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2024-12-31-accounts

REGISTERED CHARITY NUMBER: 204592

Report of the Trustees and

Financial Statements

for the Year Ended 31 December 2024

for

THE BRISTOL BENEVOLENT INSTITUTION

THE BRISTOL BENEVOLENT INSTITUTION

Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2024

Page
Reference and Administrative Details 1
Report of the Trustee 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 29
Detailed Statement of Financial Activities 30 to 31

THE BRISTOL BENEVOLENT INSTITUTION

Reference and Administrative Details FOR THE YEAR ENDED 31 DECEMBER 2024

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, MS L SEAGER, MR M LAWS, MRS S MORRIS Corporate Trustee: BRISTOL BENEVOLENT INSTITUTION CORPORATE TRUSTEE LIMITED DIRECTORS OF CORPORATE TRUSTEE MR N P D BOND * MR D FARRAR * MS E LAWRENCE MR M T LAWS (resigned 11th December 2024) MRS S J MORRIS MRS J T PARA MS L A SEAGER * (Chair) MR J M WILLIAMS * (Hon Treasurer) MR T SAUNDERS * Mr J MOORE (appointed 18th September 2024) Mr A WEBB (appointed 11th December 2024) * denotes member of Finance Committee Secretary: MRS P ROBINSON MRS C M CHAPMAN, MRS J P THORNE, MRS S J BRIGHTWELL, MRS L J Visitors: CHURCHILL, MRS N A MCELWEE Offices: 45 HIGH STREET, NAILSEA, BRISTOL, BS49 1AW And BATH HOUSE, 6 - 8 BATH STREET, BRISTOL, BS1 6HL Accountants: GRAVITA WESTERN LIMITED (FORMERLY KNOWN AS HAINES WATTS WESTERN LIMITED) BATH HOUSE, 6 - 8 BATH STREET, BRISTOL, BS1 6HL Independent auditor: SUMER AUDITCO LIMITED BLACKDOWN HOUSE, BLACKBROOK PARK AVENUE, TAUNTON, TA1 2PX Nominees and EVELYN PARTNERS LLP PORTWALL PLACE, PORTWALL LANE, BRISTOL, BS1 Investment Managers: 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 Trustee FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustee presents its report with the financial statements of The Bristol Benevolent Institution ("the Charity") for the year ended 31 December 2024. The Trustee has 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 Directors refer to the Directors of the Corporate Trustee company, which is the sole Trustee of the Charity.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The principal object of the Charity is to afford relief to suitable persons 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 Directors, in addition to which special grants are made to applicants on occasions when a specific need has arisen. Interest free loans have been made in some circumstances 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.

Many of our beneficiaries live quite isolated lives and our Visitors maintain regular contact with our beneficiaries with visits and phone calls.

Any changes in beneficiaries' circumstances are reported to the Trustee, which considers 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 Trustee confirms that it has complied with the duty to have due regard to public benefit guidance published by the Charity Commission and believe that:

The Trustee considers that it is 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 Trustee FOR THE YEAR ENDED 31 DECEMBER 2024

ACHIEVEMENT AND PERFORMANCE Charitable activities

The pastoral support that our Visitors give is a core part of our Charity's activities. The level of visits has returned to that prior to the pandemic.

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).

Our total donations in the year amounted to £655,580, with £85,200 of this being accrued at the year end, and we incurred costs of £197,313. The major part of our costs are incurred on charitable activities, paying for our Secretary and visitors to assess all applicants and claims, and our continued contact and support to existing beneficiaries.

We had 111 applications for one-off grants this year (2023: 110) with an average value per grant of £399 (2023: £390) and we accepted 34 (2023: 31) new quarterly beneficiary grant applicants. After allowing for existing beneficiaries who either no longer needed our support and withdrew, or who died in the year, we ended the year with 254 quarterly grant beneficiaries (2023: 280).

Our traditional Tea Party was held at Bristol City Hall, and was well attended by our beneficiaries who were joined by the Lord Mayor of Bristol.

The benefits provided by the Charity have continued during the year through the provision of financial support, telephone calls and regular visits by our Visitors to those in need in Bristol, North Somerset and South Gloucestershire.

As has been the case for a number of years, many of our beneficiaries have less than £120 per week, and some as little as less than £10 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 £360 p.a to £1,440 p.a. The Trustee will keep these levels under review, particularly bearing in mind the effects of inflation on those that we help. 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.

