THE CHARLNTF. GROUP BENTr:VOLENT FUND
FINANCIAL STATb.MENTSi
.31 DECEMBER 2023
Registered Ch&rity No: 207151

THE CHAREIYTE GROUP BENEVOLENT FUND
FINANCIAL STATEMENTS
for the year ended 31 December 2112.3
Contcnts
Page
L¢gFal and admini8trativc dctails
Trustees, annual rcport
Sialen]ent ofTrustces' resw)nsibilities
Independent examiner's report
St<ltement of fii)ancial aclivitics
Statemenl of financial position
Noics

THE CHARENTE GROUP BLNEVOLENT FUND
LEGAL AND ADMINISTRATIVE DETAILS
TRUSTEES, ANNUAL REPORT
Re%is¢ered Charity Number:
207151
Legal status
Tlic Benevolent bund was cstablishcd by
a trust deed daled 2 July 1951
Trusteeq:
R A Pilkin¥lon
DCD1cly
Sir T H M S Pilkington
Chief Executive Officer:
DJ Iloarc
Address:
-12 Judg7cs Drive
Livctpool
L6 7UB
Independent Examiner:
RSM UK Tax and Ac¢ounlin¥ Litnitcd
Chdrtcrcd Accounlanls
Davidson I Iciusc,
Porbury Square,
Readinb.. Bcrksliire
RGI 3EU
Investmont Advisors:
Fvclyn
Kciyal Liver Buildin¥
Picr Head
Livetpool
L3 INY
Bankers:
National Westininster Bank plc
2 - 8 Chur¢h Strcct
Liverpool
LI 3BG

THE CHARENTE GROUP BENEVOLEIYT FUND
TRUSTEES, ANNUAL REPORT
31 DECEMBER 2023
Thc Trustces prcscnt tl)cir rcport and the audited accounts for thc year cndcd J I tkLemb¢r 2023.
Structurey %overn8nce and management
The Charity is an uninLorporatcd cliarity. constitulcd under a trust decd atllcnded 4 September 2019 and is a
regFistered chariiy, number 207151. 'fh¢ principal plac¢ ol. busin¢s8 is 32 JudbTe% Drive, Livcrpool. 1.6 7UB.
I'he charity was establishcd as the H<irrison Line Benevolent Fund to apply thc incotnc of the F'und to make
paymcnls to ncccssitOUS <2nd deserving person8 who are, or have been, in the einployincnl of Tlie Charente
Stcaii)-Sliip Company Limited, Thos & Jas Harrison Litnitcd or of the fomier rim) of Thos & Jas Harrison. or lo
thc dcpcndants of such persons.
On 2 October 2001 a Cliarity Coinmission Sclicine W<iS sealed and <ipproved and Ihc objccts c)f Ili¢ Charity have
bccn cxtci)ded to include making pa￿ll¢ntS to Ihosc dcscrviiig pcrsoi)s or dcpcndants empli)yed by or previously
employcd by aiiy coiiipany in ilie Charcntc (yroup or rcsidiiigJ in spccific areas in whiLh the CJroup hcid olliccs.
'l-hc name ol'the Fund was also chan¥cd to Tl)c Charcnte Group Bencvolcnt Fund on thc same dale.
Trustees are appointcd by thc members ol- the Charity at ils Annual General Meeting. Vacancics occurring
bctwccn such meetingis may bc fillcd by a rcsolulion ot. the Board of. Trustccs. A pcrson appointed in this way.
wh() wishcs to continue a8 a Irustcc. tnust offcr himllierself for rc-appointtncnt at Ilic ncxt Annual Cjeneral
Meeting. -I'l)c iiiiniinum number ()f Iruslccs is 3. All trustccs arc skillcd to carry oui ih¢ir responsibilities
however if any lurtl)er trainingtr is identificd il will bc providcd.
Objects of the charity
The objc¢ls ot Ilic cliarity are to mJkc payments to ncccssilous and dcscrvin¥ person8 cmplnyed by or
prcviously employed by any coinpany in ihe C.'l)arenle Group or residing in 5P¢Lifii dreaq in whicl) tl)e Group
had ollices.
Risk management
I'hc Trustees continue to asscss tl)c major risks to which the fund may be exposed relative to stratcgic.
opcntional. reLiularity and fiiiancial matters. Together wilh it8 inve%tmeni advi%ors ihe Trustees ensurc tliat the
invcstmci)t strategy has a licdvy bias to￿.ardS liquidity and a high operating ¢ash siirplus is maintained at all
¢imcs. Additional prn¢edurcs1)avc bccn cst<ibli8hed, as required, 10 address tl)e risks faLed by the Cliarity.
Invcstments poliey and performance
l-hc Trustees have unrcstrictcd invcstinent power8. The pi)rtfc)Iic) is r¢gTuldrly ￿vIewtd hy ihe Trustees in
¢c)njunction witl) independent invcstmciit advisor.8. F.velyn. It i% ihe p()livy ()f tlie Truslees to lollow the
reL'C)mmciidation of Ihe invcslmciit advisors and lo mainlain a balanced portfolio. havingF a re&Fard to income and
futurc antlLipal¢d Lxpcnditure. The investmei)I pcrforjiiancc is measured <igainst rclcvcint indcxcs published by
the ARC. Sicrlingy Balanced Asset PCI Indcx. During the year to 31 December 2023 the Fund's portlolio value
on a total rctuni basi.q rose by 7.890/0 (2022.. fell by l 0.90/0) whereas the ARC BalanLed index ro%e by 5.7910/.
12022.. fell by 9.10lty). and ihe ARC (yrowtli index rose by 7.20 /0 12022- fell by l 0.20/0). This was largely an
impact from ihe economic climate with inflation already startin¥ to incrcase bcforc Ihc war in Ukraine funher
exaLLrl)atcd it.
Trustees
The I'rtt.4lccs of the Fund during thc year were as shown on page l.

