THE NATIONAL BENEVOLENT SOCIETY
OF WATCH AND CLOCK MAKERS
Amalgamating in 1916
The Watch and Clockmakers, Benevolent Institution (1815)
The Watchmakers, Pension Society (1817)
The Watch and Clockmakers, Asylum (1854)
Trustees, Report and Accounts
Year ended 31st October 2021
Charity Registration No. 206750

THE NATION
BENEV
LENT SO
IETY OF WATCH AND CLOCK MAKERS
CONTENTS
Page
Report of the Trustees
Report of the Independent Examiner
Statement of Financial Activities
Balance Sheet
Notes fO￿nIng part of the accounts
9-13

THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31" OCTOBER 2021
DMINISTRATIVE INFORMATI
Charlty Name
The National Benevolent Society of Watch and Clock Makers
Charities Commlsslon
Registration Numb8r
206750
Prln¢lpal Offlce
clo The Worshipful Company of Clockmakers
1. Throgmorton Avenue
LONDON EC2N 2BY
Trustees
P.F.Cradock LVO FBHI (Chair)
K.E.Angliss FCA
R.A.Ball LVO FBHI
M.W.Elliott FCA
Mrs E Gill
L.G.Gleave
Mrs V.A.Leonard FBHI
H.C.Newman FBHI
B.E.Pestell
P.Roberson FBHI
P. Taylor {resigned 25121211
D.G.Williams
Prosident
The Master ofthe Worshipfvl Company of Clockmakers
Honorary Treasurer
K.E.Angliss FCA
Sgcretary
Mrs J.A.Baker
Indopondent Examlner
S Holmes ACA. DChA.
Haysmacinlyre LLP
10, Queen Street Place
LONDON EC4R 1AG
Bankers
CAF BANK Ltd.
PO Box 289
Wesl Malling
KENT ME19 4TA
Investment Managars
Investec Wealth & Investment
30 Gresham Street.
LONDON EC2V 7QN

THE NATI
NAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS
EPORT OF THE TRUSTEES FOR THE YEAR ENDED 31bl OCTOBER 2021
The trustees present their report along with the financial statements of the charity for the year ended 311t Odober
2021. The financial statemenls have been prepared in accordance wrth the accounting pjlicies set out in rtrote 1 on
pages 9 & 10 and comply wjth the chanty's constitution. the Charities Act 2011 and the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 102) {Charities SORP (FRS1021 Second Edition)-
Structure. Govomance and Management
The charity was established by a charitable trust deed in 1916. which amalgamated The Watch and Clockmakers
Benevolent Institution, The Watchmakers. Pension StKiety and The Walch and Clockmakers Asylum. and Is a
registered charity No. 206750. The charity does not actively fijndraise and seeks to continue ils philanthropic work
through the careful stewardship of existing resources. The charity is however mindful of the code issued by the
Fundraising regulators.
Trustees are appointed by the members of the Society and each of the followtng bodies is also entitled to apwint
trustees, namely The Worshipful Company of Clockmakers, The British Horological Institute and The Brits'sh Watch
and Clockmakers Guild.
Trustees
Trustees are trained by attendance at Injstee meetings, by attendance al Ihe meetings of their own bodies and by
refe￿nce to appropriate documentation of the Charity Commission in particular the Charty Commission's guidance
'The Essential Trustee,.
The trustees who meet regularly to consider grant applications, to deal with all administrative matters and to fix the
next quartedy payment to beneficiaries, make all decisions regarding the charity as key management. There are no
related charities or subsidiaries.
Rlsk Managemont
The trustees have considered the major risks to which the charity is exposed and have reviewed those rfsks and
8st8blished systems and procedures to manage those risks. The trustees consider the variability of inveslment relurns
to constitute the charity's major risk and work with the Investment Managers to minimise such a risk.
In the light of the current financial climale, the Iruslees have considered the specific risk involved with cash deposits
with banks and other financial institutions. Having made their own enquiries of those financial institutions with which
the charity has investments, the Iruslees have come lo the conclusion that, although no deposit can be totally secure,
the risk that the charity's funds will not be recovered in the event of a catastrophic 8vent is as minimal as Ihey might
expect in the current economic conditions.
Objectlves and Actlvltlos
The objects of the charity are to relieve old age, sickness, disability, infi￿rtY, and financial needs of persons vtho have
been engaged in any branch of the watch or clock trades and their wid¢)ws or widowers.
Th8 activiti&s of the charity are the payment of grants lo existing beneficiaries of as much of the charity's total assets
as is, in the opinion of the trustees. appropriate being mindfvl of the current number of benefici8ries and the likely call
on future fvnds.
Grants and Ellglblllty
In accordance with the constitution. all potential beneficiaries must have been engaged in a branch of Ihe watch and
clock trade. Each applicant is required to complete an application form that is then considered by the trustees (often
one of the trustees will have kn(Iwledge of the applicant and can give further infom)ation} and a deasion is made on
the application. Grants are generally awarded by the trustees rfthe annu81 income of the applicant is less than £20.000.
although this is only a CAJmmittee guideline and decisions may be arrived at where olher information is available.

