THE NATIONAL BENEVOLENT SOCIETY OF WATCH AND CLOCK MAKERS Amalgamating in 1916 The Watch and Clockniakers. Benevolent Institution (1815) The Watchmakers. Pension Society (1817) The Watth and Clockmakers, Asylum (1854) Trustees, Report and Accounts Year ended 31 October 2024 Charity Registration No. 206750
NA 4Jk Re of the Tntst88S ReFh)rt of the IrKI&per Exawlner Balance Sh88t Notes f(ThirwJ part of the Unts 8-12
Charty Nam• Charltl8s Commlsslon 750 Prlnclpal Offlco 1, ThffjgrN)rton Averwe L(Y4L)(X4 EC2N 28Y H.C. Nemnan F8HI, Char IQE. Angliss FCA {d8c8as•J 6 (knber 2024) RA Ball LVO FBHI P.F. Cradock LVO Mrs E.C. Gill L.G. Gleave Mrs VA Leonard FBHI B.E. Pestell (resigned 6 2(r24) P. Rcthrson FBHI p. sttehan FBHI Ms C.1. Szymanryk0 (appointed 22 Felnwy 2(r24) RW. Wren FBHI (apwnted 22 Febnjary 2024) M.M. Kuth (arAed 17 0(Acw 2024) Honorary Treagur•r ICE. Aryligs FCA {deLwsed 6 OL)bw 21y24) M.M. tw Kuile (appoinbj 17 24) Se¢retary *s JA Bak R Weavw FCA Haysmac LLP 10. iknen Street pi London EC4R 1AG Bankers G4F Bank Ltd PO Box 289 Wesl MallirKJ Kent ME19 4TA 30 Gr8sham Street Lormkn) EC2V 7QN
The trustees present their abr¥J fin8Naal statewts rfthe cwity fLY year ended 31 Octthr 2024. The finarKMI $t)ents have been prepared in a(xxxdm the a1n11[J tx)IKaes set Irt in rK)te 1 on pages 8 & 9 and cnmply wrth the charitys cA)nst[. the Ch11[ Ad 2011 and Ihe Financ R8FMyllr•3 Stsr¥Jard applicable in th8 UK and Rewblic of Ireland (FRS 102) - (Charitkn S(XIP (FRS102) Se(wKI EdilNx). Th8 vtds 8Stabllsh8d by a ¢witth It do• wi 1916. arWmaknJ The Watth and Ck)ckmakers Benevolent Instituti. The Watchmake. Pensi sOety and The Watch ar¥J clkmakerS Asylum, and is a registered charity No. 750. The lty ( n( ably furthi8e and seeks to conlinue its phlanthropic work through the cwefvl stewathip of existirwJ rescrtKces. The is h( rnFndful of the I)0 issued by the Fundraising wulators. Trustees are apwinted by the FMnb8rn the e&h of the bc#Yies is 81s0 enti to appoint and Cl(thnakers lId. Trustees are tsined by attendance at trtee meelings. by attoxj8re at the nxetings of ther tleS a1 by referen to appropriate d[m8n1aINJn c4 th8 Clwity c(¥nThN in Fqtkxkn th8 Charity Commisslon's guidance 'The Essential Trustee.. The twstees et rewlarfy to oThidw grant apFlicaticTh. tr> deal wilh all ackninistrative rrth ar#J to ts the next quartety Pant to beneficises. make all deCiOnS regardirwJ the charity as key man8gement. There are no related charities cr Sthdlars. established swems and prctedures to ffonage ttwjse fisks. The trustees considerthe variabilty of investsnent rebjms to constitute the major risk and th wrlh the Invest to minThis8 a risk. In the Ilght of the ajrrent finaniial dimate. the trustees have consKknI the sPefiC rtsk invc4ved wtth cash deposits with banks a$ (ther fina81 InstsOnS. HavirvJ made their wi wiries of those fjnanc4al irtsbttrtions wilh which the charity has investments. the trtee$ have nthIed tsL no deF•Mt 12n be totaity secure. the rtsk that the charity's funds v•ill not be recovered in the event of a cAtsstrr eVrt is as Tr%nimal as tsy Mht exFrt in tt CLtrrent ewnomtc fJ)ThJitsons. The (knj'ects ofthe charity we to relieve age. sthess. disabthty. wthnity. aThl financi81 needs of pS018 who have been engaged in any tjranch of the wat( cktk trades arAJ th?wid chikjren or other dependants. as is. in the ¢3pin of tr8teeS. apkwiate beiThJ rnirnttul of the Thent wrrt)er of benefiriaries and the likdy call on future fvnds. Grants and Ellglblllty dock traje. Each ap1¢an1 is requir to (ete an aFplKatsc fcAm that is then (sKIered ty the tnjstees (often one of the trusteès wtll haNE krKA¥I of the aFvIlnI and can gNe flxttw and a decision is mad8 on the applirlton. Grants are generauy awarded by the trustees rftheanrKd income of applint is less £20.000, although this is orty a LM)mff#ttee gm1811. arKI de05K may be riv&l at other inftxrnthn is avaitable.
