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
registe￿d 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 recOVe￿d 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 ex￿ptIonal 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 Un￿striCted 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 p￿paratIOn 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
p￿paratiOn 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