2021-12-31-accounts

			Page
Legal and	administrative	details
Trustees'	annual report
			2 —4
Statement	ofTrustees'	responsibilities
Independent examiner's		report
Statement	offinancial activities
Statement	offinancial position
Notes
			9 —15

Registered	Charity Number:	207151
Legal status		The Benevolent		Fund	was established		by
		a trust deed dated 2 July 1951
Trustees:		RA Pilkington
		D C Daly
		SirTH M	SPilkington
Chief Executive Officer:		DJHoare
Address:		32Judges	Drive
		Liverpool
		L6 7UB
Independent	Examiner:	RSM UK	Tax and Accounting			Limited
		Chartered	Accountants
		14"Floor
		20 Chapel	Street
		Liverpool
		L3 9AG
Investment	Advisors:	Evelyn
		Royal Liver Building
		Pier Head
		Liverpool
		L3 1NY
Bankers:		National Westminster			Bank pic
		2 —g Church Street
		Liverpool
		Ll 3BG

										Unrestricted	Endowment	Year to	Year to
									Note	Funds	Funds	31December	31December
										2021	2021	2021	2020
Income
Investment income Other income										46,970 (2,121)		46,970 (2,121)	43,334 442
Total income										44,849		44,849	43,776
Expenditure
Cost ofraising		funds
Investment management					costs					9,864	8,402	18,266	16,383
Expenditure on		Charitable			activities				3,5	98,881		98,881	107,711
Total expenditure										108,745	8,402	117,147	124,094
Net expenditure			and	net	movements			in
funds before
gains and (tosses) on				investments						(63,896)	(8,402)	(72,298)	(80,318)
Net gain/(loss)	on		investment			assets			6	123,519	128,950	252,469	(38,326)
Net movement		in	funds							59,623	120,548	180,171	(118,644)
Reconciliation	of		funds
Fund balances	brought			forward			I January			1,537,182	868,448	2,405,630	2,524,274
Fund balances		carried forward					31
December										1,596,805	988,996	2,585,801	2,405,630

				Unrestricted	Endowment	Total	Total
				Funds	Funds	2021	2020
							K
Listed	investment	income	- dividends	46,970		46,970	43,334

				Unrestricted	Endowment	Total	Total
			Note	Funds	Funds	2021	2020
Direct expenditure:
Payments	to	former employees		20,371		20,371	31,346
Payments	to	widows of
former employees				9,519		9,519	20,300
Nautilus	Welfare donation			9,090		9,090
				38,980		38,980	51,646
Support	costs		5	55,521		55,521	55,085
Governance		costs	5	4,380		4,380	980
				98,881		98,881	107,711

4	Investment	Management	Management	Management	Costs	Costs
							Unrestricted	Endowment	Total	Total
							Funds	Funds	funds	funds
									2021	2020
							g	g		g
	Management	Costs	2021				9,864	8,402	18,266
	Management	Costs	2020				9,123	7,260		16,383
5	Allocation ofsupport			&governance			costs
									Total	Total
							Charitable		2021	2020
							activities	Governance
							g
	Salaries and pension						44,095		44,095	43,966
	Independent	examination						4,380	4,380	980
	Legal and professional			fees			35		35	35
	Trustees liability insurance						2,426		2,426	1,522
	Postage, stationery,		telephone,			travel,
	computer and rent						8,874		8,874	9,435
	Bank charges						91		91	127
							55,521	4,380	59,901	56,065

Staff costs		2021	2020
Wages and	Salaries	31,959	31,500
Employers	Social Security Costs	3,192	3,142
Other Pension Costs		5,912	5,912
Health Insurance		3,032	3,412
		44,095	43,966

	Independent Examiners	remuneration	remuneration
						2021		2020
	Independent Examiners		services			4,380		980
	Taxation Services
						4,380		980
6	Net (losses)/gains	on	investment	assets
					Unrestricted	Endowment	Total	Total
					Funds	Funds	funds	funds
							2021	2020
	Net realised/unrealised		gains 2021		123,519	128,950	252,469
	Net realised/unrealised		(losses) 2020		(32,804)	(5,522)		(38,326)
7	Investments
							2021	2020
	Quoted investments
	Opening market value at 1 January Additions at cost						2,200,742 948,266	2,243,133 744,450
	Disposal proceeds						(1,063,399)	(748,515)
	Net realised/unrealised		gains/(losses)				252,469	(38,326)
	Market value at	31December					2,338,078	2,200,742
	Historic cost						1,939,695	1,861,814
	Quoted Investments	at market value		comprised:
							2021	2020
	UK Fixed Interest	Securities					126,809	160,117
	UK Equities Overseas Equities Overseas Fixed Interest						739,244 954,161 90,613	678,870 735,609 136,658
	Commodities						58,726	60,464
	Hedge Funds Property						60,302 112,444	207,339 221,685
	Other						195,779
							2 338078	2 200 742

			Movement	in resources:		Balance ai
		Balance at				31 Decemb
		1January 2021 g	Incoming g	Expenditure	Gain/(Loss) g	2021 g
Permanent Capital Fund	endowment	868,448		(8,402)	128,950	988,996
Unrestricted	Fund	1,537,182	44,849	(i08 745)	123,519	1,596,805
		2,405,630	44,849	(117,147)	252,469	2,585,801

			Movement	in resources:
	Balance at					Balance at
	1January					31December
		2020	Incoming	Expenditure	Gain/(Loss)	2020
			K			K
Permanent	endowment
Capital Fund		881,230		(7,260)	(5,522)	868,448
Unrestricted	Fund	1,643,044	43,776	(116,834)	(32,804)	1,537,182
	2,524,274		43,776	(124,094)	(38,326)	2,405,630
nalysis ofnet assets between		funds
				Net
				Current
			Investments	Assets	Total	Total
					2021	2020
Endowment	Funds		1,108,946	(119,950)	988,996	868,448
Unrestricted	Funds		1,229,132	367,673	1,596,805	1,537,182
			2,338,078	247,723	2,585,801	2,405,630
				Net
				Current
			Investments	Assets	Total	Total
					2020	2019
Endowment	Funds		982,100	(113,652)	868,448	881,230
Unrestricted	Funds		1,218,642	318,540	1,537,182	1,643,044
			2,200,742	204,888	2,405,630	2,524,274