THE THE The Charity Lvntinues to pay grants lo benef. th8 year ended 31 Oclobw 2024. the ¥e 82 r1p1 ofth8 s(tyS grants {2023. 89). In 2023 the trustees felt it appro1 to make ex(• payments to ast benefi(iari8s wilh th [1 bills in view ofthe expected large increases. In 2024 we have to pay grants and addity181 gits. Flnan¢lal Revlow The charty is reliant the from its Insti. an¥jM to £60.380 (2023: £61,580}. In the current year. the attadd finan¢i staterwts b8fc#E othw raxonised gains and k)ss8s, of £207,758 (2023: Deh?t £223.017). The trustees set the investment strategy. arnj the knM)rary Trwrw atterKls regLlar m8etlngs of the Investment Panel of the wShIpful Company of ckxkrnakS ts)Nd8r the Investffent rx)licy in assWiatr with Inve Wealth & Investmgnt LINted. The Pa1 consi(th the irKxxne ruirements, the nsk profibe and the investment managers, views of the market proS[ts in the MlIurn twm. This strategy ts set within a current overnll policy whtch states that the fund is to be inv8ed in km and rrdium iisk inStr primarity to attenwt to provKle suffici8nt income to continue grants at the present level. The ¢harity is mainty reliant on its relum to fur#J ils arKI therefore has a reseNes rcy, whth aims to provNJe sinatI9 furbts forthe futsjrn. It is the Irust88s' opInk tfAt the txwrent lthel of Unrestric reserves. as SIKr in the SFw( of £1.754,401 {2023: £1,749,442) is adequate to meet the fire (ythves ofts SOW. Pl•n• for th• fure Irmng expenses. The trteeS u)ntinued an athe Strat to Obta Infrn from many areas of the trad8 and indeed indNiduals, to seek potential n8w bene. HcMwover [ent y8xs the nwnbwof beneficiaries has shown a steady dedine (1998. 228- 2024: 82). The charity invites anyone to to the clo11$ attenlion any or f member of tho watth and cthk trades whom tsy Gonsider may need the &ie5 assislan. AM (ases are tted syThpthtic811y. Publlc B•n•fft The trjstees nfin that ttw have referred to Charity CorMiissK)n's goneral guidanc wblic b8n8fit when reviewrng the alm afKJ rt4ects and in plannty f4th &aivitS ts the . The S( is c¥Jnstantly Icw)king to increase the number of tweficbwies it SUPF¥Mts. Golng Concwn The trustees are of the opIn that the rjwty has ad• reSrS to rAxrtinue in 0watic exists% for the
THE ER Law applicable to charrties tn EnglwNJ and Wales wuires ts trustees to prepare acCCnts for ea( financial year. whith give a true aThJ lar ¥1• ofth8 financiab adivib8s d¥¥j th& arKI of its financial Pttl0n at th8 end of the year. select suitabte accountirvj rKAicies and then appty I make Jwjgements and estimates that are reasonable and SUbit to any departures extAained and disdcé&l in th8 aoxx4nl& prepare accInts on a goin9 basis wd8ss it is inaprw to wesuff tt the charity iH o)ntinue in oreralK)n. 