THE NATIONAL BENEV
ENT SOCIE￿ OF WATCH AND CLOCK MAKERS
REPORT
F THE TRUSTEES FOR THE YEAR ENDED 31bt
CTOBER 2021
Achlevement$ and Perfomianca
The Charity continues to pay grants to beneficiaries.
At 31S1 October 2021 there were 94 recipients of the Society's grants12020- 102)
In the year to 31%t October 2020 additional payments were made to those who, ￿rther to a questionnaire to all
beneficiaries. requested special assistance or who were receiving means tested benefits.
In this year {to 31st October 20211 the trustees took account of those who had had such assistance and those receiving
Pension or Universal Credit. We have therefore continued to pay increased grants each quarter lo th05e concerned.
In September. a payment of the additional grft to cover the TV Licence of all beneficiaries was continued.
Al the October meebng of trustees, il was decided that the concem regarding the likely rise in the cost of healing could
be causing hardship lo many beneficiaries and it was agreed lo make an immediate exceptional payment of £100 to
help alleviate such concems.
The trustees are of the opinion that with the ever-reducing number of beneficiaries, despite considerable efft)rts to
increase such numbers. it is reasonable to maintain and even increase paymonts whilst the overall funds remain in a
healthy state. Should this situation change it is understood that adjustments may b8 required.
During the year the following applicants were elected..
Mr G Antonelli. Mr J B Jones, Ms K S Lee, Mr S Thomas. Mr C Wilkes
The following had grants transferred on the death of their spouses-
Mrs D Pugsley
The trustees recorded, with regret. the death of the following beneficiaries..
Mrs J Cullum. Mrs S Denton. Mrs C Garrett, Miss C S Holman, Mrs D Hutt, Mrs A Jackson, Mr D Leah.
Mrs B Mann, Mrs S Miles. Mrs R Pe￿in5. Mr L Puggley, Mr B Sandford, Mrs R Setterfield.
The following grants were disconlinu8d'.
Mr B Staight Iresigned}
FinanGlal RovI6w
The tharity is reliant on the income from its investments. which amounted to £74.65612020'. £80.342).
In Ihe current year, the attached financial statements show a deficit. before other recognised gains and losses. of
£199.772 {2020.' Deficit £203,187)
Investment Pollcy and Pèrformance
The trustees set the inv8slment glrategy, and the Honorary Treasurer attend$ regular meetings of the Investment
Panel of the Worshipfvl Company of Clockmakers who consider the investment policy in assoc*ation with Inveslec
Wealth & Invegtmanl Limited. The Panel considers the income requirements. the risk profile and the investment
managers, views of Ihe market prospects ill the medium tem). This strategy is sel wrthin a current overall policy which
stales that the fund is to be invested in low and medium risk investments primarily to attempt to provide suffici8nt
income to continue with grants al the present level.
Reserves Revlew including Pollcy
The charrty is mainly reliant on its return from investments to fund its charitable aims. and therefore has a reserve$
policy. which aims to provide sustainable funds for tho fvture.
The number of beneficiari8s shows a constant reduction and the trustees review the level of benefits each year.
dependent on the income and the reserves in place. to ensure Ihe adequacy of suth reserves.
It is the trustees. opinion thal the current level of unrestricted reserves. as shown in the Balance Sheet. of £2,698,881
{2020= £2,400,621) is adequalg to meet Ihe future objectives of the Society.

THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st OCTOBER 2021
Plan8 for the Futuro
The trustees are mindful of the continuing needs of the charitys beneficiaries and of their ever-increa8ing essential
living expenses. They are also 8ware that thése increases may result in fvrther eligiblo benéficiariés bèing in noad of
the charity's assiStsn￿. The trustees continued an active strategy to obtain information from many areas of the trade
and indeed individua15, to seek out F)Otential new beneficiaries. However over recent years the number of benefici2rle$
has shown a steady dedine11998.. 228 - 2021.. 941. The trustees are considering continuing the payment of similar
Grants and Gifts for 202112022 a5 made in 202012021 with the addition of some increased Grants to those noted as
most needy. This may, depending on the investment income achieved and the on-going number of beneficiaries, result
in the use of circa £200,000 of capital.
The charty invites anyone to bring to the charity's attention any member or fomier member of the watch and clock
trades whom they consider may be in need of the Society's assistance. All cases are sympathetically investigated and
no deserving case is turned down.
Publlc Bonellt
The trustees confimi that they have refe￿ed to Cha￿ty Commission's general guldance on public benefit when
reviewing the Society's aim and objects and in planning future activities for the year. The Soryety is tx)nstantly looking
to increase the number of beneficiaries it supports.
Going ConGom
The Board of Trustees Is of the opinion that the chanty has adequate resources lo continue in operational existence
for the foreseeable future and there are no material uncertainties regarding the Trust's abllty to do so. This opinion
remains true after considering matters in the light of Covid 19.
Trusts85 rosponsibilities in relation to the financial statements
Law applicable to charities in England and Wales requires the trustees to p￿pa￿ a¢¢ounts for each financlal year.
which give a true and fair view of the Gharity's financial activitie5 during the year and of its financial position at the end
of the year.
In preparing those accounts the trustees are required lo:
select surtable accounting policies and then apply them consistendy.
observe the methods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and prudent..
state whether applicable accounting standards and statements of recommended practice have been followed,
subject to any departures explained and disclosed in the accounts.,
prepare accounts on a going cKJncem basis unless it is inappropriate to presume that the charity will continue
in operation.
The trustees are responsible for keeping sufficient accounting records that disclose wtth reasonable accuracy at any
time the financial position of the charity and enable them to ensure thal the accounts comply with the Charities Acl
2011, the Charity (Accounts and Reports) Regulations 2008. United Kingdom Generally Accepted Accounting Practice
and the provisions of the Charity's constitution. They are also responsible for safeguarding the assets of the charity
and hence for laking reasonable steps for the prevention and detection of fraud and other irregularities.
ststgment of dlsclosure to Independent examlngrs
So far as the trustees are aware, there is no relevant information of which the charity'5 examiners, are unawa￿.
Addrtionally. the trustees have taken all the necessary steps that the Iruslees ought to have taken as trustees in order
tr) make themselves aware of all relevant infomiation and to estsblish that the charity's examiners are aware of that
information.