**3** 

## **THE CHARENTE GROUP BENEVOLENT FUND** 

## **TRUSTEES' ANNUAL REPORT** 

## **31 DECEMBER 2023 (CONTINUED)** 

## **Key management personnel remuneration** 

The trustees consider the board of trustees and the Chief Executive Officer as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. In addition the Chief Executive liaises with all of the beneficiaries and offers personal and practical support throughout the year. All trustees give of their time freely and no trustee remuneration was paid in the year. 

The total remuneration of the single employee is reviewed on a yearly basis by the trustees using their experience as employers of people working within similar industries and similar roles. 

Trustees are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arises. No relevant issues have been registered. 

## **Financial review** 

The accounts are set out on pages 7 to 15. 

The net movement in funds for the year is a surplus of £46,856 (2022: deficit of £373,415). This is due to: 

- a net realised/unrealised gain/(loss) on investments of £146,006 (2022: loss £290,622) 

- charitable payments exceeding incoming resources by £99,150 (2022: £82,793) 

Total Capital Investments at the year end of £2,186,441 (2022: £2,111,821) 

Endowment Fund £941,365 (2022: £842,851) 

Unrestricted Fund £1,317,877 (2022: £1,369,535) 

Total Funds £2,259,242 (2022: £2,212,386) 

## **Achievements and performance** 

The Trustees are satisfied that, whilst continuing to make charitable payments in excess of investment income, the underlying value of the fund remained strong and the current value of the funds are sufficient for the current level of eligible payments. While there has been a general decline in equity values around the world this portfolio has outperformed the market averages. These are reviewed regularly by the Trustees and their investment advisors. 

During the year the Trustees made payments of £23,604 (2022: £23,554) to eligible former employees and £8,072 (2022: £10,737) to former employees' widows. The Trustees reviewed the amount of individual payments and made increases where required. The Trustees looked at new applications, advised accordingly and ensured that all eligible employees and their widows knew of the existence of the fund. 

During the year the Trustees made donations of £23,283 (2022: £3,300) to Nautilus UK Welfare Fund a Charity that exists purely to provide support to retired and current seafarers and is based at Mariners Park in the Wirral. The Trustees have met with the management of Mariners Park and are satisfied that the donation will go entirely to helping both ex-employees of the group (and their joint venture partners) and other seafarers in the Liverpool area. 

## **Trustee Training and Recruitment policy** 

Training support and development of trustees, particularly the induction of newly appointed trustees, is undertaken where it is relevant and could increase their effective contribution to the Fund's management. 

The Trustees regularly review the procedures for identifying any ongoing training needs. 



