THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS Amalgamating in 1916 The Watch and Clockmakers, Benevolent Institution (1815) The Watchmakers, Pension Society (18171 The Watch and Clockmakers, Asylum {1854) Trustees, Report and Accounts Year ended 31st October 2023 Charity Registration No. 206750
THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS CONTENTS Page Report ol the Trustees Report of the Independent Exarniner Statement of Financial Acliviligs Balance Sheet Notes forming part ol the accounts 8-12
THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31°, OCTOBER 2023 ADMINISTRATIVE INFORMATION Charity Name The National Benevolent Society of Watch and Clock Makers Charities Commission Registration Number 206750 PrKncipal Office do The Worshipful Company of Clockmakers 1, Throgmorton Avenue LONDON EC2N 2BY Trustees M Elliott FCA, Chair (resigned 9th June 20231 H C Newman FBHI (Chair, from 10 June 20231 K E Angliss FCA R A Ball LVO FBHI P F Cradock LVO Mrs E C Gill L G Gleave Mrs V A Leonard FBHI B E Pestell P Roberson FBHI P Sheehan FBHI R W Wren FBHI lappoinled 22Dd February 20241 Ms C Szymanowska lappoinled 12 February 20241 President The Master of the Worshipful Company of Clockmakers Honorary Treasurer K E Angliss FCA Secretary Mrs J A Baker Independent Examiner S Holmes ACA DChA Haysmacintyre LLP 10, Queen Street Pla LONDON EC4R 1AG Bankers CAF BANK Ltd PO Box 289 West Malling KENT ME19 4TA Investment Managers Investec Wealth & Investment 30 Gresham Street LONDON EC2V 7QN
THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 315t OCTOBER 2023 The Iruslees present their report along with the financial statements of the charity for the year ended 31 &1 October 2023. The financial slalements have been prepared in accordance with the accounting policies sel out in note 1 on pages 8 & 9 and comply with the charity's conslilution, the Charities Act 2011, and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS1021 Second Edilionl. Structuro, Governance and Management The charity was established by a charitable trust deed in 1916. which amalgamated The Watch and Clockmakers Benevolent Inslilulion. The Watchmakers, Pension Society and The Watch and Clockmakers Asylum and is a registed Charity No. 206750. The ¢harity does not actively fundraise and seeks lo continue ils philanthropic work through the careful stewardship ol existing resources. The charity is however mindful DI the code issued by the Fundraising regulators. Trustees are appointed by the members of the Society and each of the following bodies is also enlilled lo appoint Iruslees, namely The Worshipful Company ol Clockmakers. The British Horological Inslilule and The Brilish Watch and Clockmakers Guild. Trustees Trustees are trained by allendance al Iruslee meetings, by allendance al the meetings ol their own bodies and by reference to appropriate documentation of the Charity Commission in particular the Charity Commission's guidance 'The Essenlial Trustee. The Iruslees who meet regularly lo consider granl application5. to deal wilh all adminislralive mallers and lo fix the next quarterly payment lo beneficiaries. make all decisions regarding the charity as key mgnagemenl. There are no related charities or subsidiaries. Risk Management The Iruslees have considered the major risks lo which the charity is exposed and have reviewed those risks and established systems 8nd procedures lo rnanage those risks. The trustees consider the variability of inveslrnenl returns lo conslilule the charily's major risk and work with the Investment Managers lo minimise such a risk. In the light ol the current financial clirnale, the Iruslees have Considered the specific risk involved with cash deposits with banks and other financial institutions. Having made their own enquiries ol those financial inslilulions with which the charity ha5 inveslmenls, the Iruslees have concluded that, although no deposit can be totally secure, the risk that the charity's funds will not be recOVed in the event of a calaslrophic event is as minirnal as they might expect in the current economic conditions. Objectives and Activities The objects ol the charity are lo relieve old age, sickness, disability, infirmity. and financial needs of persons who have been engaged in any branch ol the watch or clock Irad&s and their widows or widowers. The activities ol the charity are the payment ol grants lo existing beneficiaries ol as mLJch of the charity's lolal a55els as is, in the opinion of the Iruslees, appropriate being mindful ol the current number ol beneficiaries and the call on future funds. Grants and Eligibility In accordance with the constilulion, all potential beneficiaries mu51 have been engaged in 8 branch of the watch and clock trade. Each applicant is required lo ¢omplete an application form that is then considered by the Iruslees loflen one of the trustees will have knowledge of the applicant and can give furth8r information) and ¥ decision 15 made on the application. Grants are awardecl by the trustees if the annual incorne of the applicant is less than £20,000, although this is only a committee guideline and decisions may be arrived al where other information is available.
THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 3151 OCTOBER 2023 Achievements and Perfomiance The Charity continues lo pay grants lo beneficiaries. At 31 . October 2023 there were 89 reGipienls ol the Society'5 granls12022- 891 In 2022 the trLJStees felt it appropriate lo make exptIonal payments lo assist beneficiaries with their fuel bills in view of the expected large in¢aSe$. In 2023 we have continued lo pay increased grants, where appropriate. Financial Review The charity is reliant on the income from ils inveslmenls, which amounted lo £61,58012022.' £67,802). In the current year, the attsched financial slalemenls show a deficit, before other recognised gains and losses, of £223.01712022". £250,475). During the year the charity has made a nel loss on ils inveslmenls. amounting lo £47,969 12022.. £427.9781 Investment Policy and Performance The Iruslees sel the investment strategy, and the Honorary Treasurer attends regLJlar meetings of the Investment Panel of the Worshipful Company of Clockmakers who consider the investment policy in association with Inveslec Wealth & Investment Limited. The Panel considers the income requirements, the risk profile, and the investment managers, views of the market prospects in the mediurn term. This strategy is sel within a current overall policy which stales that the fund is to be invested in low and medium risk investments primarily lo allempl lo provide sufficient income lo continue with grants al the present level. Reserves Review including Policy The charity is reliant on ils return from investments lo fund ils charitable aims, and therefore has a reserves policy, which aims lo provide sustainable funds lor the future. The number of beneficiaries 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 the adequacy of such reserves. It is the trustees, opinion that the current 5evel ol UnstriCted reserves, a5 shown in the Balance Sheel, of £1.749,442 12022.. £2,020.4281 is adequate lo meet the lulure objective5 01 the Society. Plans for the future The Iruslees are mindful of the continuing needs of the charity's beneficiaries and of their ever-increasing essential living expenses. The Iruslees continued an active strategy lo obtain information from many areas ol the trade and indeed individuals, lo seek out potential new beneficiaries. However over recent years the number ol benefi¢iaries has shown a steady decline11998'. 228- 2022.. 891. The charity invites anyone to bring lo the charity's attention any member or former member of the watch and clock trades whom they consider may need the Society's assistan. All cases are Irealed sympalhelically. Public Bene*it The trustees confirm that they have referred lo Charity Commission's general guidance on public benefit when reviewing the Society's aim and objects and in planning future activities for the year. The Society is constantly looking lo increase the number ol beneficiaries il supports. Going Concem After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence lor the foreseeable ILJtLJre. For this reason, they continue lo adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the ac¢ounting policies.
THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 315t OCTOBER 2023 Trustees, sponSibl11t1eS in relation to the financial statements Law applicable lo charities in England and Wales reqLJires the Iruslees lo prepare accounts for each financial year. which give a true and fair view ol Ihe charity's financial activities dLJring the year and of ils financial position al the end ol the year, In preparing those accounts the Iruslees a required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP.. make judgements and estimates that are reasonable and prLJdenl'. slate whether applicable accounting standards and statements ol recommended practice have been followed. subject lo any departures explained and disclosed in the accounts.. prepare accounts on a going Concern basis unless il is inappropriate lo presum8 that the charity will continue in operation. The trustees are responsible lor keeping sufficient accounting records that disclose with reasonab16 accuracy al any lime the financial position ol the charily and enable them lo ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, United Kingdorn Genorally Accepted Accounting Practice, and Ihe provisions ol the Charity's conslilution. They are also responsible for safeguarding the assets of the charity and hence lor taking reasonable steps lor the prevention and detection ol fraud and other irregularities. Statement of disclosure to Independent examiners So far as Ihe Iruslees are 8ware, there is no relevant information ol which the charity's examiners are unaware. Additionally, the trustees have taken all the necessary steps that the Iruslees ought lo have taken as Iruslees in order lo make themselves aware of all relevant information and lo establish that the charity s examiners are aware ol that information. Thanks The Iruslees sincerely thank all who have supported the Society in the p8sI year, and in particular.. All who have brought deserving cases lo thè allenlion ol the Society. The Investment Panel ol the Worshipful Company of Clockmakers. The Secretary and Honorary Treasurer for their work on behalf ol the Society and ils beneficiarie5. Inveslec Wealth & Inveslrnenl lor providing a meeting room and hospilalily for the Iruslees, meelings. Approved by the Iruslees on 6, June 2024, and signed on their behalf by.. H C Newrnan (Chair ol the Irusleesl
INDEPENDENT EK4MINER'S REPORT TO THE TRUSTEES OF THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS FOR THE YEAR ENDED 31 OCT08ER 2023 I report lo the charity Iruslees on my examination of the accounts ol the National Benevolent Society of Walth and Clock Makers for the year ended 31 October 2023. Respective responsibilities of trustees and examiner As the Iruslees ol the charity, you are responsible for the pparatIOn of the accounts in accordance with the requirements ol the Charities Act 2011 1.the 2011 Act"). I report in respect of my examination of the Trust's accounts as carried out under section 145 01 the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charily Commission under section 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examinalion. I confirm that no mallers have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. 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 accoun15 do not comply with the applicable requirements concerning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirefflenl Ihal the accounts give a true and lair view which is not a mallpr considered as part ol an independent examination. I have no concems and have come across no other mallers in connection with the examination lo which allention should be drawn in this report in order to enable a proper understanding ol the accounts lo be reached, SSobhan Holmes ACA DChA Haysmacinlyre LLP 10 Queen Street Place London EC4R 1AG Date.. 10 lune 2024
THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 315t OCTOBER 2023 All Funds are Unrestricted Funds 2023 2022 Notes Income from.. Donations Investment income Bank Interest 1.000 61,580 38 4Q6 67,802 Total in¢ome 62,618 6B,216 Expenditure on: Raising funds Charitable activities 10,312 275,323 11,859 306.832 Total expenditure 285,635 318,691 Net Incom8llaxpenditurel before gains and losses on investments 1223,0171 1250,4751 Other recognised galnslllossesl Nel108ses on investments 147,9691 1427,9781 Net movement in funds 1270,9861 1678,4531 Reconclllatlon of funds: Tolal Funds 8roughl Fornard 2.020.428 2,698,881 Total Funds Carried Fornvard 1,749,442 2,020,428 The Slalemenl of financial aclivilies includes all gains and losses recognised in the year. The notes on pages 8 10 12 form part of these accounts.
THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS BALANCE SHEET AS AT 31°, OCTOBER 2023 All Fund5 are Unrestricted Funds 2023 2022 Notes Fixed Assets Investments 1,732,663 1,988.487 Current Ass¢ts Cash al bank 21,229 36,391 Creditors: Amounts falling due within one year 8 14,4501 14,4501 Net current assets 16,779 31,941 Total net assets 1,749,442 2,020,428 Charity funds: Unreslricled Funds 1.749,442 2.020,428 Total funds 1,749,442 2,020,428 Approved by the Iruslees on 6th June 2024 and signed on their behalf by.. H C Newman (Chairl K E Angliss (Honorary Treasurer) The notes on pages 8 10 12 fomi part of these accounts.
THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 3151 OCTOBER 2023 Accounting policies The National Benevolent Society of Watch and Clock Makers is an unincorporated charity in England and Wales. with the charity registration number 206750. The registered office is clo The Worshiplkjl Company of Clockmakers, Throgmorton Avenue. London. EC2N 2BY. The principal objectives of the Charity are sel out within the Trustees Report, on page 2. The principal accounting policies adopted, judgements and key sources of eslimalion uncertainly in the pparatiOn ol the financial slalemenls are as follows.. lal Basis of preparation The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Slalemenl ol Recommended Praclice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021- (Charitie5 SORP IFRS102 S&cond Edition), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The National Benevolent Society ol Watch and Clock Makers meets the definition of a public enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy noles. The financial 51alemenls are presented in UK Sterling. which is the Charity's functional currency, and rounded to the nearosl pound. Ibl Going concern The Trustees assess whether the use of golng concern is appropriate, whether there are any material uncertainlie5 related lo events or conditions that may cast significant doubl on the ability of the Charity lo continue as a going concern. The Trustees mako this assessment in respect ol a period ol al least on& year Irorn the dale of aulhorisalion Igr issue of the financial slalemenls and have concluded that the Charity has adequate resources lo continue in operational existence lor the loreseeablo lulure and there are no material uncertainties about the Charity's ability lo continue as a going concern, Ihus they continue lo adopt the going concern basis ol accounting in preparing the financial slalemenls. Icl Fund's structurg The charity has a single unro8lricled fund and under the charity's conslilulion both the capital and income rnay be used in lurtherance ol the aims and activities ol the charity. No lunds have been designated. Idl Incorne All income except dividend income is recognised once the charity has enlillemenl to the resources, il is probable that the resources will be received. and the monetary value ol income can be measured with sufficient reliability. Dividend income is recognised on receipt. Income lax recoverable in relation lo inveslrnenl income is recognised al the lime the inve51menl income is receivable. lel Expenditure Liabilitie5 are recognised as resources expended as soon as there is a legal or conslruclive obligation comrnilling the charity lo the expenditure. All oxpenditure is accounted lor on an accruals basis and ha5 been classified under headings that aggregate all costs related to the category. Cost5 of gèneratlng funds The costs of generating funds consist of the investment manager's fees.
THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 315t OCTOBER 2023 (el Expenditure Icontinuedl Charitable activities Costs ol charitable activities include grants made and an apportionmenl ofoverhead and support cosls as shown in note 4. Grants payable are payments made lo third parties in furtherance of the charitable objectives of the charity. The grants are accounted for where the trustees have approved payrnenl ol the grant wilhoul condition and the recipient has a reasonable expectation that they will receive a grant. Governance costs Governance costs comprise all costs involving the public accounlabilily of the charity and ils compliance with regulation and good practice. These costs include costs related lo stalulory examination of the accounts together with en apportionment of overhead and support costs. ifj Fixed asset investments Investments are a form of basi¢ financial instruments and are initially shown in the financial slalements at market value. Movements in the market values ol investments are shown as unrealised gains and losses in the Statement ol Financial Activities. Profits and losses on the realisalion of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on inveslrllenls are calculated between sales proceeds and their opening carrying values or their purchase value il acquired subsequent lo the first day of the financial year. Unrealised gains and losses are calculated as the difference belween the fair value al the year-end and their carrying value. Realised and unrealised investment gains and losses are combined in the Slalemenl of Financial Aclivilies. Igl Cash and cash equivalents Cash and cash equivalents includes cash and short term highly liquid investments wth short lem maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Ihl Creditors and provisions Creditors and provisions are recognised Whe the charity has a present obligation resulting from a past event that will result in the Iransler ol funds lo a third party and the amount due lo sellle the obligation can be measured or eslimated reliably. Creditors and provisions are nomially recognised al their 5elllemenl amount alter allowing for any trade discounts due. Estimates and judgements Estimates and judgements a continually evalualod and are based on historical experience and other factors. induding expectations ol future events that are believed to be reasonable under the circumstances. Allhough these estimates are based on the trustees, best knowledge ol the amount, events or actions, actual results differ from these eslimales. The trustees do not consider there lo be any estimates and judgements. (J. Financial instruments policy The charity only has financial assets and finan¢ial liabilities of a kind that qualify as basic financial instrurnents. Basic financial instruments, including trade and other debtor5 and creditors are initially recognised at transaction value and subsequenlly measLJred at their settlement value.
THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31st OCTOBER 2023 2 lil Donations 2023 2022 In Memory ol Mr Ebers Farnily ol the late Mr R Whilehursl CAF Bank Compensation 1.000 381 25 1,000 406 2 lill Investment Income 2023 2022 UK Interest UK Unil Trust Inleresl UK Equities UK Unil Tru51 Dividonds Accrued Income on Transfers Global On deposits with brokers 4,011 8,129 29,627 7,151 832 11,664 166 1,382 6,754 37,213 10,731 11,694 28 61,580 67.802 Ralslng funds 2023 2022 Investment management lees and charges Sundry Creditor Bllwd. Charge in year Sundry Creditor ClhNd. 11,0001 10.312 1,000 11,1501 12,009 1,000 10,312 11.859 Allocatlon of support costs and overheads The breakdown ol support costs and how thes8 were allocated between Governance and Chafilable Aclivilie5 is shown in the table below.. 2023 Cost typg Total Allocated Govgrnance Charitable Activities Basis of Apportionment Secretarial Office Costs Bank Charges Doctor Ceriificale 24,500 1,452 60 30 3,700 300 20,800 1,152 60 30 Staff Time Cost Charged Charged 26,042 4,000 22,042
THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31°, OCTOBER 2023 Allocation of support costs and overheads Icont.I 2022 C05t type Total Allocated Governance Charitable Activities Basis of Apportionment Secretarial Office C0515 Bank charges Doctor Certificate 24.000 1.648 87 25 3,600 300 20,400 1,348 87 25 Slalf Time Cost Charged Charged
25,760 3,900 21,860
oirice costs include Postage, Slalionery. Telephone and Computer consumables. Charitable activities 2023 2022 Grants in Aid Healing & Seasonal Gifts Television Licence lee Support costs Iriole 41 Governance costs Inole 61 115,018 121,750 9,063 22,042 7,450 114,925 150,000 13,197 21,860 6,850 275.323 306,832 Reconclllatlon of grants payablg.. Cornmilmenls 811 ¥1 November 2022 Commitments made in the year Grants paid in year (all lo individuals) 246,431 1246,4311 278,122 1278,1221 Commitments at 31*1 October 2023 Governance costs Secretarial fees Inole 41 Office cos15 Inole 41 Independent Examiners, remuneration 3.700 300 3,450 3,600 300 2,950 7,450 6,850 Fixed asset Investments Opening market value Proceeds on di5P05als Add.. Acquisitions al cost Losses on Investments 1,988,487 1579.0231 371,611 148,4121 2,679,490 1403,0491 140,024 1427,9781 Closing market value 1,732,663 1,988,487 Historical cost 1,444,000 1,530,984
THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 3181 OCTOBER 202 Creditors: amounts falling due within one.year 2023 2022 Examination Fee Provision Investment Management Fee Provision 3,450 1,000 3,450 1,000 4,450 4,450 Related party transactions None ol the trustee5 or other person related lo the charity had any personal interest in any contract or transaction entered into by the charity during the year12022.. None). 10 Trustees, remuneration and expenses No rernuneralion was paid or is payable either directly or indirectly lor the year lo any Iruslee or lo any person or person5 known lo be wnnecled with any of Ihem12022'. £Nill. No reimbursement ol expenses has been made or is due lo be made lo any ol the Iruslees in respect of the year12022'. £481. 11 Analysls of movement in funds Balance al 1. November 2021 Nel movement in funds 2,698,881 1678,4531 Balan 8115t November 2022 2,020,428 Nel movement in funds 1270,9861 Balance al 31 &1 October 2023 1,749,442 12