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2022-12-31-accounts

REGISTERED CHARITY NUMBER: 204592

Report of the Trustees and

Financial Statements

for the Year Ended 31 December 2022

for

THE BRISTOL BENEVOLENT INSTITUTION

THE BRISTOL BENEVOLENT INSTITUTION

Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2022

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 8
Report of the Independent Auditors 9 to 11
Statement of Financial Activities 12
Balance Sheet 13 to 14
Cash Flow Statement 15
Notes to the Financial Statements 16 to 31
Detailed Statement of Financial Activities 32 to 33

THE BRISTOL BENEVOLENT INSTITUTION

Reference and Administrative Details FOR THE YEAR ENDED 31 DECEMBER 2022

Registered Charity: 204592 Governing THE CONSTITUTION OF THE BRISTOL BENEVOLENT INSTITUTION DATED Document: 15TH JUNE 2011, SUBSEQUENT UPDATES 26TH MARCH 2021 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 MR N BOND * MR D FARRAR * MS E LAWRENCE (appointed 30th March 2022) MR M LAWS MRS S MORRIS MRS J PARA MS L SEAGER * (Chair) SIR JAMES TIDMARSH KCVO MBE * (resigned 29[th] March 2023) MR J WILLIAMS * (Hon Treasurer) * denotes member of Finance Committee Secretary: MRS P ROBINSON Visitors: MRS C CHAPMAN, MRS J LANGFORD, MRS J THORNE, MRS S BRIGHTWELL 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: SUMER AUDITCO, CHARTERED ACCOUNTANTS AND BUSINESS ADVISORS, BLACKDOWN HOUSE, BLACKBROOK PARK AVENUE, TAUNTON, TA1 2PX Nominees and EVELYN PARTNERS LLP (FORMERLY KNOWN AS SMITH AND WILLIAMSON Investment Managers: INVESTMENT MANAGEMENT LIMITED) 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 2022

The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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).

Throughout this report, all references to Trustees refer to the Corporate Trustee company, whose actions are determined by its Directors, acting as if they were Trustees of the Charity.

2022 saw the retirement of Maureen Nicholls as Secretary to BBI and the appointment of Paula Robinson as her successor.

Maureen became involved with the BBI in the mid 1980’s and was formally appointed as Secretary in 1988. Maureen worked tirelessly for the BBI, caring deeply about its beneficiaries and her colleagues. Maureen’s professionalism and cheery demeanour were a constant throughout her time with the BBI. We thank her most sincerely for her unstinting commitment to and work for the BBI and wish her well in her retirement.

Paula has been with the BBI as a visitor for a number of years and has worked closely with Maureen. We welcome Paula to her new role.

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, are interest free and are repayable on the eventual sale of the property by the beneficiary or earlier if their circumstances change.

During the year COVID restrictions finally ended and we were able to resume our in-person visits to beneficiaries which have been welcomed. Many of our beneficiaries live quite isolated lives and the last three years have been very difficult for many people. Our Visitors have told us that keeping in touch through telephone calls alone, which were all we could do, whilst very much welcomed and appreciated by our beneficiaries, was 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 2

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENT AND PERFORMANCE Charitable activities

The pastoral support that our Visitors give is a core part of our Charity's activities, and we are very glad to have been able to resume our visits in person.

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). Amounts received from our investments for the full year was £603,487, 5% lower than 2021.

The Russian invasion of Ukraine had a global effect on investment values and our investments fell by 6% in the few months following the start of the invasion. However, by the end of the year they had substantially recovered their losses and our ability to advance funds during the year was not affected by this.

The number of new applicants this year was still lower than usual, albeit higher than 2021, and we accepted 16 new quarterly beneficiary grant applicants and the Trustees hope now that some normality has returned after the pandemic, there will be more new applicants in 2023 that we can help.

Once again, we did not hold our annual Thanksgiving Service and Tea Party at Bristol Cathedral and City Hall. 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.

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 (increasing to £360 to £1,440 from January 2023). 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.