Some of our beneficiaries are homeowners, and for many years the Charity had offered a loan scheme which permitted those who owned property but had limited means to continue to live in and maintain their homes for many years longer than might otherwise be the case. We advanced secured loans to allow home-owners who met 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. In 2024 the Directors reviewed the continued operation of this scheme against our charitable objectives and the needs of potential beneficiaries and decided that the scheme would be wound down as loans matured and were repaid, and no new loans would be made. The Directors concluded that with the very high growth in property prices in the Bristol area in recent years, and with increased regulation of equity-release schemes, the continued operation of a loan-scheme to home-owners with equity in property was no longer needed as a charitable activity. Existing loans will continue to be recovered on the original terms on which they were advanced.

During 2024 we awarded grants to individuals totalling £562,380. Within this, we paid quarterly grant payments totalling £325,520 to an average of 267 beneficiaries, with an average grant per annum per beneficiary of £1,219. In addition, we advanced a further £47,000 across 8 borrowers through our loan scheme. £83,095 of loans were repaid and at the end of the year we had a further £678,475 (£714,570 net of provisions) outstanding across 27 loans, including £80,713 across 3 loans that would be repaid upon the completion of house sales underway at the year end.

Page 3

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustee FOR THE YEAR ENDED 31 DECEMBER 2024

We were pleased to be in a position to give each beneficiary a special grant of £200 (2023: £200) to assist with their heating costs in February 2024. We also granted a Summer award of £150 (2023: £150) to beneficiaries. With the recent and sudden withdrawal by the Government of the long-standing Winter Fuel Benefit to pensioners, we increased the Christmas grant from £200 in 2023 to £300, paid in December, and it was agreed that in February 2025 an increased special grant for heating costs of £300 be paid. All these grants were paid to both our grant beneficiaries and our loan scheme borrowers.The February 2025 special grant has been accrued for in these accounts.

In 2024, we continued to support the Corner Club, who received £8,000. The Corner Club is reliant on our ongoing funding to continue operating beyond 12 months, to provide a day time club for local elderly people.

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 Charity 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, annual Tea Parties, 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://www.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.

In 2024 we said goodbye to two longstanding Visitors and welcomed two new Visitors and we hope that they will enjoy working with the Charity and its beneficiaries.

The Trustee, through its Directors, gives its thanks to our Secretary, Paula Robinson, and the Visitors for their continued excellent work on behalf of the Charity and their support to the beneficiaries.

Page 4

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustee FOR THE YEAR ENDED 31 DECEMBER 2024

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 £459,276 (2023: £306,437). A total of £647,580 (2023: £546,935) was paid by way of grants to beneficiaries. As well as this amount, £8,000 (2023: £8,000) has been provided by way of grants to other organisations working in the region, as described in more detail on pages 3 and 4.

The total fund balance, including gains on investment assets, increased by £405,061 to £15,401,630 of which £11,768,111 are Permanent Endowment funds, £2,696,609 are Expendable Endowment Funds and £936,910 are Unrestricted funds.

Over the year our investments grew by £520,559 to end the year at £14,464,720.

To fund our donations and activities we drew down cash of £653,381 and earned interest of £8,251 to give total funds for distribution of £661,902 (2023: £636,705). Our portfolio earned a Total Return of 8.5% over the year (2023: 6%).

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.

Investment Policy

A total return approach is adopted. 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.

Page 5

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustee FOR THE YEAR ENDED 31 DECEMBER 2024

The performance of the portfolio will be measured against the Evelyn Partners Strategy 6 market comparator which will be adopted as a market benchmark and is currently composed as follows:

Risk

i. 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.

ii. 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.

iii. 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.

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

The charity's investments, after costs, returned 8.5% in the year ended 31 December 2024. Over the same timeframe, the composite benchmark returned 13.3%. The relative underperformance of the charity's investments was driven by US equities and highlights the more diversified nature of the portfolio whereas performance of the US equity market was driven by a small number of very large companies.

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.

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, except that the loan scheme will be wound down as loans mature and are repaid, and no new loans will be made. See paragraph 8 on page 3 for more details.

Page 6

THE BRISTOL BENEVOLENT INSTITUTION

Report of the Trustee FOR THE YEAR ENDED 31 DECEMBER 2024

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 coopted. 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 Charity is open to any individual over the age of eighteen years, or to organisations, who are approved by the Trustee. The affairs of the Charity are under the control of the Corporate Trustee. The Directors of the Corporate Trustee are appointed by a majority of the Board of the Corporate Trustee and remain in place until they resign, are removed or are disqualified from office. The Chairman and Honorary Treasurer are appointed by the Directors at the annual business meeting of the Board from the body of Directors.