'me the financial posth)n of the charity and enabl8 trtm to ensure that the 0)Unts MplY with the Chaiibes Act 2011, the Charity (Accounts and Re[s) Regulations 2008, United KiryJ(xn Generalty Aoxpted Accounting Practice and the provisions of the Chari$ &Slut)n. They are also r8sF for saf8guanling the assets of the charity and hen fortskirvJ reasonable steps for the prnventi(m detecti offrawl and other irregulariti8S. Stalement of dlsclosuro to Indewthrt •xnl So far as the tNstees are avHe. there k8 M rnlevant Inf(ff of which chty's examW$ are unaware. Additionalty. the trustees have taken all ts nectssary steps that the g to have tsken as trustees in order to make themsefves awwe of all relevant 1rrfcrnti and to establish that th8 chlWs examiners are aw8re of that infomBtion. TnkS The Brttish Watch & Clock Makers. Guild & Ihe Brifish FkydL¥JKal Instittrte kn kirv* F¥ovrfirKJ regular advertisiThJ Appr¢)ved by the trustees ¢)n 11 Feixwy 2tr25 and Sign on their behalf ty. H.C. Newman {CIMtr of the InK8tees}
INDEPENDEKf EXAMINER'S REpoirr TO THE TRUSTEES OF THE NATIONAL BENEVOLENT SOCIEfY OF WATCH AND CLOCK MAKERS FOR THE YEAR ENDED 31 OCTOBER 2024 Makers forthe year ended 31 (ktober 2024 wlith ae set crtrt roJes 6 to 12. The tnjstees are respon%ble for the wep'0n of tho amnts in w3)rdance th the requlretwts of the Chariti'es Act 2011 fthe 2011 Acf). The truste8s are Satisf tst an aJit is rnt rwwffed this year under section 14412) of the charit Ad 2011 (the 2011 Ad) arnl have dK>s8n inste&J to have an indeperthrrt examination. I repKrt in respect of my examina11c oflhe T5 mxmts as wi8d crt WKler se 44 (1) Ic) of the 2005 A and section 145 of the 2011 ACL In caffying (xrt my examinatw)n I have fced the requirerw)ts of the applicabl DIrectior g by the Charity Ccthrriwl under sedion 1445Mb) of the 2011 A Ind•pondont oxamlns •tatem0nt l can confiTh that l am qualffj to und8rtake the examination because l am a registered rrernber of Irtilute of Chartered Accountants in ErKI arKI Wales Vthich one ofthe li51ed L>>Jw. I have wmpleted my 6xamirAth)n. l ¢xxthn tIHt rK> mattffis IHve come to my attentMJn giviTYJ to beli8ve that in any material resp: . 8co)unting recryds Y4we rnt kept in t8SFd ofthe as r• by liOn 130 of the 2011 Act ( 3. the acc£)unts do not CXYTpty the applible requIrwnts Con(niNj th8 form and ntsnt of accounts set out in the Charities {AccJwnts and ReFKts) RjUlationS 2008 olher than any requirement thal the acc¥Junts give a true and faw view which is rM)t a matter )dered as part of an irKleper•Jent examination. should b8 drawn in this rep(wt in to enable a undwstandir& of the a(oJunts to te reached. Siobhan Hdmes ACA DChA Haysmac LLP 10 Queen Street pi London EC4R 1AG
ES FOR ThE ER 2024 21y23 DonatK)ns Investment incoff Bank Interest 211) 211fj 61,580 43 Total InMmo 61618 Expndlturo on: Raising fijnds Charitabte a(*vib'es 9.725 258.516 10,312 275.323 Totsl expondllur• 268241 Net Incomo1(OxpendrO) befwe gakns 1207.758) 1223,0171 Other recognlsad galnsl1l0s} Net gainsl(losses) on inv8Stn 211717 {47,969) Not movemonl In funds 1270,986) R•conclllatlon of funth: Totsl Funds Brought FcAward 1.749.442 2.020,428 Total Funds Carrfod Forward 13 1.7W01 1,749A42 The r8suIts forthe year and the prevKXts year as set lxrt atthE been entirety frcrfn CA)ntinuiry oFwatk)ns. The notes on pages 8 to 12 pwt a(xnts.