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 advance secured loans of up to £5,000 per annum to allow home-owners who meet our low-income criteria to permit them to maintain and repair their houses. Loans are repayable when the house is sold, or earlier if circumstances permit, and no interest is charged for the duration of the loan.

During 2022 we awarded grants totalling £496,102. Within this, we paid quarterly grant payments totalling £298,560 to an average of 282 beneficiaries, with an average grant per annum per beneficiary of £1,059. In addition, we advanced a further £33,000 across 7 borrowers through our loan scheme. £19,000 of loans were repaid and at the end of the year we had £703,856 of outstanding loans across 35 loans.

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 2022. We also granted a Summer award of £200 (2021: £nil) to beneficiaries, and continued with the Christmas grant of £200 (2021: £200). The levels awarded were higher than in previous years, reflecting cost-of living and heating cost increases, and all these grants were paid to both our grant beneficiaries and our loan scheme borrowers.

Page 3

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022

In January 2023 the Trustees agreed to increase the level of all our quarterly grants by around 14%, restoring a substantial part of the reduction that was made in 2020 at the start of the pandemic when we were concerned about the possible future impact of the pandemic on our finances. With the higher periodic grants we have made in the last couple of years, and the substantial restoration of the 2020 reduction, the Trustees intend that the charity continues to provide substantial help to its beneficiaries.

We have in the past given direct grants to other organisations with similar aims as the Charity. In 2022 the only organisations that we continued to support was the Corner Club and the Marmalade Trust, who received £8,000 and £2,000 respectively (2021: £8,000). The Corner Club is reliant on our ongoing funding to continue operating beyond 12 months and looked forward to meeting with its members in gardens and then indoors as soon as the lifting of the COVID restrictions allowed. 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.

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.

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.

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, our previous annual Thanksgiving Services and Tea Parties, 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.

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 former Secretary, Maureen Nicholls, her successor, Paula Robinson and the Visitors for their continued loyal work on behalf of the Institution and support to the beneficiaries.

Page 4

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

The Statement of Financial Activities on page 12 sets out income and expenditure of the Institution in the year.

Net expenditure before net gains/(losses) on investments was £146,508 (2021: net income £17,321). A total of £486,102 was paid by way of grants to beneficiaries, as compared with £450,450 in 2021. As well as this amount, £10,000 (2021: £8,021) has been provided by way of grant to other organisations working in the region, as described in more detail on page 4.

The total fund balance, including gains on investment assets, decreased by £1,215,812 to £14,841,686 of which £11,187,632 are Permanent Endowment funds, £2,582,024 are Expendable Endowment Funds and £1,072,030 are Unrestricted funds.

Investment Policy and Performance

Introduction

The Bristol Benevolent Institution was founded in 1869 to assist Bristolians who had been self-employed in the city but had fallen on hard times. This definition has been amended over the years and now the charity offers help to elderly residents of the city, via support and annual gifts and also via the provision of loans to elderly and impoverished people who wish to remain in their own homes but are unable to keep them maintained.

In addition, the charity seeks to help other organisations whose aims are similar to those stated above.

The management of the investments has been delegated to Evelyn Partners on a discretionary basis.

The investments consist of two funds: the Endowment Fund and the Expendable Endowment Fund. The Endowment Fund is restricted to the extent that capital can only be drawn down in a sustainable way in accordance with the agreed Total Return approach. The Expendable Fund represents unrestricted funds.

Responsible Investing

The trustees require the Investment Manager to adopt a responsible approach to investing, incorporating ESG (Environmental, Social and Governance) considerations in their investment process and actively engaging with companies as well as voting on BBI's behalf. Annual reports should be provided which demonstrate the responsible approach being adopted including sound stewardship.

Investment Objectives

The charity seeks to produce the best financial return within an acceptable medium level of risk. The trustees seek capital growth over the long term but also have a minimum income flow requirement.

The investment objective for both restricted and unrestricted funds is to generate a total return of CPI plus 4% over a rolling five-year period.