The Directors of the Corporate Trustee meet four times a year. The Charity has dispensed with holding an Annual General Meeting of the Members, as permitted by the Companies Act. Members may call a General Meeting if so required. 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 Directors' meetings, based on information collated by the Secretary and Visitors.

Recruitment, induction and training of new Trustees

The Corporate Trustee has initiated a Statement of Policy with regard to the recruitment, induction and training of Directors. 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 Trustee FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management

The Trustee confirms that the major risks, to which the Charity is exposed, as identified by the Directors, 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 secured and registered with the Land Registry and the Directors must approve all payments as being in accordance with the charitable objectives.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustee is responsible for preparing the Trustee's 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 Trustee 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 Trustee is required to:

disclosed and explained in the financial statements; and

The Trustee is 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 28[th] July 2025 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 2024 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.

Page 9

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

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.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 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

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and the transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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/auditorsresponsibilities. This description forms part of our Independent 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 Limited Statutory Auditor Blackdown House Blackbrook Park Avenue Taunton TA1 2PX

Date: 28[th] July 2025

Page 11

THE BRISTOL BENEVOLENT INSTITUTION

Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Income
Fund
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
250
Investment income
3
393,367
Total
393,617
EXPENDITURE ON
Raising funds
4
-
Charitable activities
5
Visiting beneficiaries in need of
support and awarding grants and
loans
777,650
Total
777,650
Net gains on investments
-
NET
INCOME/(EXPENDITURE)
(384,033)
Transfers between funds
16
268,535
Net movement in funds
(115,498)
RECONCILIATION OF
FUNDS
Total funds brought forward
1,052,408
TOTAL FUNDS CARRIED
FORWARD
936,910
Expendable
Endowment
Fund
£
-
-
-
11,194
-
11,194
148,015
136,821
(46,419)
90,402
2,606,207
2,696,609
Permanent

Endowment
Fund
£
-
-
-
64,049
-
64,049
716,322
652,273
(222,116)
430,157
11,337,954
11,768,111		 2024

Total
funds
£
250
393,367
393,617
75,243
777,650
852,893
864,337
405,061
-
405,061
14,996,569
15,401,630		 2023
Total
funds
£
-
436,609
436,609
86,719
656,327
743,046
461,320
154,883
-
154,883
14,841,686
14,996,569

The notes form part of these financial statements

Page 12

THE BRISTOL BENEVOLENT INSTITUTION

Balance Sheet 31 DECEMBER 2024

Unrestricted
Income
Fund
Notes
£
FIXED ASSETS
Investments
Investments
12
-
Social investments
13
678,475
678,475
CURRENT ASSETS
Debtors
14
10,462
Cash at bank
351,213
361,675
CREDITORS
Amounts falling due within one
year
15
(103,240)
NET CURRENT ASSETS
258,435
TOTAL ASSETS LESS
CURRENT LIABILITIES
936,910
NET ASSETS
936,910
Expendable
Endowment
Fund
£
2,696,609
-
2,696,609
-
-
-
-
-
2,696,609
2,696,609
Permanent

Endowment
Fund
£
11,768,111
-
11,768,111
-
-
-
-
-
11,768,111
11,768,111		 2024

Total
funds
£
14,464,720
678,475
15,143,195
10,462
351,213
361,675
(103,240)
258,435
15,401,630
15,401,630		 2023
Total
funds
£
13,944,161
714,570
14,658,731
6,796
345,586
352,382
(14,544)
337,838
14,996,569
14,996,569

The notes form part of these financial statements

continued...

Page 13

THE BRISTOL BENEVOLENT INSTITUTION

Balance Sheet - continued 31 DECEMBER 2024

FUNDS
16
Unrestricted funds:
Unrestricted Income Fund
Endowment funds:
Permanent Endowment Fund
Expendable Endowment Fund
TOTAL FUNDS		 936,910
11,768,111
2,696,609
14,464,720
15,401,630		 1,052,408
11,337,954
2,606,207
13,944,161
14,996,569

The financial statements were approved by the Board of Trustees and authorised for issue on 28[th] July 2025 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 2024

Notes
Cash flows from operating activities
Cash generated from operations
18
Net cash used in operating activities
Cash flows from investing activities
Interest received
Dividends received
Net cash provided by investing activities
Cash flows from financing activities
Transfers from fixed asset investments
Transfers from current asset investments
Interest not transferred from investment
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		 2024
£
(656,275)
(656,275)
8,251
385,116
393,367
268,535
-
-
268,535
5,627
345,586
351,213		 2023
£
(671,073)
(671,073)
6,863
429,746
436,609
200,096
187,289
(456)
386,929
152,465
193,121
345,586

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 2024

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.

continued...

