
85,552
Transfers between funds
17
50,000
Net movement in funds
135,552
RECONCILIATION OF
FUNDS
Total funds brought forward
924,433
TOTAL FUNDS CARRIED
FORWARD
1,059,985
Expendable
Endowment
Fund
£
-
-
-
15,133
-
15,133
273,271
258,138
(50,000)
208,138
2,601,606
2,809,744
Permanent

Endowment
Fund
£
-
-
-
52,901
197
53,098
1,215,921
1,162,823
-
1,162,823
11,024,946
12,187,769		 2021

Total
funds
£
175
636,691
636,866
68,034
551,511
619,545
1,489,192
1,506,513
-
1,506,513
14,550,985
16,057,498		 2020
Total
funds
£
-
463,711
463,711
58,421
555,117
613,538
(852,795)
(1,002,622)
-
(1,002,622)
15,553,607
14,550,985

The notes form part of these financial statements

Page 13

THE BRISTOL BENEVOLENT INSTITUTION

Balance Sheet 31 DECEMBER 2021

Unrestricted
Income
Fund
Notes
£
FIXED ASSETS
Investments
Investments
12
-
Social investments
13
689,856
689,856
CURRENT ASSETS
Debtors
14
1,524
Investments
15
186,505
Cash at bank
191,401
379,430
CREDITORS
Amounts falling due within one
year
16
(9,301)
NET CURRENT ASSETS
370,129
TOTAL ASSETS LESS
CURRENT LIABILITIES
1,059,985
NET ASSETS
1,059,985
Expendable
Endowment
Fund
£
2,809,744
-
2,809,744
-
-
-
-
-
-
2,809,744
2,809,744
Permanent

Endowment
Fund
£
12,187,769
-
12,187,769
-
-
-
-
-
-
12,187,769
12,187,769		 2021

Total
funds
£
14,997,513
689,856
15,687,369
1,524
186,505
191,401
379,430
(9,301)
370,129
16,057,498
16,057,498		 2020
Total
funds
£
13,626,552
664,407
14,290,959
1,915
186,305
83,098
271,318
(11,292)
260,026
14,550,985
14,550,985

The notes form part of these financial statements

continued...

Page 14

THE BRISTOL BENEVOLENT INSTITUTION

Balance Sheet - continued 31 DECEMBER 2021

FUNDS
17
Unrestricted funds:
Unrestricted Income Fund
Endowment funds:
Permanent Endowment Fund
Expendable Endowment Fund
TOTAL FUNDS		 1,059,985
12,187,769
2,809,744
14,997,513
16,057,498		 924,433
11,024,946
2,601,606
13,626,552
14,550,985

The financial statements were approved by the Board of Trustees and authorised for issue on 26[th] April 2022 and were signed on its behalf by:

J Williams - Trustee

L Seager - Trustee

The notes form part of these financial statements

Page 15

THE BRISTOL BENEVOLENT INSTITUTION

Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
Cash flows from operating activities
Cash generated from operations
19
Net cash used in operating activities
Cash flows from investing activities
Sale of fixed asset investments
Interest received
Dividends received
Net cash provided by investing activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Less unsecured loans fully provided for
Transfer from fixed asset investments
Transfer (to)/from current investments
Adjust for expenditure from capital cash
Exchange rate movements
Interest not transferred from current asset investments
Expenditure attributable to endowment
Net cash provided by financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2021
£
(552,739)
(552,739)
(729)
225
636,466
635,962
(52,150)
27,551
(850)
50,000
-
68,035
925
(200)
(68,231)
25,080
108,303
83,098
**191,401 **		 2020
£
(614,640)
(614,640)
-
478
463,233
463,711
(65,417)
35,979
4,600
110,000
6,180
58,420
(180)
-
(58,241)
91,341
(59,588)
142,686
83,098

The notes form part of these financial statements

Page 16

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The Bristol Benevolent Institution is an unincorporated institution registered in England and Wales, which operates under the Charity Commission's model constitution. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are to afford financial support to those less fortunate than many in the Bristol area by provision of grants and interest free loans, as well as contact and advice through regular visitation.

The charity is a public benefit entity as defined under FRS102.

The Trustees have a reasonable expectation that despite the adverse effects COVID-19 is having on both the charity and the economy as a whole, the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees have reviewed relevant information and has considered possible measures that could be undertaken to mitigate the current adverse conditions. Based on this assessment and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the financial statements

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Dividends included in the financial statements are accounted for on a receipts basis, whilst interest received is accounted for on an accruals basis.