THE CHARENTE GROUP BENEVOLENT FUND
TRUSTEES, ANNUAL REPORT
31 DECEMBER 2023
ICON'I"INUED}
As the main pu]pose ol- the cliarity is lo support the retired employees and thcir dependants ol. the Charentc
Group, Ihc Trustees arc appointed with a bias towards actual knowledgie of the Group it.%elf, its history and onc
of whoIn who lives or works in the Liverpool area.
Future plans
Thc Trustees propN)se to maintain charitabl¢ payments to qualityinLy individuals in acLordance with ihc tcni)s ol.
the Trust De¥d and Inonilor likely payments againsi futurc reserves.
The Trustees have decided after much consideration that they will makc paymenig that in some year% arc in
exLeSS ol. tliL fund's incoii)e. 'I'her¢ is a deLliningJ agFe profile and iiuiiiber ()r rclircd Ch<1reni¢ (iroup Liiiployee
and tl)eir dcpcndanig and tlic TruNle¢s arc aw<ire ihat tl)is elenient of the P<iyni¢nt structure will decline in the
tuture, chdn&Fing. aiid reduLiiigJ the longi tcrni capiial r¢quirctncnts ofthc cliarity.
Reserve5 policy
The 'lrustees' plan is lo inaintain ai) adequate lcvcl ol. unreslriLted reserve% to sustain cliariiablc payii)ents oi'er a
lonu period. l)avingy a r¢g?ard to any uncertainly in tlic iiivebtment Iiiarket. Giveii the ag>L prolile of tli¢ currcni
and luture reL'ipicnts ol. the fund the Truslccs currently look al maintain rescrves foi ai l¢asl 12.5 year%. Ciivcn
thc curreni p¢rfonnanLe ihis looks easily obtainable. Fi¢¢ reserves (whiLh cxcluded enduwniei)t funds) L12trcntly
stand £1,317.877 wliich i¥prcsents an eslitnated lifteen y¢ars of tuture paytnents
Public Bejjefit
Th¢ -frustees L()nbidcr all its charitable activities to be for thc benelit of tlic public in lin¢ with Chilrity
Coiiiniission LTruidancc 011 public benclit.
Signcd on behalf ot the Trustccs
R A Pilkingto
Trustcc
13 August 20?4

THE CHARENTE GROUP BENEVOLENT FUND
STATEMENT OF TRU¢iTEES' RESPONSIBILITIES
31 DECEMBER 2023
Trustees, responsibilities in relation to the finaneial statements
Thc trustees c2re responsible for preparingF tl)e Trustces Report <2nd tl)e fin1( llci<il 8lalcincnts in aLLI)rdancc witli
applicable law and United Kingdom Accounting, St<indards (Uniled Kingdom G¢nerdlly Accepled ALCOUllting'
Practice).
The law appliLtiblc to charities in England and Wale% rcquires thc trustees to prcp?c re linaneial stateinents for
Cacl) financial year which gyive a truc and fair view of thc state ()f affairs of ihc ch2( rily and i)f tl)c incoming.
resource% aiid c2pplication of resources ot the Charity for that pcriod. In prcparing th¢sc financial sialcmcnts. the
Irustccs arc rcquired to..
sclecl suitable accounting polici¢s and then apply Ihetn consistently;
bscrve the methods and principles in Ilie Charilics SORP..
tnake judgpements and estitnates that are reasonable and prudeiit;
-%tate wl)¢thcr applicable accounting standards l)ave b¢cn followed, subject to any material departurcs disclosed
and explilined iii tlie financial 51atemenls and,.
preparc tlie financial statements on th¢ going concern basis unless il is inapprnprialc to presunie Iliat the
charity will c()ntinue in operation.
I'hc tn)st¢CS lire rcspon8iblc for k¢cping proper a¢LountinLi records thai disclose wilh rcasonable accuracy at 1( ny
timc tlie Iinancial positii)n ol'the cliarity and cn<ibl¢ thcm lo ensure that Ihc finaiicial %lalcincnts comply will) tlie
Cliarities Act 2n I i. tlie Cliarity (Accounts ai)d Reports) RegFulatioiis and thc provisioi)% of Ilic trust decd. They
arc <1180 rcspon%iblc for safeguarding th¢ assets of thc cliarEly ai)d henLC for takingF rLasonable %leps for tlie
prevention and detection of fraud and other irrcgularilies.