Page 16

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Governance costs

Governance costs include auditors' fees, costs of Trustees' meetings, Trustees' indemnity insurance, 25% of secretarial salaries and costs and legal and professional fees, 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 2024

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		 2024
£
250
2024
£
385,116
8,251
393,367
2024
£
75,243		 2023
£
-
2023
£
429,746
6,863		 2023
£
-
2023
£
429,746
6,863
436,609
2023
£
86,719
Visiting beneficiaries in need of support
and awarding grants and loans
Comparatives for 2023		 Direct
Costs (see
note 6)
£
105,155
86,156		 Grant
funding of
activities
(see note
7)
£
655,580
554,935		 Support
costs (see
note 8)
£
16,915
15,236		 Totals
£
777,650
656,327		 Totals
£
777,650

continued...

Page 18

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

6. DIRECT COSTS OF CHARITABLE ACTIVITIES

Staff costs
Office costs
Thanksgiving service and tea party
Provision against unsecured loan balances
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
The total grants paid to individuals during the year was as follows:
Grants to individuals		 2024
£
72,222
9,731
1,662
-
21,540
105,155
2024
£
655,580
2024
£
8,000
2024
£
647,580		 2023
£
57,030
10,643
1,576
(5,000)
21,907
86,156
2023
£
554,935
2023
£
8,000
2023
£
546,935

continued...

Page 19

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

8. SUPPORT COSTS

Support costs are as follows:

Governance costs

Governance costs
2024 2023
Total
 Total
activities activities
£ £
Secretarial salaries and costs 6,495 5,659
Pensions 186 159
Auditors' remuneration (including
irrecoverable VAT) 6,630 6,300
Trustees' meetings 680 709
Insurance 1,469 1,409
Legal and professional fees 1,455 1,000
16,915 15,236

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no Trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Only the Trustees are considered to be key management personnel.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

10. STAFF COSTS

STAFF COSTS
Wages and salaries
Other pension costs		 2024
£
77,087
1,816
78,903		 2023
£
61,398
1,450
62,848

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

Secretarial
Visitors		 2024
1
5
6		 2023
1
4
5

continued...

Page 20

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

10. STAFF COSTS - continued

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

The number of full time equivalent employees during the year was 2 (2023: 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 on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Income
Fund
£
436,609
-
656,327
656,327
-
(219,718)
200,096
(19,622)
1,072,030
1,052,408
Expendable
Endowment
Fund
£
-
14,980
-
14,980
80,100
65,120
(40,937)
24,183
2,582,024
2,606,207
Permanent

Endowment
Fund
£
-
71,739
-
71,739
381,220
309,481
(159,159)
150,322
11,187,632
11,337,954
Total
funds
£
436,609
86,719
656,327
743,046
461,320
154,883
-
154,883
14,841,686
14,996,569

continued...

Page 21

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

12. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2024
Additions
Disposals
Revaluations
Exchange differences
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Listed
investments
£
13,944,161
3,530,445
(3,874,223)
864,290
47
14,464,720
14,464,720
13,944,161

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 2024

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 £15,364 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
31
Further advances during the year
-
Loans repaid during the year
(4)
Advanced at 31 December
27
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments and accrued income
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
Accruals and deferred income
Accrued expenses
16.
MOVEMENT IN FUNDS
Net
movement
At 1.1.24
in funds
£
£
Unrestricted funds
Unrestricted Income Fund
1,052,408
(384,033)
Endowment funds
Permanent Endowment Fund
11,337,954
652,273
Expendable Endowment Fund
2,606,207
136,821
13,944,161
789,094
TOTAL FUNDS
14,996,569
**405,061 **

continued...

Page 23

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

16. 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
£
393,617
-
-
-
393,617		 Resources
expended
£
(777,650)
(64,049)
(11,194)
(75,243)
**(852,893) **		 Gains and
Movement
losses
in funds
£
£
-
(384,033)
716,322
652,273
148,015
136,821
864,337
789,094
864,337
**405,061 **

Comparatives for movement in funds

Unrestricted funds
Unrestricted Income Fund
Endowment funds
Permanent Endowment Fund
Expendable Endowment Fund
TOTAL FUNDS		 At 1.1.23
£
1,072,030
11,187,632
2,582,024
13,769,656
14,841,686		 Net
movement

in funds
£
(219,718)
309,481
65,120
374,601
154,883		 Transfers

between

funds
£
200,096
(159,159)
(40,937)
(200,096)
-
At
31.12.23
£
1,052,408
11,337,954
2,606,207
13,944,161
14,996,569

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
£
436,609
-
-
-
436,609		 Resources
expended
£
(656,327)
(71,739)
(14,980)
(86,719)
(743,046)		 Gains and
Movement
losses
in funds
£
£
-
(219,718)
381,220
309,481
80,100
65,120
461,320
374,601
461,320
154,883

continued...