Donations are treated as an addition to fund income, unless there is a specific direction to the contrary, and are treated as receivable on a receipts basis.

Legacies are included on a receivable basis where the Charity is entitled to the income, it can be measured reliably and receipt is probable. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is not included in income but is treated as a contingent asset and disclosed if material.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants are payable in furtherance of the objects of the charity and include monies payable quarterly to beneficiaries, discretionary seasonal grants and additional special grants as agreed by the committee.

Any irrecoverable VAT is charged to the Statement of Financial Activities where appropriate.

continued...

Page 17

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES - continued

Expenditure

Grants are included within the financial statements as and when they become payable. There is no formal commitment to pay future grants.

Governance costs

Governance costs include auditors' fees, costs of Trustees' meetings, Trustees' indemnity insurance and 25% of secretarial salaries and costs, which are all included within charitable activities.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on General funds. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

Permanent endowment funds consist of restricted funds held on trust and retained for the benefit of the charity as a capital fund. Income from the Permanent endowment fund is used for charitable activities.

Expendable Endowments are funds to be retained for the benefit of the Charity as capital although there is discretion to convert the endowed capital into income.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Investment assets

Investments held for the continuing benefit of the charity are treated as fixed assets and are valued at fair value at the balance sheet date.

Realised and unrealised gains and losses on investment assets

Realised and unrealised gains and losses are treated as an accretion or diminution to the value of capital funds as appropriate.

Debtors and creditors receivable/ payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

continued...

Page 18

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021

2.
DONATIONS AND LEGACIES
Donations
3.
INVESTMENT INCOME
Income from fixed asset investments
Deposit account interest
4.
RAISING FUNDS
Investment management costs
Portfolio management
5.
CHARITABLE ACTIVITIES COSTS		 2021
£
175
2021
£
636,466
225
636,691
2021
£
**68,034 **		 2020
£
-
2020
£
463,233
478
463,711
2020
£
58,421
Visiting beneficiaries in need of support
and awarding grants and loans
Comparatives for 2020		 Direct
Costs (see
note 6)
£
71,992
94,957		 Grant
funding of
activities
(see note
7)
£
458,471
444,973		 Support
costs (see
note 8)
£
21,048
15,187		 Totals
£
551,511
555,117

continued...

Page 19

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021

6. DIRECT COSTS OF CHARITABLE ACTIVITIES

DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Office costs
Thanksgiving service and tea party
Provision against unsecured loan balances
Foreign exchange loss/(gain)
Accountancy fees
GRANTS PAYABLE
Visiting beneficiaries in need of support and awarding grants and loans
The total grants awarded to institutions during the year was as follows:
The Corner Club
Care and Repair
BS3 Community Development
St Peters Church		 2021
£
50,822
4,297
-
(850)
197
17,526
71,992
2021
£
458,471
2021
£
8,000
-
-
21
8,021		 2020
£
66,896
6,065
500
4,600
(180)
17,076
94,957
2020
£
444,973
2020
£
8,000
2,000
(35,483)
-
(25,483)

7. GRANTS PAYABLE

The prior year BS3 Community Web grant relates to a 3 year project ending in June 2021. During the prior year, the beneficiary managed to secure alternative funding from their Primary Care Network, thereby reducing the Charity's commitment by £1,834 per month from April 2020 and then by a further £1,139 per month from December 2020, resulting in an overall saving of £35,483.

The grant of £21 to St Peters Church was paid on behalf of Mary Goronwy and her family from wages owed to her at the time of her death.

The total grants awarded to individuals during the year was as follows:

2021 2020
£ £
Grants to individuals 450,450 470,456

continued...

Page 20

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021

8. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Visiting beneficiaries in need of support and
awarding grants and loans 21,048

Support costs, included in the above, are as follows:

Governance costs

Governance costs
2021 2020
Visiting
beneficiaries
in need
of
support
and
awarding
grants Total
and loans activities
£ £
Secretarial salaries and costs 8,444 8,571
Auditors' remuneration 5,245 4,848
Auditors' remuneration for non audit work - 192
Trustees' meetings - 106
Insurance 1,459 1,470
Legal fees 5,900 -
21,048 15,187

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no Trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020. Only the Trustees are considered to be key management personnel.

Trustees' expenses

There were no Trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.

continued...