A total return approach is adopted, subject to a minimum income target of 2.5%. As such both the income generated and the capital can be drawn upon to meet spending requirements. The capital that can be drawn from the Endowment Fund is capped to the extent of the unapplied total return. The minimum income target of 2.5% was met in the year ending 31 December 2022.

The performance of the portfolio will be measured against the Evelyn Partners market comparator which will be adopted as a market benchmark and is currently composed as follows:

25.0% MSCI UK IMI (TR) 50.0% MSCI All Countries World Index ex UK (TR)

11.5% Markit iBoxx GBP Overall 7-10 Years (TR)

5.5% HFRX Global Hedge Fund

3.0% LBMA Gold Price PM

Page 5

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022

The charity's investments, after costs, returned -4.2% in the year ended 31st December 2022. Over the same timeframe, the composite benchmark returned -6.2%. The relative outperformance of the charity's investments was driven by overseas equities and fixed interest and highlights the defensive stance adopted.

Risk

The key risk to the long-term reserves is inflation, and the assets should be invested to mitigate this risk over the long term. The Trustees understand that this is likely to mean that investment will be concentrated in real assets and that the capital value will fluctuate. The assets can be invested widely and should be diversified by asset class and by security. Asset classes could include equities, bonds and cash, but not directly property, derivatives or hedge funds.

The Investment Manager will ensure that all investments are suitable and constitute a degree of diversification as required by Section 4 of the Charities Act 2000.

Review

This Investment Policy Statement will be reviewed in November each year.

Reserves Policy

Investments are managed on a Total Return basis and a regular monthly cash drawdown from investments is set at the start of each year to provide funds for charitable activities and expenditure. Short-term cash deposits form part of the investment portfolio managed by the charity's discretionary fund managers. Unrestricted reserves are needed:

For charitable and governance expenditure; and To provide for advances on loans to relevant beneficiaries.

This should include available cash reserves to avoid the necessity of realising capital investment assets at short notice, holding cash reserves the equivalent of no less than 4 months planned monthly drawdown from investments.

FUTURE PLANS

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

Page 6

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022

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 the 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.

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.

Page 7

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

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 the 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 30[th] May 2023 and signed on its behalf by:

J Williams - Trustee

Page 8

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 2022 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).

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.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

Page 9

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

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.

Our 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charity and the provision of grants and loans, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011 and relevant regulations made or having an effect thereunder, and we considered the extent to which non-compliance might have a material effect on the financial statements of the charity. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Statement of Recommended Practice and The Charities (Accounts and Reports) Regulations 2008.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to revenue recognition and management override of controls. Audit procedures performed by the audit engagement team included:

Page 10

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

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.

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.

Sumer Auditco Chartered Accountants and Statutory Auditor Blackdown House Blackbrook Park Avenue Taunton TA1 2PX

Date: 31[st] May 2023

Page 11

THE BRISTOL BENEVOLENT INSTITUTION

Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
Income
Fund
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
-
Investment income
3
542,393
Total
542,393
EXPENDITURE ON
Raising funds
4
-
Charitable activities
5
Visiting beneficiaries in need of
support and awarding grants and
loans
591,442
Total
591,442
Net gains/(losses) on
investments
-
NET
INCOME/(EXPENDITURE)
(49,049)
Transfers between funds
17
61,094
Net movement in funds
12,045
RECONCILIATION OF
FUNDS
Total funds brought forward
1,059,985
TOTAL FUNDS CARRIED
FORWARD
1,072,030
Expendable
Endowment
Fund
£
-
-
-
17,382
-
17,382
(189,684)
(207,066)
(20,654)
(227,720)
2,809,744
2,582,024
Permanent

Endowment
Fund
£
-
-
-
80,077
-
80,077
(879,620)
(959,697)
(40,440)
(1,000,137)
12,187,769
11,187,632		 2022

Total
funds
£
-
542,393
542,393
97,459
591,442
688,901
(1,069,304)
(1,215,812)
-
(1,215,812)
16,057,498
14,841,686		 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