EEr 2023 Flxed Assets Investments 1.738.(1 1.732.663 Cuffent Assets Cash at bank A¢o)unts reCee {InNp) 10.097 10. 21Z9 21.229 CrodltOTS: Amounts fallirwj due wrlhin C Yar 10 {4.W) (4.450) Not current as80ts 16,340 16,T19 Total assots10sg current Ilabllltlo5 1.7¥401 1.749,442 unrestric FuTrJs 13 1.754.401 1.749,442 1,75V01 1,749842 Approved by the trustths on 11 Febnwy 2025 and spjned on trr ithff ty. .. H.C. (Chair) The notes on pages 8 to 12 fm pwt oftlme nts.
AND CLttK THE DED The National Bene s( of Watd) and Ckjck Makws Is an uninLW(Kth charity in EnglarKI and Wales. wtth the chanty regi51ralion nber 2WS). The 1stj office is cjo Tr Worshipftd Company of Clockmakers, Throgmcton Avenue. EC2N 2BY. The [rrin(# rtlthes of th8 are set out within the TNstees Reprt on page 2. The principa accountÉThJ rKlicies adopted. it aml key srCeS of estimalion un¢xrtainty in the eparation of the firorKial statents are as frJlkME: (a} Baslg of prepwallon The financbal staternents have prepared in &xy)rdartt Vth Acxx)untirvJ and Retmyting by Chartties.. Statement of Recom1rded l)wtice applicable to chariis preparir¥J tsir accounts in a(Ndance with th8 Financial Rep(Kbng stsndardal(zb1e in the UK aTrJ Republ of IrelaThd {FRS 102F (Charities SORP {FRS102 Se(x)nd Edilion). the Financi81 Repcrfbry Stsrwjard aFvl¥ale In th8 UK RekKknlic of IrBland (FRS 102), The NaIal Benevdent s( of Watth aNJ c Makers meets the definilim of a PlIC entity undw FRS 102. Assets and liabilttses are in5baty recogntsed at histritsl cost or trans8rtMJn value Unl Othe stated In the relevant accounting poly notes. The financial stateMts are pyesented in UK Sterling. vthlch is the (b) Golng eonc•m uncertainttes related to events or ndItnS that may t signifKant dt on th8 ability of the Charity to continue as a going concwn. The Trustees make this assessm in res1 of a pericxJ of at least one year from the date of wthorisation for issue of the fjnancbal Slaten a1 have c4)ThSuded that ts Charity has adequats resrceS to Contin in otwalK)nal existen for the foreseeable fvlure and th8re a no material uncertainttes Charitys abilty to continue as a s4)ing cy)nLyn. thus tkw rA)ntinue to adopt the wing oncem basis of aC(unryj in preparing the *atenHts. (e) Fund's structure The charty has a sIe unrestricW fu1 and ur¥J8r the o)rtslithon both th8 capital and may (d} Incomo that the resources will be received, and the value of income can b8 measured with sufficient reliabilty. Dividènd incoffE is recogntsed VA7 re(xivab18. Income tax TE(y)wable in reLqtion to InVestr income is (•) Expendltur• Lkqbilthes are recA)gnised as resources exFeth as s¢J)n asthwe fsa18gal crconstruthe obligatson cornmrtknng the charity lo the expenditiKe. A]1 expendttwe is Unted fty on an accruals b&gis and has been dassified under headiThJs that aggregats all rAJsts rdated k) Ihe categcry. The Msts ofgeneratirrfJ fu15 f88S. in Th)te 4.