Page 21

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021

10. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2021
£
58,743
-
523
59,266		 2020
£
72,791
1,547
1,129
75,467

The average monthly number of employees during the year was as follows:

Secretarial
Visitors		 2021
2
4
6		 2020
1
5
6

No employees received emoluments in excess of £60,000.

The number of full time equivalent employees during the year was 2 (2020: 2).

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Investment income
EXPENDITURE ON
Raising funds
Charitable activities
Visiting beneficiaries in need of support and
awarding grants and loans
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward		 Unrestricted
Income
Fund
£
463,711
-
555,297
555,297
-
(91,586)
110,000
18,414
906,019
Expendable
Endowment
Fund
£
-
13,003
-
13,003
(139,575)
(152,578)
(110,000)
(262,578)
2,864,184
Permanent

Endowment
Fund
£
-
45,418
(180)
45,238
(713,220)
(758,458)
-
(758,458)
11,783,404
Total
funds
£
463,711
58,421
555,117
613,538
(852,795)
(1,002,622)
-
(1,002,622)
15,553,607

continued...

Page 22

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Expendable
Permanent
Income
Endowment
Endowment
Fund
Fund
Fund
£
£
£
TOTAL FUNDS CARRIED FORWARD
924,433
2,601,606
11,024,946
12.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2021
Additions
Disposals
Revaluations
Exchange differences
At 31 December 2021
MARKET VALUE
At 31 December 2021
At 31 December 2020		 11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Expendable
Permanent
Income
Endowment
Endowment
Fund
Fund
Fund
£
£
£
TOTAL FUNDS CARRIED FORWARD
924,433
2,601,606
11,024,946
12.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2021
Additions
Disposals
Revaluations
Exchange differences
At 31 December 2021
MARKET VALUE
At 31 December 2021
At 31 December 2020
Total
funds
£
14,550,985
Listed
investments
£
13,626,552
2,931,928
(3,049,962)
1,489,192
(197)
14,997,513
14,997,513
13,626,552

There were no investment assets outside the UK.

13. SOCIAL INVESTMENTS

Interest free loans are made to individuals who are homeowners in lieu of quarterly grants. The majority of such loans are secured on the individual's properties. There were unsecured loans of £20,364 at the balance sheet date which have been fully provided for. The likelihood is that the majority of the loans are payable in over one year. The transactions during the year are summarized below:

2021 2020
No. £ £
Advanced at 1 January 44 664,407 639,569
Further advances during the year 52,150 65,417
Loans repaid during the year (27,551) (35,979)

continued...

Page 23

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021

13.
SOCIAL INVESTMENTS - continued
Movement in provision for unsecured loans
Advanced at 31 December
41
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments and accrued income
15.
CURRENT ASSET INVESTMENTS
Short term cash deposits
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Grant commitments
Other creditors
Accruals and deferred income
17.
MOVEMENT IN FUNDS
Net
movement
At 1.1.21
in funds
£
£
Unrestricted funds
Unrestricted Income Fund
924,433
85,552
Endowment funds
Permanent Endowment Fund
11,024,946
1,162,823
Expendable Endowment Fund
2,601,606
258,138
13,626,552
1,420,961
TOTAL FUNDS
14,550,985
1,506,513

continued...

Page 24

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
Unrestricted Income Fund
Endowment funds
Permanent Endowment Fund
Expendable Endowment Fund
TOTAL FUNDS		 Incoming
resources
£
636,866
-
-
-
636,866		 Resources
expended
£
(551,314)
(53,098)
(15,133)
(68,231)
**(619,545) **		 Gains and
losses
£
-
1,215,921
273,271
1,489,192
**1,489,192 **		 Movement
in funds
£
85,552
1,162,823
258,138
1,420,961
1,506,513

Comparatives for movement in funds

Unrestricted funds
Unrestricted Income Fund
Endowment funds
Permanent Endowment Fund
Expendable Endowment Fund
TOTAL FUNDS		 At 1.1.20
£
906,019
11,783,404
2,864,184
14,647,588
15,553,607		 Net
movement

in funds
£
(91,586)
(758,458)
(152,578)
(911,036)
(1,002,622)		 Transfers

between

funds
£
110,000
-
(110,000)
(110,000)
-
At
31.12.20
£
924,433
11,024,946
2,601,606
13,626,552
14,550,985

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
Unrestricted Income Fund
Endowment funds
Permanent Endowment Fund
Expendable Endowment Fund
TOTAL FUNDS		 Incoming
resources
£
463,711
-
-
-
463,711		 Resources
expended
£
(555,297)
(45,238)
(13,003)
(58,241)
(613,538)		 Gains and
Movement
losses
in funds
£
£
-
(91,586)
(713,220)
(758,458)
(139,575)
(152,578)
(852,795)
(911,036)
(852,795)
(1,002,622)

Page 25

continued...