The notes form part of these financial statements

Page 12

THE BRISTOL BENEVOLENT INSTITUTION

Balance Sheet 31 DECEMBER 2022

Unrestricted
Income
Fund
Notes
£
FIXED ASSETS
Investments
Investments
12
-
Social investments
13
703,856
703,856
CURRENT ASSETS
Debtors
14
2,439
Investments
15
186,831
Cash at bank
193,121
382,391
CREDITORS
Amounts falling due within one
year
16
(14,217)
NET CURRENT ASSETS
368,174
TOTAL ASSETS LESS
CURRENT LIABILITIES
1,072,030
NET ASSETS
1,072,030
Expendable
Endowment
Fund
£
2,582,024
-
2,582,024
-
-
-
-
-
-
2,582,024
2,582,024
Permanent

Endowment
Fund
£
11,187,632
-
11,187,632
-
-
-
-
-
-
11,187,632
11,187,632		 2022

Total
funds
£
13,769,656
703,856
14,473,512
2,439
186,831
193,121
382,391
(14,217)
368,174
14,841,686
14,841,686		 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

The notes form part of these financial statements

continued...

Page 13

THE BRISTOL BENEVOLENT INSTITUTION

Balance Sheet - continued 31 DECEMBER 2022

FUNDS
17
Unrestricted funds:
Unrestricted Income Fund
Endowment funds:
Permanent Endowment Fund
Expendable Endowment Fund
TOTAL FUNDS		 1,072,030
11,187,632
2,582,024
13,769,656
14,841,686		 1,059,985
12,187,769
2,809,744
14,997,513
16,057,498

The financial statements were approved by the Board of Trustees and authorised for issue on 30[th] May 2023 and were signed on its behalf by:

J Williams - Trustee

L Seager - Trustee

The notes form part of these financial statements

Page 14

THE BRISTOL BENEVOLENT INSTITUTION

Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2022

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
Transfers from fixed asset investments
Adjust for expenditure from capital cash
Exchange rate movements
Interest not transferred from investment
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		 2022
£
(587,442)
(587,442)
-
1,133
541,260
542,393
(33,000)
19,000
-
61,094
90,051
7,408
(325)
(97,459)
46,769
1,720
191,401
193,121		 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

The notes form part of these financial statements

Page 15

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2022

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 the charity has adequate resources to continue in operational existence for the foreseeable future. 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.

Investment income included in the financial statements is 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.

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

Page 16

continued...

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES - continued

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 17

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022

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
Visiting beneficiaries in need of support
and awarding grants and loans
Comparatives for 2021		 Direct
Costs (see
note 6)
£
78,728
71,992		 Grant
funding of
activities
(see note
7)
£
496,102
458,471		 2022
£
-
2022
£
541,260
1,133
542,393
2022
£
97,459
Support
costs (see
note 8)
£
16,612
21,048		 2021
£
175
2021
£
636,466
225
636,691
2021
£
68,034
Totals
£
591,442
551,511

continued...

Page 18

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022

6.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Office costs
Provision against unsecured loan balances
Foreign exchange loss/(gain)
Accountancy fees
7.
GRANTS PAYABLE
Visiting beneficiaries in need of support and awarding grants and loans
The total grants paid to institutions during the year was as follows:
The Corner Club
Marmalade Trust
St Peters Church
The total grants paid to individuals during the year was as follows:
Grants to individuals
8.
SUPPORT COSTS
Visiting beneficiaries in need of support and
awarding grants and loans		 2022
2021
£
£
54,909
50,822
5,153
4,297
-
(850)
-
197
18,666
17,526
78,728
71,992
2022
2021
£
£
496,102
458,471
2022
2021
£
£
8,000
8,000
2,000
-
-
21
10,000
8,021
2022
2021
£
£
486,102
450,450
Governance
costs
£
16,612

continued...