THE NATIONAL BENEVOLENT SOCIE￿ OF WATCH AND CLOCK MAKERS
REPORT
F THE TRUSTEES FOR THE YEAR ENDED 314t OCTOBER 2021
Thanks
The trustees sincerely thank all who have supported the Society in the past year. and in parucular: _
All who have brought deserving cases to tho attention of the Soei8ty.
The Investment Panel of the Worshipful Company of Clockmakers.
The Secretary and Honorary Treasurer for Iheir work on behalf of the Scciety and its beneficiaries.
Investec Wealth & Investment for providing a meeting room and hospitslity for the trustees, meets'ngs
until the current (x)ronavirus restrictions were implemented, when meetings were held by Zoom.
Approved by the trustees on 24th February 2022
and signed on their behalf by..
P.F.Cradock LVO FBHI (Chair of the trustees)

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NATIONAL BENEVOLENT SOCIETY OF
WATCH AND CLOCK MAKERS
I report to the Trustees on my examination of the accounts of the National Benevolent Society of Watch and Clock
Makers for the year ended 31 October 2021 which are set out on pages 7 to 13.
RospeGtive rnsponsibilities of trustees and oxamlnor
The trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities
Act 2011 1.the 2011 Act"). The Iruslees are satisfied that an audit is not required for this year under section 144121 of
the Charities Act 2011 (the 2011 Act} and have chosen instead lo have an independent examination.
I report in respect of my examination of the Trust's 8ccounts as Carried out under section 4411 } {¢} of the 2005 Act
and section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable
Directions given by the Charity Commission under gection 14515)(bl of the 2011 A¢t.
Independent examlner's statement
I can confirm that l am qualified to undertake the examination because l am a registered member of Ingtltute of
Charte￿d Accounlants in England and Wales which is one of the listed bodies.
I have completed my ex8mination. I confim) Ihal no matters have come to my attention giving me cause to believe
that in any material ￿Spect..
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act- or
2. the accounts do not accord with those records,. or
3. the accounts do not comply with the applicable requirements concerning the form and LX)ntent of acLounts set
out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts
give a true and fair view which is not a matter considered as part of an independent examination.
I have no concems and have come across no other matters in connection with the examination to which attention
should be drawn in this report in order to enable a proper understanding of the accounts to be ￿ached.
LLF
Siobhan Holmes ACA. DChA.
Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
Date.. 22 March 2022

THE NATIONAL BENEVOLENT SOCIETY OF WAT
H AND CLOCK M
RS
STATEMENT
F FINANCIAL ACTIVITIES FOR THE YEAR ENDED 3111 OCTOBER 2021
nd
Fun
2021
2020
Notes
Incomo from:
Don8tions
Investsn&nt inc¥)me
2 (1)
2 (11)
1.226
74,656
80,342
Total Income
75.882
80,342
Expendlture on:
Raising funds
Charitable actwities
13.561
262,093
12,900
270.629
Total oxpendlture
275,654
283,529
Not Incornellexpendlturel befor• galns
and lo$wJ on Investmonts
{199,772)
1203,187)
Other recognlsed galnsl(lossos)
Net gainslllosses} on investments
498,032
183,796)
Net movement In funds
298,260
1286,983)
Reconclllatlon of funds:
Totsl Funds Brought Forward
2.400.621
2.687.604
Total Funds Carrled Forward
12
2,698,881
2,400,621
The results for the year and the previous year as get out above have been derived entirely from continuing operations.
There are no reu)gnised galns or losses other than those passing through the Statement of Financial Activities.
The note5 on pages 9 to 13 fomi part of these accounts.

THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND
CK MAKERS
BALAN
HEET AS AT 31" OCTOBER 2021
All Funds are Unrestrfcted Funds
2021
2020
Notes
Flxed AssatB
Investments
2,679,490
2.385,920
Current Assets
Cash at bank
24,041
18,801
Credltors:
Amounts falling due within one year
14.650)
(4,100)
Not curr8nt assots
19.391
14,701
Total assets less curront Ilabilltles
2,698,881
2,400.621
Repr8$ontod by:
Unrestri¢ted Funds
12
2,698,881
2,400,621
2,698,881
2.400.621
Approved by the trustees on 24th February 2022 and signed on their behalf by:
P.F.Cradock (Chair)
K.E. Angliss {Honorary Treasurer)
The notes on pages 9 to 13 form part of these accounts.