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE CHARENTE GROUP BENEVOLENT FUND
I report lo the trustees on my examination of thc financial slalctncnts of Tlie Charente Group Benevolent Fund
I'ihc cli<lrity') f()r thc year ended I l Dcceinber 2023, which lire set Oul ()n pagcs 7 10 15.
Responsibilities and basis of report
As the trustccs of th¢ cliarity you arc rcsponsible for Ihc prcparation of the a¢counls in accordancc with the
requiremeiits ol'the Charilics Act 2011 {'thc 2011 Act.).
report in resp¢¢t ot my examitlation ol'the charity's accounts carrEed out undcr scction 145 ofthe 201 I ALt and
in carrying nul my cxainin<ltion I havc followed all thc applicable Dir¢Llic)ns givcn by the Charity Commission
under 8cclion 145 (5)(b) ol. tlie 2011 Act.
An ind¢pci)dcnt exainination doe8 not involve bTaihcriii¥ all the evidence that would bc required in an audit and
oiiscquenily docs not L(Ivcr all the Inaltets tliat an auditor Lunsidcrs iii LFiving iheir opinii)ii oli Il)c accounts. The
planiiing and conduct of an audit go¢s beyond tl)e liiiiitcd c?ssuf<1nce ihal an indcpcndcnt cxamiiiation can
prc)vidc. Con%equcntly, l exprcss no opinion as to wliether ihc accounts present a 'lrue and fair vicw, and Iny
report is limit¢d to Ilio.8e spLcific m<lti¢rs 5Ct out in the indepcndcnt examiner's sialemcnt.
Indepcndent exAminer'5 Statement
l)ave complctcd my cxamination. I continn ihal no Inaterial matters have come to my atiention in connection
with tlie examin<ltion gTivin¥ me reasonablc cause to bclicvc thal in any matcrial respect..
accounting rccords were not kept in rcspcct of the ¢harity as required by sectioii 130 of thc 2011 Act.. or
tl)e accouiils do not accord with ihc)sc rccords., or
3. Ihc accounts do not Loiiiply with thc applicable rcquircments concerning Ihc fonn and contenl of
accoun15 Sct out in Ilic C l)arities (Accountq and Rcports) Regiulaiions 2008 otlier than any requirement
that Il)c accounts give a 'lruc and lair view, wliich 15 not a tnatter conqidered as part of an indcpeiident
cxamittati()n.
I have no LQiiCCrnS and liave come across no otlittr matters in connection with the examinatii)n to which attcntion
should bc dr<iwn in tl)is re]K)rt in order to enablc a proper ulldcrstanding ofihe accouiits to be reached.
Si¥ncd..
Eekky 66zlkzgkek
Ni1me= Kerri, CJAlla%her
Naine ()f applicablc listcd body.. The Institute of Chartcred Accountants in England And ￿,￿leS
Relevanl professional qU<ilifiL1, tioii or mLiiibcrship ol-profcssioiial b()dy- Chartered Accountant
On bel)alf of RSM UK Tax aiid Accounting Limiled
Cliartered Accountants
l)avidson I louse.
Forbury Squarc.
Reading, Berkshire
RCJI 3LU
19 August 2024

THE CHARENTE GROUP BENEVOLENT FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
Unrestricted
Fiinds
2023
Endowment
unds
2023
Year to
Year to
-111)eccmber 31 December
202.1
2U22
Note
Income
Investmenl inLoine
Otl)cr income
29.408
7.348
29.408
7,348
33,085
2,055
'I'o¢AI income
36,756
36.756
35,140
Expenditure
CfJ.¥l (!fpiii.fin&'.liincl.I
Investment manaLTremenl costs
8,411
7,795
16,206
16.718
F.xpcnditure on Charitable activities
119.700
119,700
101.215
'rotal expenditure
7,795
135,906
117,933
Net expenditure net movements in
fund5 before
gaiD5 and (losses) on investment5
{91,355)
{7.7951
(99.150)
{82.793)
Nel gyainl(loss) on invcsltnent as%els
39,697
106,309
146.000
{290,6221
Net movement in funds
151.658)
98,514
46.856
{373.415)
Reconciliation of funds
Fund balances broughi forward l January
1,369,535
842.851
2.212.386
2,585,801
Fund balances c*rried forward 31
December
1,317.877
941.365
2,259,242
2,212.386
All the results shown rclate wholly to continuing activities.

