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. Szymanry￿k0 (appointed 22 Felnwy 2(r24)
RW. Wren FBHI (apwnted 22 Febnjary 2024)
M.M. Kuth (ar￿A￿ed 17 0(Ac*w 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 c*wity fLY year ended 31 Octthr 2024.
The finarKMI $￿t￿)ents have been prepared in a(xxxdm ￿ the a￿1n11[￿J tx)IKaes set I￿rt in rK)te 1 on pages 8
& 9 and cnmply wrth the charitys cA)nst[￿. the Ch￿11[￿ Ad 2011 and Ihe Financ￿ R8FMyllr•3 Stsr¥Jard applicable
in th8 UK and Rewblic of Ireland (FRS 102) - (Charitkn S(XIP (FRS102) Se(wKI EdilNx).
Th8 vtds 8Stabllsh8d by a ¢*witth I￿￿t do￿• wi 1916. ￿ arWmaknJ The Watth and Ck)ckmakers
Benevolent Instituti￿. The Watchmake￿. Pensi￿ sO￿ety and The Watch ar¥J cl￿kmakerS Asylum, and is a
registered charity No. ￿750. The ￿lty (￿￿ n(* a*b*ly furthi8e and seeks to conlinue its phlanthropic work
through the cwefvl stewathip of existirwJ rescrtKces. The is h(￿￿ rnFndful of the I￿)￿0 issued by the
Fundraising wulators.
Trustees are apwinted by the FMnb8rn ￿ the e&h of the bc#Yies is 81s0 enti￿ to appoint
and Cl(thnakers ￿lId.
Trustees are tsined by attendance at tr￿tee meelings. by attoxj8r￿e at the nxetings of ther t￿leS a￿1 by
referen￿ to appropriate d[￿m8n1aINJn c4 th8 Clwity c(¥nThN￿ in Fqtkxkn th8 Charity Commisslon's guidance
'The Essential Trustee..
The twstees ￿￿et rewlarfy to oThidw grant apFlicaticTh. tr> deal wilh all ackninistrative rrth ar#J to ts the
next quartety Pa￿nt to benefici*ses. make all deCi￿OnS regardirwJ the charity as key man8gement. There are no
related charities cr Sthdlar￿s.
established swems and prctedures to ffonage ttwjse fisks. The trustees considerthe variabilty of investsnent rebjms
to constitute the major risk and th wrlh the Invest￿ to minThis8 a risk.
In the Ilght of the ajrrent finaniial dimate. the trustees have consKknI the sPe￿fiC rtsk invc4ved wtth cash deposits
with banks a￿$ (ther fina￿81 Insts￿￿OnS. HavirvJ made their wi wiries of those fjnanc4al irtsbttrtions wilh which
the charity has investments. the tr￿tee$ have ￿n￿thIed 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* eV￿rt is as Tr%nimal as tsy M￿ht exF*rt in tt
CLtrrent ewnomtc fJ)ThJitsons.
The (knj'ects ofthe charity we to relieve age. sthess. disabthty. wthnity. aThl financi81 needs of p￿S01￿8 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 tr￿8teeS. apkwiate beiThJ rnirnttul of the ￿Thent wrrt)er of benefiriaries and the likdy call
on future fvnds.
Grants and Ellglblllty
dock traje. Each ap￿￿1¢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 aFvIl￿nI and can gNe flxttw and a decision is mad8 on
the applir*lton. Grants are generauy awarded by the trustees rftheanrKd income of ￿ appli￿nt 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. th￿e ¥￿e 82 r￿1p1￿￿ ofth8 s(￿tyS grants {2023. 89).
In 2023 the trustees felt it appro1￿ to make ex(• payments to a￿st benefi(iari8s wilh th* [￿1 bills in view
ofthe expected large increases. In 2024 we have to pay grants and addit￿y181 gits.
Flnan¢lal Revlow
The charty is reliant ￿ the from its In￿sti￿. an¥jM￿ to £60.380 (2023: £61,580}.