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021

18. RELATED PARTY DISCLOSURES

There were no related party transactions in the year nor in the previous year.

19. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
(Gain)/losses on investments
Interest received
Dividends received
Expenditure attributable to endowment
Decrease in debtors
Decrease in creditors
Net cash used in operations		 2021
£
1,506,513
(1,489,192)
(225)
(636,466)
68,231
391
(1,991)
**(552,739) **		 2020
£
(1,002,622)
852,795
(478)
(463,233)
58,241
2,904
(62,247)
(614,640)

20. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.21 Cash flow At 31.12.21
£ £ £
Net cash
Cash at bank 83,098 108,303 **191,401 **
83,098 108,303 **191,401 **
Liquid resources
Deposits included in cash - - -
Current asset investments 186,305 200 186,505
186,305 200 186,505
Total 269,403 108,503 377,906

Page 26

continued...

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021

21. COMPARATIVE BALANCE SHEET

FIXED ASSETS
Investments
Social investments
CURRENT ASSETS
Debtors
Investments
Cash at bank
CREDITORS
Amounts falling due within
one year
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS
Amounts falling due after
more than one year
NET ASSETS
FUNDS
Unrestricted Income Fund
Permanent Endowment Fund
Expendable Endowment
Fund
TOTAL FUNDS		 Unrestricte
d
Income
Fund
£
-
664,407
1,915
186,305
83,098
271,318
(11,292)
260,026
924,433
-
924,433		 Expendable
Endowmen
t
Fund
£
2,601,606
-
-
-
-
-
-
-
2,601,606
-
2,601,606		 Permanent
Endowment
Fund
£
11,024,946
-
-
-
-
-
-
-
11,024,946
-
11,024,946		 2020
Total
Funds
£
13,626,552
664,407
1,915
186,305
83,098
271,318
(11,292)
260,026
14,550,985
-
14,550,985
924,433
11,024,946
2,601,606
14,550,985		 2019
Total
Funds
£
14,647,588
639,569
4,819
192,484
142,686
339,989
(52,539)
287,450
15,574,607
(21,000)
15,553,607
906,019
11,783,404
2,864,184
15,553,607

continued...

Page 27

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021

22. FUNDS ADMINISTERED BY THE CHARITY AND IN ACCORDANCE WITH ITS RULES

THE BRISTOL BENEVOLENT INSTITUTION ENDOWMENT FUND

This fund was established under a scheme approved by the Charity Commission in December 2007 whereby the funds formerly known as Colonel and Mrs H C Woodcock Annuities and The Consolidated Special Fund were amalgamated to form a new fund called the Bristol Benevolent Institution Endowment Fund. Details of these former funds are as follows:

COLONEL AND MRS H C WOODCOCK ANNUITIES

These Annuities were founded by the Wills of Mrs Annie Elizabeth Woodcock and her husband, Colonel Herbert Charles Woodcock, both of this City. Mrs Woodcock died on 15th November 1945. Colonel Woodcock died on 18th January 1950. The funds represented their residuary estates and were valued at that time at £350,000. The income was applied in providing benefits in accordance with the Objects and Rules of the Institution subject to certain special directions contained in the Wills. Originally, the amount given in any one case was £100. This has increased over the years.

THE CONSOLIDATED SPECIAL FUND

This Fund was established by the amalgamation, under a Charity Commission Scheme dated 9th October 1970, of the following Special

Funds:

JOHN BUSH ANNUITY - founded in 1908 by the late Mrs Alice Eliza Ann Bush in memory of her husband, the late Mr John Bush.

CONSTANCE MARY FRANKLIN ANNUITY - founded by the Will of Miss C M Franklin who died on 18th December 1912

JUBILEE FUND - founded in November 1919, to commemorate the first 50 years' work of the

Institution and augmented by a gift by the late Mrs H G Colman in memory of the late Mrs Henry Taylor, who was the first President of the Ladies Association.

HENRY HERBERT WILLS PENSIONS - founded by the Will of Mr H H Wills who died on 11th May 1922.