Page 19

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022

8. SUPPORT COSTS - continued

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

Governance costs

2022 2021
Visiting
beneficiaries
in need
of
support
and
awarding
grants Total
and loans activities
£ £
Secretarial salaries and costs 8,400 8,444
Auditors' remuneration 6,287 5,245
Trustees' meetings 549 -
Insurance 1,376 1,459
Legal fees - 5,900
16,612 21,048

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no Trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. Only the Trustees are considered to be key management personnel.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

10. STAFF COSTS

Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Secretarial
Visitors		 2022
£
62,599
710
63,309
2022
1
4
5		 2021
£
58,743
523
59,266
2021
2
4
6

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

continued...

Page 20

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022

10. STAFF COSTS - continued

The number of full time equivalent employees during the year was 2 (2021: 2).

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Visiting beneficiaries in need of support and
awarding grants and loans
Total
Net gains on investments
NET INCOME
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Income
Fund
£
175
636,691
636,866
-
551,314
551,314
-
85,552
50,000
135,552
924,433
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
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

continued...

Page 21

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022

12. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2022
Additions
Disposals
Revaluations
Total return & other transfers
Exchange differences
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021		 Listed
investments
£
14,997,513
4,237,948
(4,335,407)
(1,061,896)
(61,094)
(7,408)
13,769,656
13,769,656
14,997,513

There were no investment assets outside the UK.

continued...

Page 22

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022

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 summarised below:

No.
Advanced at 1 January
36
Further advances during the year
Loans repaid during the year
Movement in provision for unsecured loans
Advanced at 31 December
35
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments and accrued income
15.
CURRENT ASSET INVESTMENTS
Short term cash deposits

continued...

Page 23

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Loan creditor
Other creditors
Accruals and deferred income
MOVEMENT IN FUNDS
Unrestricted funds
Unrestricted Income Fund
Endowment funds
Permanent Endowment Fund
Expendable Endowment Fund
TOTAL FUNDS		 At 1.1.22
£
1,059,985
12,187,769
2,809,744
14,997,513
16,057,498		 Net
movement

in funds
£
(49,049)
(959,697)
(207,066)
(1,166,763)
(1,215,812)		 2022
£
5,000
-
9,217
14,217
Transfers

between

funds
£
61,094
(40,440)
(20,654)
(61,094)
-		 2021
£
-
21
9,280
9,301

At
31.12.22
£
1,072,030
11,187,632
2,582,024
13,769,656
14,841,686

17. MOVEMENT IN FUNDS

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
£
542,393
-
-
-
542,393		 Resources
expended
£
(591,442)
(80,077)
(17,382)
(97,459)
(688,901)		 Gains and
losses
£
-
(879,620)
(189,684)
(1,069,304)
(1,069,304)		 Movement
in funds
£
(49,049)
(959,697)
(207,066)
(1,166,763)
(1,215,812)

Transfers to the unrestricted income fund are required to meet the budgeted expenditure requirements each year. From 1 January 2022, the company has adopted the Total Return basis which allows the endowment fund to be converted to income on a managed basis. Details of the movements in the value of the unapplied total return are shown in note 21.

continued...

Page 24

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.1.21
£
Unrestricted funds
Unrestricted Income Fund
924,433
Endowment funds
Permanent Endowment Fund
11,024,946
Expendable Endowment Fund
2,601,606
13,626,552
TOTAL FUNDS
14,550,985
Comparative net movement in funds, included in the above are		 Net
movement

in funds
£
85,552
1,162,823
258,138
1,420,961
1,506,513
as follows:		 Transfers

between

funds
£
50,000
-
(50,000)
(50,000)
-
At
31.12.21
£
1,059,985
12,187,769
2,809,744
14,997,513
16,057,498
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

18. RELATED PARTY DISCLOSURES

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

Page 25

continued...