In the current year. the attad*d 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 w￿ShIpful Company of ckxkrnak￿S ts)Nd8r the Investffent rx)licy in assWiatr￿ with Inve
Wealth & Investmgnt LI￿Nted. The Pa￿1 consi(th the irKxxne r￿uirements, the nsk profibe and the investment
managers, views of the market proS[￿ts in the M￿lIurn twm. This strategy ts set within a current overnll policy whtch
states that the fund is to be inv8*ed in km and rr*dium iisk in￿Str￿ 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 s￿inatI9 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 fi￿re (*ythves ofts SOW.
Pl•n• for th• fu￿re
Irmng expenses. The tr￿￿teeS u)ntinued an athe Strat￿ to Obta￿ Inf￿rn￿ from many areas of the trad8 and
indeed indNiduals, to seek potential n8w bene￿. HcM*wover [￿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 &￿ie￿5 assislan￿. AM (ases are t￿ted syThpthtic811y.
Publlc B•n•fft
The trjstees ￿nfi￿n that ttw have referred to Charity CorMiissK)n's goneral guidanc* ￿ wblic b8n8fit when
reviewrng the alm afKJ rt4ects and in plannty f4th &aivit￿S 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• reS￿r￿S to rAxrtinue in 0watic￿￿ exists￿% for the

THE
ER
Law applicable to charrties tn EnglwNJ and Wales wuires ts trustees to prepare acCC￿nts for ea(* financial year.
whith give a true aThJ lar ¥1￿• ofth8 financiab adivib8s d￿¥¥j th& arKI of its financial P￿ttl0n at th8 end
of the year.
select suitabte accountirvj rKAicies and then appty I*￿￿
make Jwjgements and estimates that are reasonable and
SUbi￿t to any departures extAained and disdcé&l in th8 aoxx4nl&
prepare accI￿nts on a goin9 basis wd8ss it is inaprw* to wesuff* t￿t 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￿$ &￿S￿lut￿)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 •x*nl
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 ch*lWs examiners are aw8re of that
infomBtion.
T￿nkS
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 a*Jit 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 T￿5 mxmts as wi8d c*rt WKler se￿￿￿ 44 (1) Ic) of the 2005 A
and section 145 of the 2011 ACL In caffying (xrt my examinatw)n I have fc￿￿￿ed the requirerw)ts of the applicabl
DIrectior￿ g￿￿ by the Charity Ccthrriwl￿ under sedion 1445Mb) of the 2011 A
Ind•pondont oxamln*s •tatem0nt
l can confiTh that l am qualffj￿ to und8rtake the examination because l am a registered rrernber of Ir￿tilute of
Chartered Accountants in E￿rKI 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 t8SF*d ofthe as r• by ￿liOn 130 of the 2011 Act (
3. the acc£)unts do not CXYTpty the appli￿ble requIrw￿nts Con(￿niNj th8 form and ￿ntsnt of accounts set
out in the Charities {AccJwnts and ReFK*ts) R￿jUlationS 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(Oxpend￿rO) 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(x￿nts.

EEr
2023
Flxed Assets
Investments
1.738.(￿1
1.732.663
Cuffent Assets
Cash at bank
A¢o)unts reCe￿￿￿e {InNp*)
10.097
10.
21Z9
21.229
CrodltOTS:
Amounts fallirwj due wrlhin C￿ Y￿ar 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 tr*r 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 n￿ber 2WS). The ￿1st￿￿j office is cjo Tr Worshipftd Company of
Clockmakers, Throgmc*ton 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 s￿rCeS of estimalion un¢xrtainty in the
eparation of the firorKial staten￿ts are as frJlkME:
(a} Baslg of prepwallon
The financbal staternents have prepared in &xy)rdartt V￿th Acxx)untirvJ and Retmyting by Chartties..