THE CHARENTE GROUP BENEVOLENT FUND
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
2023
2022
Note
Fixed assets
Invcstmenls
2.186,441
2.111.821
Current assets
Dcbtors
Cash at bank and in hand
2.415
82,349
2,287
109.480
84.764
11,767
Creditors." ainounts falling,
duc witliiii one ye&ir
(11.9631
{11,20?)
Net eurrent Assets
100,565
Total assets less current liabilities and
net assets
2,259,?42
2,212.386
F￿lld￿ of the charity
UnreslriLtcd
Endowment
10
10
1,317,877
941,365
1,369,535
842,851
otal Charity funds
2,?59,242
2,212.386
Approved and autliorised for issue by the-frustees on 13 AugTrust 2024 and sigined ()n their beliaif by..
R A Pilkin¥lon
Truste¢
The notes on pagcs 9 to 15 lorni part of these accounts.

THE CHARENTE GROUP BENEVOLENT FUND
NOTESI TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2023
Accountin% policies
Basis of accounting
Tl)¢ Iiiiancial %tatcinent% havc been prcpared in aLcordance willi applicable acLounlingJ sland1( rds under
the hisloriLal convenlion witli asscls and liabilitics initially rccog?nised at historical cost excepl for
certain invcstmenls wl)ich ar¢ hcld at markct valu<ltion, as stalcd in the relcvant notes lo thes¢ accounts.
Thc finilncial Statement￿ are prepared in sterling, which i% thc functional currcncy of the enlily.
Monetary llmounls in these financial %latcinents ar¢ rounded to the ncarcsl £.
The financial statements have becii prepared in accordancc with the reconitncndations of Ilic Sialcincnt
of Recoininendcd Practice 'Accouiiling and Rcporting by Ch11 rities., preparii)gJ their accounts in
accnrdancc will) tl)e Finaiicial Reporting Standard <lppli¢ablc in tlie UK and Rcpublic of Ircldnd
{FRS102) (effeLtivc l OLtI)hcr 20191. ICI)arities S()RP IFRS10211 and Il)e Cl)arilics Act 2011. I'he
principle <lCL()untinL policics ad()ptcd in iht prcpciralion c)f tl)c accouniing, policics are set ()ut bclow.
Tlie Cliarity ha% takcn advantage of Ilic provi81()ns in the SOIIP for Cli<irities applyiiigF FRS102 Update
Bullclin I not to prcpare a Siatcment of Cash Flows.
The fii)ancial statcmenls l)ave be¢n prepared to give a 'iru¢ and lair. wi¢w and l)ave departeil from the
Charilics (Accounts and Rcport%l Rcgulations 2008 only to the exlenl rcquircd to pmvide a 'true and
fair vicw,.
Tlie Irusl conslilulcs a public benefit cntity as dcfincd by FRS 102. The Charity is c2n unincnrpi)ratcd
charily, coi)stilulcd under d trust deed dated 2 July 1951 and is a registered Lharity, nuinber 207151.
Going Concern
-nic Iru%tccs liavc a reasonable expcctation ihal the charity has adequat¢ resource8 lo continue in
oper<lti()nal exislcnce for Ihc fore%¢cablc future nd thu.% the truslees havc concluded tl)at it is
apprc)priate io prepare ihc acLOUllts oil a gFoiiigJ concern basis. The Trustces can if nccessary reduce the
ainounl of charitable expciiditure if lonLI tenn rcserve% dimiiiish.
In rcspecl of the invcstmenls Ilie truslccs decided lo keep onc years expenditurc in cash %() as to tlc ke
pressurc olf th¢ pcrlomiaiice of ils investments. In letms of beneficiaries the Cl)iel Lxccutive orriLer
has bccn in rcgFular Lontacl willi them Iv cl)eck nn Ilicir well-heingF aiid has takcn a pro<lCtive %t¢lllLC in
lookiiigTr for any polenlial beneficiaries tl)at Inay be suflcring frc)m Ihc pandemiL or ihc wider l()ck down
pro¢¢ss.
Income reco2nition
All inLoinc is ￿COgnised once ih¢ charity lias cntiilemcnt to the inLomc, it is probablc tl)at the income
will be rcceived and tl)e atnounl ol- income Lan be measurcd reliable.
Inveslmcnt and intcresl income is accounted for in the accounting period iii whi¢h il is receivable. The
Capital Fund rcpresents the assets with which Ihc Fund wa5 endowed, and is included within
F.ndC)￿,InenI I,unds.
F.xpens¢s recognition
Liabilitie% are reLI)g?i)ised a8 rcsourL¢.s cxpended as soon as there is a legFal or construLtiv¢ obligation
cominilting tl)c Charity lo thc expenditure. F.xpcnditur¢ is accounted for on acLruals basis. All
cxpenscs inLluding support c(Jsts and b?nvcmance costs are allc)catcd or appi)rtioncd to tlie appli¢ablc
expendilurc Iieadin¥s.