Page 24

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

16. MOVEMENT IN FUNDS - continued

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 20.

17. RELATED PARTY DISCLOSURES

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

18. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Gain on investments
Interest received
Dividends received
New loans in year
Loan repayments in year
Portfolio management fees
Increase in debtors
Increase in creditors
Net cash used in operations		 2024
£
405,061
(864,337)
(8,251)
(385,116)
(47,000)
83,095
75,243
(3,666)
88,696
**(656,275) **		 2023
£
154,883
(461,320)
(6,863)
(429,746)
(52,000)
41,286
86,719
(4,357)
325
(671,073)

19. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£ £ £
Net cash
Cash at bank 345,586 5,627 351,213
345,586 5,627 351,213
Total 345,586 5,627 351,213

continued...

Page 25

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

20. 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 2023
Movements
Investment return: realised and unrealised losses
Less: investment management fees
Unapplied Total Return allocated to income
Net movements
As at 31 December 2023
Movements
Investment return: realised and unrealised gains
Less: investment management fees
Unapplied Total Return allocated to income
Net movements
As at 31 December 2024		 Gift
Component
£
9,182,094
312,881
(58,879)
254,002
-
254,002
9,436,096
611,692
(53,305)
558,387
-
558,387
9,994,483		 Unapplied
Total
Return
£
2,005,538
68,339
(12,860)
55,479
(159,159)
(103,680)
1,901,858
123,287
(10,744)
112,543
(240,773)
(128,230)
1,773,628		 Total
Permanent
Endowment
Fund
£
11,187,632
381,220
(71,739)
309,481
(159,159)
150,322
11,337,954
734,979
(64,049)
670,930
(240,773)
430,157
11,768,111

continued...

Page 26

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

21. COMPARATIVE BALANCE SHEET

FIXED ASSETS
Investments
Social investments
CURRENT ASSETS
Debtors
Cash at bank
CREDITORS
Amounts falling due within
one year
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
NET ASSETS
FUNDS
Unrestricted Income Fund
Permanent Endowment Fund
Expendable Endowment
Fund
TOTAL FUNDS		 Unrestricted
Income
Fund
£
-
714,570
714,570
6,796
345,586
352,382
(14,544)
337,838
1,052,408
1,052,408		 Expendable
Endowment
Fund
£
2,606,207
-
2,606,207
-
-
-
-
-
2,606,207
2,606,207		 Permanent
Endowment
Fund
£
11,337,954
-
11,337,954
-
-
-
-
-
11,337,954
11,337,954		 2023
Total
Funds
£
13,944,161
714,570
14,658,731
6,796
345,586
352,382
(14,544)
337,838
14,996,569
14,996,569
1,052,408
11,337,954
2,606,207
14,996,569

continued...

Page 27

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

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.

continued...

Page 28

THE BRISTOL BENEVOLENT INSTITUTION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

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

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.

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

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

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

Page 29

THE BRISTOL BENEVOLENT INSTITUTION

Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2024

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
Thanksgiving service and tea party
Provision against unsecured loan balances
Accountancy fees
Grants to institutions
Grants to individuals
Support costs
Governance costs
Secretarial salaries and costs
Pensions
Auditors' remuneration (including irrecoverable
VAT)
Trustees' meetings
Insurance
Legal and professional fees
Total resources expended
Net expenditure before gains and losses		 2024
£
250
385,116
8,251
393,367
393,617
75,243
70,592
1,630
9,731
1,662
-
21,540
8,000
647,580
760,735
6,495
186
6,630
680
1,469
1,455
16,915
852,893
(459,276)		 2023
£
-
429,746
6,863
436,609
436,609
86,719
55,739
1,291
10,643
1,576
(5,000)
21,907
8,000
546,935
641,091
5,659
159
6,300
709
1,409
1,000
15,236
743,046
(306,437)

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 2024

Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net income		 2024
£
864,337
**405,061 **		 2023
£
461,320
154,883

This page does not form part of the statutory financial statements

Page 31