PALLISER MARTIN ANNUITY - founded by the Will of Mr George Palliser Martin who died on 10th February 1929.

MR AND MRS P ENDRES GANE MEMORIAL FUND - founded in 1934 by Mr C E Gane, Mr L

Gane, Mrs E M Frost and Mrs P Hornabrook in memory of their father and mother, the late Mr and Mrs P Endres Gane.

ALFRED WHITE ANNUITY - founded in 1936 by the late Mr Alfred White.

MRS AND MRS ARTHUR E WELLS ANNUITY - founded in 1936 by the late Mr and Mrs Arthur E Wells.

SIR FRANCIS COWLIN ANNUITY - founded in 1937 by the late Sir Francis N Cowlin and until his death in 1945 known as the "Well-Wishers Annuity".

CLARENCE DAVEY 1940 AUGMENTATION FUND - founded in 1940 by the late Mr Clarence

Herbert William Davey and until his death in 1961 known as the "1940 Augmentation of Annuities Fund".

CLARENCE DAVEY 1943 AUGMENTATION FUND - founded in 1943 by the late Mr Clarence Herbert William Davey and until his death in 1961 known as the "1943 Augmentation of Annuities Fund".

KATHLEEN WELLS ANNUITY - founded by the Will of Mrs Kathleen Helena Fernie Wells who died on 15th April 1946

ADA MARY PEARMAN ANNUITY - founded by the Will of Miss A M Pearman who died 20th February 1960.

The following funds were transferred to the Consolidated Special Fund following a Resolution dated 23 January 1997:

continued...

Page 28

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021

22. FUNDS ADMINISTERED BY THE CHARITY AND IN ACCORDANCE WITH ITS RULES - continued

THE EDITH GARDNER FUND - previously held in the General Endowment Fund. BERNARD CHAYTOR LUCAS ANNUITY - founded in 1924 by Mr B C Lucas.

A F NEWCOMBE ANNUITY FUND - established in 1977 under the will of Mr Albert Francis Newcombe who died in 1946. In accordance with the above mentioned Scheme the income is applied in the payment of benefits of such amount as the Committee think fit to persons qualified under the existing Rules of the Institution. The right of nomination and election is vested in the Committee.

EXPENDABLE ENDOWMENT FUND AND THE UNRESTRICTED INCOME FUND

Funds administered under these funds include:

Caleb Trapnell Memorial Fund A Bristolian The Madeline Markham Skerritt Gift The Thomas Cardwell Stock Gift The Arabella Beddoe Memorial Fund The Bodinnar Fund Heber Mardon Annuity "Anonymous Donor" Edward Westmore Allen Annuity Miss Dora Hutton The Mr and Mrs Gustav Nebendahl Memorial Fund

Miss Pullin The Phillip John Smith Gift Mrs Barbara Sims I C I Milton Miss M M Leader The Amy Jane Bethell of Manchester Fund Mrs M W Newberry Mr Michael Green Mr John Royston Webb Mrs Anne Chivers

Page 29

THE BRISTOL BENEVOLENT INSTITUTION

Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2021

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Income from fixed asset investments
Deposit account interest
Total incoming resources
EXPENDITURE
Investment management costs
Portfolio management
Charitable activities
Wages
Social security
Pensions
Office costs
Thanksgiving service and tea party
Provision against unsecured loan balances
Foreign exchange loss/(gain)
Accountancy fees
Grants to institutions
Grants to individuals
Support costs
Governance costs
Secretarial salaries and costs
Auditors' remuneration
Auditors' remuneration for non audit work
Trustees' meetings
Insurance
Legal fees
Total resources expended
Net income/(expenditure) before gains and
losses		 2021
£
175
636,466
225
636,691
636,866
68,034
50,299
-
523
4,297
-
(850)
197
17,526
8,000
450,471
530,463
8,444
5,245
-
-
1,459
5,900
21,048
619,545
17,321		 2020
£
-
463,233
478
463,711
463,711
58,421
64,220
1,547
1,129
6,065
500
4,600
(180)
17,076
(25,483)
470,456
539,930
8,571
4,848
192
106
1,470
-
15,187
613,538
(149,827)

This page does not form part of the statutory financial statements

Page 30

THE BRISTOL BENEVOLENT INSTITUTION

Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2021

Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments

Net income/(expenditure)
 2021
£
1,489,192
1,506,513
(		 2020
£
(852,795)
1,002,622)

This page does not form part of the statutory financial statements

Page 31