THE NA TES FORMING P THE YEAR END Grants payable are paYftts made to third pth in oflhe caritsble objectives ofthe charty. The grants are a¢xxMJnted for wtre the trustees have apwoved paynrt of the grant without nditIOn and the recipient has a asOnab exFeJakn that ty VAI re(r4e a grdnL Governan costs OJFryise al rJ)sts invthiThJ th8 n1aMIty of the tharity and its rx)MplIan with regulation and gcKJ prncti. These costs indude costs rnlated to examInatn ofthe a¢counts tcgeth8r Investm8nis w8 a form ofbw fin181 instnjmenls axl are initialty in th8 finKial stateMts at market value. Movements in the market vaks of Investmts are sh17wn as unwlised gains arKI losses in the Profits and losses on the rea1K$alw of investstS are shywn as realised gains and105ses In the Statement of Financial AcbMties. Realised gains arvj Ic6M8 investsnents are kyjlatl between sales proceeds and thelr opening carying values or pur(we Yalu8 rf acquired subw4uent to th8 first day of the financAal year. UnTrali88d gains and losses are Clated as the differe between the Pdir valug at the yearnd and their carying valu8. Realis&d and unreali1 investmgaIns aThl are o)mbin6d in the Ststement of Financkil (g) Cash and equlval•nts Cash and cash ulY818rrtS irnjudes cash arKI slK)rt tenn hvJNy fiquid inve5tnw Y•ith short tern matity of three months or less from the date of acquisitsM or onirj of the or similar account. (h) Credltors and Creditors and FXOvions are rewised WI8 the chaTty has a ryesent obligalion resultirKJ from a past event ttFat will prcthL4y resull In the transfer of funds to a thwd paty aTrJ ant due to settle the obligation can m8asured or estim reliably. Creditorn arMJ provi$#Y are norrnalty rKoJnised attheir settlement affnt (l) Estlmatss and Judgwrn IndJing exptionsoffiJhKe events that tr) rwmable und8rth8 circUff6lan. Although these Flnanclal InstrThnts polky The tharrty onty has financial assets and financ1 Ilawe$ of a kind that qualfy as baslc finatal instNments. Basic financial instruments. indudirKJ tr atvj Its debtws and ueditors are inFknalty rwnised at 2 (1) Donatlo 23 In Merrwjry of Mr Eber5 Cash gtft for bjok re(xiv&J by H.C. N
THE NA PAltr OF THE ACCOU 31 OCTOB 2 (111 Inveslment Incomo UK Inlerest UK Untt Trust Interest UK Ewtiies UK Unit Trust DiNryde Accrued Income on Trans Global equty Overseas interest On depx)sit wilh brokws Equalisalion in(xxn8 10.491 4.011 8.129 29,627 7,151 832 11,664 8227 15 720 312 61,580 Ralslng funds 2023 Surmlry Creditor Wfvwj Charg8 in year Sundry Creditor {1.(> 9.725 {1.(K)J) 10.312 1.000 10.312 and Charitable AclbAti8s is SIn in the tate lkn. 2024 Basts of Apportlonmnt Secretsrial cxrice Costs- Bank Charges 25.5(K) 1.656 160 3.7(Kl 21.8 Stsff Time 27,316 23.316 2023 Baskn of S8cr8tarial 24.SYJ 3.7 Staff Time Cost 1.152 Bank charges Certtfi 042 a042 10
THEA NTS FOR THE TOBER 2 Grants In Pid Heating & Season81 Gifts Telewsion fee SupFYYt (¥sts (rK)te 4> Governan o)sts (rth 6) 114,31XI 103.60) 10,IXrf) Z3.316 115.018 121.7SJ 22,042 7,450 258.516 275.323 Reconclllatlon of grants payable: Commitments at 11r November 2023 Commitments made in the year Grants li (1 to ithiduals) 227.1 (227.gJ1) 246.431 (246.431) Governance costs Secsetarial fees {note 4} Office )sts (note 4) Irwjependent EyAmirErs' renara1 3.7LK) 3.450 Orning market value Prc¢eeds on disFKJsals Jjd: Aowisitions at (x)st Gainsl(Losses) on Investments Closlng mafket valuo 1,7>2.663 (265,265) 57,946 1,W.487 {579.023) 371,611 1,738.061 1.732.663 Hl8torlcal cogt 1317.393 1.444.( lo,3 10 Creditors: amunts faThwJ wlthtn Examinatton Fee PrnviOn Investment Management Fee Pro¥is 4,4 11
WAT transaction entergj irrto bythe ttsitydurirvJ the year (21r23: None). There are balan tstanding wlth any related pth at thg date (21r23: (K persons krtrwn to be nred ilh of th8m {21Y23: £Nil). year (2023: £Nil). 13 Anaty818 (rf Move In ftmd• Balance at 1 Nov8mb8r 2022 2.020.428 Net nment in futKts (270.W) Balance at 310(knbw 2023 1,749.442 Net movement ill furnls Balance at 31 Cxob8r 2024 1,754,401 12