io
THE CHARENTE GROUP BENEVOLENT FUND
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 202.1
(CONTINUED)
Governance costs
Governaiicc costs comprise all cosls involving the public accountability of tl)e Cl)arity and its
complianLc with regulation and good praLticc.
RealiqedlUnreAlised gains and losses
All ¥ains and Ii)%%LS rc taken ic) tlic Statement of P inancial Activities as they ari%¢. Rcaliscd g?( ins ai)d
lo%%¢s on inveslmellts are calculal¢d as tl)e differenL¢ bclwecn sales pmceeds and tl)¢ir upcnin¥ carrying
value or thcir purchasc value if acquircd subsequenl lo Ihc Iirst day of the financial year. Unrealiscd
gain.% and losseq are calculated aq ihc ditycrence beiw¢cn thc fair value at the year eiid and thcir carrying
value. Realiscd and unrr¢iliscd inveslni¢nt ¥ains <ind losqe% arc cumbincd in the Staleiiient of F inanLial
Activities
Irrecoverable VAT
Irrccoverable V AT is Chargcd against ihe calcgFOry of resources cxpcnded lor which il iq incurred.
Fixed asset investments
Thc Benevolcnt Fund's invcstments are divided between Capital and Income Funds. 'I'he Capital Fund
rcpre%ents tlic assets with which Il)¢ fund waq endowed, and is included wiihin I'ndowmcnt Funds. The
Inconic l.uiid represciits tlie exuess of iiicome over cxpcnditure since Ihe I,und's inccplion.
Surpluse8 ()r dclicits arisiiig on the disposal of investmcnts arc dealt with in the P'und lo which thc
investments concerned bclong.
Fixed assct ii)vestmenls are stated al market valu¢. Quotcd investments are valucd at tnid market price
on the balancc sheet datc.
Quoted invcstmenls arc listed on a recognised glo¢k exchange.
Funds Structure
The Cl)arity has a single pern)ancnt cndowmenl lund.
UnrestriLlcd ii)coine funds coinpri%e Iliose tunds which the tNstees are free lu usc for any purpose in
lurthcraiice ol. the charitable aLlivities.
TaxAtion
-l-lic cl)arily ]% cxcii)pt from tax on incoine and g?2( ins f<illingF within Part I l of the Corpc)ralic)n l axcs Act
201 O or qeLlioii 256 of the Taxation ol Cliarit<ible Gains ALI 1992 to the extent that Ihcsc arc applied to
its cliarilablc objects.
Debtors
Otlier debti)rs are recogFniscd at the setilctncnt ainouni du¢. Pr¢paytnents are valued at the amount
prepaid nct of any discounts due.
Cash and cash equivalents
Cash and cash cquivalents include Lash iii l)and, deposits hcld at call with banks, and other short-terni
liquid invcstmenis with original Inaturities Orth￿ tnonihs or less.