Statement of Recom1r￿ded l)wtice applicable to charii*s preparir¥J tsir accounts in a(￿Ndance with th8
Financial Rep(Kbng stsndarda￿l(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 NaI￿al Benevdent s(￿ of Watth aNJ c￿￿ Makers meets the definilim of a P￿lIC entity undw FRS
102. Assets and liabilttses are in5baty recogntsed at histr*itsl cost or trans8rtMJn value Unl￿ Othe￿ stated
In the relevant accounting poly notes. The financial stateM￿ts are pyesented in UK Sterling. vthlch is the
(b) Golng eonc•m
uncertainttes related to events or ￿ndIt￿nS that may ￿t signifKant d￿t on th8 ability of the Charity to
continue as a going concwn. The Trustees make this assessm￿ in res￿1 of a pericxJ of at least one year
from the date of wthorisation for issue of the fjnancbal Slaten*￿ a￿1 have c4)ThSuded that ts Charity has
adequats res￿rceS 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(￿un￿ryj in preparing the *atenHts.
(e) Fund's structure
The charty has a sI￿e unrestricW fu￿1 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 VA￿7 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 fu￿15 f88S.
in Th)te 4.

THE NA
TES FORMING P
THE YEAR END
Grants payable are paYft￿ts made to third pth in oflhe c*aritsble objectives ofthe charty. The
grants are a¢xxMJnted for wt*re the trustees have apwoved payn*rt 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 gcK*J prncti￿. These costs indude costs rnlated to examInat￿n ofthe a¢counts tcgeth8r
Investm8nis w8 a form ofbw fin￿￿181 instnjmenls axl are initialty in th8 fin*Kial stateM￿ts at market
value. Movements in the market vak*s of Investm￿ts are sh17wn as unwlised gains arKI losses in the
Profits and losses on the rea1K$alw￿ of invests￿tS are shywn as realised gains and105ses In the Statement of
Financial AcbMties. Realised gains arvj Ic6M8 investsnents are ￿kyjlat￿l between sales proceeds and thelr
opening carying values or pur(*we Yalu8 rf acquired subw4uent to th8 first day of the financAal year.
UnTrali88d gains and losses are C*￿lated as the differe￿ between the Pdir valug at the year*nd and their
carying valu8. Realis&d and unreali￿1 investm￿gaIns aThl are o)mbin6d in the Ststement of Financkil
(g) Cash and equlval•nts
Cash and cash ￿ulY818rrtS irnjudes cash arKI slK)rt tenn hvJNy fiquid inve5tnw￿ Y•ith short tern matity of
three months or less from the date of acquisitsM or o￿nir￿j of the or similar account.
(h) Credltors and
Creditors and FXOv￿ions are rewised WI￿8 the chaTty has a ryesent obligalion resultirKJ from a past event
ttFat will prcthL4y resull In the transfer of funds to a thwd paty aTrJ a￿￿nt due to settle the obligation can
m8asured or estim￿ reliably. Creditorn arMJ provi$#Y￿ are norrnalty rKoJnised attheir settlement aff￿nt
(l) Estlmatss and Judgwrn
Ind￿Jing exp*tionsoffiJhKe events that￿ tr) rwmable und8rth8 circUff6lan￿. Although these
Flnanclal InstrThnts polky
The tharrty onty has financial assets and financ￿1 Ilaw￿e$ of a kind that qualfy as baslc fina￿tal 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 SI￿￿n in the tat￿e 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' re￿￿nara1￿
3.7LK)
3.450
Or*ning 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 Prnvi￿On
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 ￿nr￿￿ed *ilh of th8m {21Y23: £Nil).
year (2023: £Nil).
13
Anaty818 (rf Move￿ In ftmd•
Balance at 1 Nov8mb8r 2022
2.020.428
Net n￿ment in futKts
(270.W)
Balance at 310(knbw 2023
1,749.442
Net movement ill furnls
Balance at 31 Cx*ob8r 2024
1,754,401
12