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022

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

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Losses/(gain) on investments
Interest received
Dividends received
Expenditure attributable to endowment
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash used in operations
ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.22
£
Net cash
Cash at bank
191,401
191,401
Liquid resources
Deposits included in cash
-
Current asset investments
186,505
186,505
Total
377,906		 2022
£
(1,215,812)
1,069,304
(1,133)
(541,260)
97,459
(915)
4,915
(587,442)
Cash flow
£
1,720
1,720
-
326
326
2,046		 2021
£
1,506,513
(1,489,192)
(225)
(636,466)
68,231
391
(1,991)
(552,739)
At 31.12.22
£
193,121
193,121
-
186,831
186,831
379,952

20. ANALYSIS OF CHANGES IN NET FUNDS

Page 26

continued...

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022

21. PERMANENT ENDOWMENT FUND

The Charity adopted the Total Return approach to its Permanent Endowment Fund investments with effect from 1st January 2022. At this date, the Permanent Endowment Fund was analysed between the Gift Component, being the estimated value of the original gifts received by the Charity, and the Unapplied Total Return, being the balance of the fund as shown below.

Investment income is allocated to the Unrestricted Fund as before and the Unapplied Total Return is applied to income in the year in accordance with the Trustee's policy to receive a fixed amount of income per annum, as explained in more detail in the Trustees' Report.

As at 1 January 2022
Movements
Charitable activities
Transfer between funds
Investment return: realised and unrealised losses
Less: investment management fees
Unapplied Total Return allocated to income
Net movements
As at 31 December 2022		 Gift
Component
£
9,966,796
968
315
(720,322)
(65,663)
(784,702)
-
(784,702)
9,182,094		 Unapplied
Total

Return
£
2,220,973
216
69
(160,482)
(14,414)
(174,611)
(40,824)
(215,435)
2,005,538		 Total
Permanent
Endowment
Fund
£
12,187,769
1,184
384
(880,804)
(80,077)
(959,313)
(40,824)
(1,000,137)
11,187,632

continued...

Page 27

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022

22. 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		 Unrestricted
Income
Fund
£
-
689,856
689,856
1,524
186,505
191,401
379,430
(9,301)
370,129
1,059,985
-
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
1,059,985
12,187,769
2,809,744
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
924,433
11,024,946
2,601,606
14,550,985

continued...

Page 28

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022

23. 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.

continued...

Page 29

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022

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

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:

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.

continued...

Page 30

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022

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

EXPENDABLE ENDOWMENT FUND AND THE UNRESTRICTED INCOME FUND

Funds administered under these funds include:

Caleb Trapnell Memorial Fund The Madeline Markham Skerritt Gift The Arabella Beddoe Memorial Fund Heber Mardon Annuity Edward Westmore Allen Annuity The Mr and Mrs Gustav Nebendahl Memorial Fund

A Bristolian The Thomas Cardwell Stock Gift The Bodinnar Fund "Anonymous Donor" Miss Dora Hutton

Miss Pullin Mrs Barbara Sims Miss M M Leader Mrs M W Newberry Mr John Royston Webb

The Phillip John Smith Gift I C I Milton The Amy Jane Bethell of Manchester Fund Mr Michael Green Mrs Anne Chivers

Page 31

THE BRISTOL BENEVOLENT INSTITUTION

Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2022

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
Pensions
Office costs
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
Trustees' meetings
Insurance
Legal fees
Total resources expended
Net (expenditure)/income before gains and
losses		 2022
£
-
541,260
1,133
542,393
542,393
97,459
54,199
710
5,153
-
-
18,666
10,000
486,102
574,830
8,400
6,287
549
1,376
-
16,612
688,901
(146,508)		 2021
£
175
636,466
225
636,691
636,866
68,034
50,299
523
4,297
(850)
197
17,526
8,021
450,450
530,463
8,444
5,245
-
1,459
5,900
21,048
619,545
17,321

This page does not form part of the statutory financial statements

Page 32

THE BRISTOL BENEVOLENT INSTITUTION

Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2022

Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
(
Net (expenditure)/income
(		 2022
2021
£
£
1,069,304)
1,489,192
1,215,812)
1,506,513

This page does not form part of the statutory financial statements

Page 33