THE CHARENTE GROUP BENEVOLENT FUND
NOTES TO THE AC.COUNTS
YEAR ENDED 31 DECEMBER 202.1
{CONTINUED)
Tr'inancial instruments
Thc trust only l)as financi<il assets ai)d financial liilbilities of a kind ihat qualify as basie finanLial
insiruments. Basic financial iiistrumcnts are ittitially r￿0￿￿15¢d at transaction value and subsequently
Inea%ur¢d at tlicir settlement valuc.
Critical Accountin% Tr.s¢itllates and Areas of Judgement
There arc no sigynificant ¢5titnates and judgements atlccting tl)e financial st<ltements.
Investmcnt income
Unreslricted Endowment
nds
Total
202.3
To¢01
2n22
Listed investmcnt income - dividcnds
29,408
29.408
33,085
In 2022, all £33.085 invcstment inLomc was attributable lo Un￿striCted fuiids.
Charitable expenditure
Unrestrictcd Endowment
Funds
Ftsnds
Total
2023
Total
2022
Note
DireLi cxpcnditure-
Paymenis to lonner employees
Payinents to widows uf
fomer cmploye&q
Naulilus Welfare donation
23,604
23.604
23.554
8.072
23,283
8.072
23,283
10.737
3.300
54,959
54,959
37,591
Support costs
Governance cosls
59,931
4,810
59,931
4,810
59,244
4,380
I l (J,700
119,700
101.215
AII 2022 ¢xp¢nditure was from Unrestri¢led Funds.

12
THE CHARENTE GROUP BENEVOLENT FUND
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DEC.EMBER 2023
(CONTINUED)
Investment Management Costs
Unrestricted Lndow'nient
Funds
Tr'unds
Total
funds
202.3
I'otal
fiinds
2022
ManagF¢mcnt Costs 2023
8,411
7,795
16.206
ManaLiemenl Costs 2022
8,673
8.045
16.718
AIIoc8tion of support & governAnce costs
ChAritable
activities
Total
2023
Total
2022
Governance
Salarics and pension
Indep¢ndcnt ex<iminalio
Legial and prolesqional fecs
Trustccs liability insurance
PoslagTC, Statinnery, Iclcphone, Iravcl.
coinpuler aiid rcnt
Bank chargieg
45.837
45,8.37
4,810
35
3,033
45,729
4,380
35
3,044
4,810
35
3.033
10,979
47
10,979
47
10,34
90
59,931
4.810
64.741
63,624
Trustees havc claimed £872 {2022..£nil} for altcnding meetings and reccivcd no oihcr rctnuneration tor
their scrvices.
Staff Costs
2022
Wages and Salaries
.Inploycrs Social Security Costs
Oiher l)ension Costs
Health Insurance
33,287
3,3.38
5,912
3.300
33,287
3,516
5,912
3.014
45,837
45.729
Key managcmenl personnel comprise the tn]stee% and the chicf executiiie. Key management personal
remuncration in¢ludin¥ cmpli)yers Nation<il In8uranLC Contributions amount to £45,837
(2022: £45.729).
I'hcrc waq I member of staff employed during the year (2022.. 1). No cmployccs rcccived employce
bencfits of morc Il)1( n £60,(K)O.

**13** 

## **THE CHARENTE GROUP BENEVOLENT FUND** 

## **NOTES TO THE ACCOUNTS** 

## **YEAR ENDED 31 DECEMBER 2023 (CONTINUED)** 

## **5 Allocation of support & governance costs (continued)** 

||Independent Examiners remuneration|||||
|---|---|---|---|---|---|
||||**2023**||**2022**|
||||**£**||**£**|
||Independent Examiners services||4,810||4,380|
||||4,810||4,380|
|**6**|**Net gains/(losses) on investment assets**|||||
|||**Unrestricted**|**Endowment**|**Total**|**Total**|
|||**Funds**|**Funds**|**funds**|**funds**|
|||||**2023**|**2022**|
|||**£**|**£**|**£**|**£**|
||Net realised/unrealised gains 2023|106,309|39,697|146,006||
||Net realised/unrealised (losses) 2022|(152,522)|(138,100)||(290,622)|
|**7**|**Investments**|||||
|||||**2023**|**2022**|
|||||**£**|**£**|
||**Quoted investments**|||||
||Opening market value at I January|||2,l l l,821|2,338,078|
||Additions at cost|||435,087|957,480|
||Disposal proceeds|||(506,473)|(893,115)|
||Net realised/unrealised gains/(losses)|||146,006|(290,622)|
||**Market value at 31 December**|||2,186,441|2,111,821|
||**Historic cost**|||1,930,722|2,007,454|
||Quoted Investments at market value comprised:|||||
|||||**2023**|**2022**|
|||||**£**|**£**|
||UK Fixed Interest Securities|||157,075|75,174|
||UK Equities|||724,177|682,751|
||Overseas Equities|||791,138|801,485|
||Overseas Fixed Interest|||190,470|132,220|
||Commodities|||87,662|81,726|
||Hedge Funds|||235,919|322,548|
||Property||||15,917|
|||||2,186,441|2,111,821|