THE NATI
NAL BENEVOLENT
OCIETY OF WATCH AND CLOCK MAKERS
NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31st
CTOBER 2021
Accountlng poliGle$
The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of
the finanaal statements are as follows..
(a) Basls of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities..
statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102F {Charities SORP (FRS102
Second Edition). the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 1021,
The National Benevolent Society of Watch and Clock Makers meels the definition of a public entity under FRS
102. Assets and liabilities are initially recognised at historical cost or transaction value unless othernvise ststed
in the relevant accounting policy notes.
Ib) Golng concern
The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going
concem. The review of our financial position, reserves level and future plans give Tnjstees Confiden￿ the
charity remains a going concem for th8 foreseeable future. This view remains when considered alongside Covid
19.
{c} Funds structurg
The charity has a single unrestricted fund and under the charty's constitution both the capital and income may
be used in furtherance of the aims and activities of the charity. No funds have been designated.
(d) InGom•
All income excepl dividend income is recognised once the charity has entitlement lo the r8sourc8S, it is probable
that the resources will be received, and the monetary value of incoming resources can be mgasured with
sufficient reliability. Dividend income is recognised on roceipt.
{9) Expondlturè
Liabilities are recognised as resources expended as soon as ther8 is a legal or constructive obligation comm'rtting
the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified
under headings that aggregate all costs related to the category.
Costs of generatlng funds
The costs of generatirsg funds consist of the investment managerfs fees.
Charltsblo a￿l¥ll1&S
Costs of charitable activitie5 include grants made and an apportionmenl ofoverhead and support cos15 as shown
in note 4.
Grants payable are payments made to third parties in furtherance of the tharitable objectives of the charity- The
grants are accounted for where the trustees have approved payment of the grant without conditson and the
recipient has a reasonable expectation that they will receive a grant.
Governance costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with
regulation and good practice. These costs include costs related to statutory examination of the accounts together
with an apportionment of overhead and support costs.

THE NATIONAL BENEVOLENT SOCIETY OF WAT
D CLOCK MAKERS
TES FORMING PART
FTHEA
COUNTS FOR THE YEAR ENDED 31" OCTOBER 2021
(fj Fixed asset Investments
Invègtmenls are a form of basic fin2nci81 instruments and are initially shown in the financial statements at market
value. Movements in the market values of investments are shown as unrealised gains and losses in the
Statement of Financial Activities.
Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of
Finaneial Activities. Realised gains and losses on investments are calculated befvleen s81es proceods and their
opening carrying values or their purchase value if acquired subsequent lo the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year-end and their
arying value. Realised and unrealised investment gain5 and losses are combined in the Slatemenl of Financial
Activities.
Ig) Cash and Gash equlvalents
Cash and cash equivalents includes cash and short temi highly liquid investments with short term maturity of
three months or less from the d8te of acquisition or opening of the deposit or similar account.
{h} Credttors and provisions
Creditors and provisions are recognised where the charty has a present obligation resulting from a past event
that will probably resull in the transfer of funds to a third paty and the amount due to settle the obligation can
be measured or estimated reliably. Credrtors and provisions are normally recognised at their settlement amount
aft8r allowing for any trade discounts due.
Estirnatss and Judgofflents
Estimates and judgements are continually evaluated and are based on hist￿ical experience and other factors.
induding ex￿CtatIOnS of future events that are believed to be reasonable under the circumstances. Athou
h these
estimates are based on the Iruslees, best knowledge of the amunt. events or actions, actual results u
diffgr from these estimates. The trustees do not consider there to b8 any estimates and judgements.
timately
U) FlnanGlal Instruments poliGy
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instrumenls.
Basic financial instruments. including trade and other debtors and creditors are inits'ally re￿gnISed at
transaction value and subsequently measured at their 5ettlemBnt value.
10