14
THE CHARENTE GROUP BENEVOLENT FUND
NOTE.S TO THE ACCOUNTS
YEAR ENDED 31 DEC.EMBER 2023
(CONTINUED)
Investments (continued)
All invcstmenls are primarily hcld to provide and invesltncnt retum. All investiiients re Larried at tliLir
rair value. Asset sal¢s and purcl)ases arc reL(IgFI]ised ai thc dale ()f tradc al L(i%l {Iliat is Il)eir Iraiisaclini)
valuc). Unrcstricted fund8 Lomprise those fuiids whilh the tnJ8lees are free lo use in acLI)rdance with
the Lharitablc objects.
'rhc Trnslccs conduct a tliorouLili risk analysis in ¢oiijunction witl) their invcstment i)ianagers Evelyn at
each of Ihcir Tru8tccs m¢ctings. C'rcdit. liquidily and market risks are di%cussed and Il)c Trustee% ¢iisurc
tli<l1 tlierc is appropriatc Cclsh Iioldinuy of bLtween 9 and 12 Inonilis ca81? held in major clcaring. bai)ks iii
ord¢r to en%urc that all paymcnts in thc short Icnn can bc Inade. C".rcdit risk8 arc c?llc?lysed alongTr wilh
Inarkct risks and tl)c fund iiivests a very higli proportioii ofits assets in l)igFli liquidity l.-I-SE 100 slc)cks
or Ihcir inlcr])<ltional equivalcnts. Only a minimal proportion is invesleil funds that do not l)ave
immediate dislribuliun upon Sale and the Truslces intend to b()Ili analysi% and pursue this low risk
strategy.
Debtors
2023
2022
Otlicr debtors
2,415
2,287
2.415
2,287
Creditors: amounts falling due within one year
2023
2022
Other lax and social security
Oil)er Lrcditnrs
1.457
10,506
1,434
9,768
11,903
11,202
Analysis of charitable funds
Movement in resources:
Balance at
l January
2023
Balsnce at
31 1)eccmbei
2023
Incoming
Expenditure
Gain
Permanent endow'mcnt
Capildl Fund
842.851
(7,795)
106,309
941.365
Unrestricted Fund
1.369,535
36,756
(128,111)
39,697
1,317.877
2,212.386
36,756
{ IJ5,9061
146.006
2.259,242

15
THE CHARENTE GROUP BENEVOLENT FUND
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2023
(CONTINUED)
Movement in resources..
Balanee at
l January
2022
Halance at
31 Decembei
2022
Incoming
Expenditure
(Loss)
Permanent endowment
C<lPltal l.uiid
988.999
18.045}
{138.Ino)
842.851
UnrestriLtcd Fund
1.596,805
35,140
{109.888)
(152.522)
1,369,535
2,585.801
35.140
(117,933)
1290.622)
2,212,380
Analysis of net as5Cts between funds
Net
Current
Asset5
Total
2023
Total
2022
Investments
F.ndowinent l."unds
Unrcstricted Funds
1.093.765
1,092.676
{152.400)
225.201
941.365
1,317,877
842.851
1.169,535
2,186,441
72.801
2,259,242
2.212.386
Nct
Current
Assets
'rotal
2022
Total
2021
lllvestments
Endowinent I'unds
Unrcstricled I'unds
1.020.110
1.091.711
{177.259)
277.824
842,851
1,369.535
988.996
1,596,805
2,111,821
100,565
2,212,386
2.585,801
Purpose of funds
The cl)arity has a single peTillc2nent endowmcnt fund. Unrcstricted funds comprisc thosc funds which the
truslee% arc free lo usc in acLordaiicc with lh¢ charitable objeLIs.
12
Related Party Transactions
'Ilic cliarily lias had no rclated party trdnsaclioiis lor the year endcd 31 December 2023 (2022.. £nil).