THE NATIONAL BENEVOLENT
OCIETY OF WAT
AND CLOCK
KERS
TE
PART O
HE ACCO
NTS FOR THE YEAR ENDED 31" OCTOBER 2021
2 (1) Donatlons
2021
2020
Family ofthe late Mrs Helen Bennett
A Guild Member
Mr Paul Jordan
1,000
26
200
1.226
2 (111 Investment Incom&
2021
2020
UK Interest
UK Unit Trust Interest
UK Equities
UK Unit Trust Dlvidends
Global
On deposits with brokers
1,975
10.590
37,609
9,917
14.565
1.469
13,650
33,427
15,921
15,873
74.656
80,342
Ralslng funds
2021
2020
Investment management fees and charges
Sundry Creditor Blfwd.
Charge in year
Sundry Creditor c￿d.
{1.1001
13,511
1,150
(1.2001
13.000
1.100
13.561
12,900
Allocatlon of support costs and overheads
The breakdown of support costs and how these were allocated betsveen Govemance
and Charitable Activrties is shown in the table below..
2021
Cost typo
Total Allocated Govemanco Charftsblg
Actlvltl8s
Ba$ls of
Apportlonmont
Secretarial
Office Costs
Bank Charges
22.500
1.768
90
3,375
299
19.125
1.469
90
Staff Time
Co
Charged
24,358
3,674
20,684
2020
Co$t type
Total Allocated Governance Charltablo
Actlvltles
Basls of
Apportlonm8nt
Secretarial
Office Cost9
21,500
1,755
60
3,225
505
18,275
1,250
60
Staff Time
Cost
Charged
***
Bank tharges
23,315
3,730
19,585
. Office costs include Postage, Stationery, Telephone and Computer consumables.
11

THE NATIONAL BENEVOLENT SOCIE￿ OF WATCH AND CLOCK MAKERS
NOTES FORMING PART OF THE
NT
YEAR ENDED 311t OCTOBER 2021
Charitablo actlvltles
2021
2020
Grants in Aid
Heating & Seasonal Gifts
Television Licenc& fee
Support Costs (note 4)
Governance costs (note 6)
110.800
108.450
15,105
20.684
7,054
107,100
120.607
16,371
19,585
6.966
262,093
270,629
Reconclllallon of grants payable:
Commitments al 181 November 2020
Commitments made in the year
Grants paid in year {all to individuals)
234,355
(234,3551
244.078
1244.0781
Commltmontg at 31￿ O¢tob•r 2021
Gov8manco costs
Secretarial fees Inote 4)
offi￿ costs {note 41
Independent Examiners, remunerotion
3.375
299
3,380
3.225
505
3,236
7,054
6.966
Flxad assot Inv•stments
Opening market value
Proceeds on disposals
Add.. Acquisitions at cost
Gains on Investments12020- Loss)
2,371,039
1521,173)
331,592
498.032
2.630,369
(470,1401
294.606
(83,796}
Closlng market valuo
Cash Deposit with stockbroker
2.679.490
3,951
2.371.039
14.881
2,683,441
2,385,920
Hlslorlcal cost
1,692,294
1,633,474
Curront asset Investments, short terni deposlts and cash at bank
These comprise income ¢ash held at the Stockbroker and cash at the Bank.
Crgdltors: amounts falllng due wlthln one year
2021
2020
Examination Fee Provision
Investment Management Fee Provision
3.500
1,150
3,000
1,100
4,650
4,100
12

THE NATIONAL BENEVOLENT
CIETY OF WATCH AND CL
K MAKERS
NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31" OCTOBER 2021
10
Related party transactions
None of the trustees or other person related to the charity had any personal interest in 8ny conlracl or
transaction entered into by the charity during the year.
11
Trustees, remunoratlon and expenses
No remuneration was paid or is payable either directly or indirectly forlhe yearto any trustee orlo any person
or persons known lo be connected wilh any of them12019'. £nil).
No reimbursement of expenses has been made or is due to be made lo any of the trustees in respect of the
year other than to the Honorary Treasurerfor expenses relating to the accounting requirements of the Society
of £4912020.. £130).
12
Analysls of movernont in funds
Balance at November2019
Net movement in funds
2,687,604
(286.9831
Balance at 1st November 2020
2,400,621
Net movement in funds
298,260
Balanc6 at 315t October 2021
2,698,881
13