TIMBER TRADES BENEVOLENT SOCIETY
Founded 1897
SIGNED COPY
ANNUAL REPORT
31st December 2022
JOHN TAYLOR
PRESIDENT
2022
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|||PAST PRESIDENTS||
|---|---|---|---|
|W. L.T. FOY|||1897- 1900|
|DAVID J.MORGAN|||1901 - 1902|
|Chas. BIRD.|||1903 - 1905|
|W. L.T.FOY|||1906 - 1907|
|JOHN W. BURTON.|||1908|
|Thos. Geo. SHARP|||1909- 1910|
|G. H. LINDSEY - RENTON.|||1911|
|LAURANCE H. NEAME|||1912 —1913|
|ALFRED DOBELL|||1914- 1915|
|SIR BIGNELL G. ELLIOTT KeE JP... . .|||1916- 1917|
|ARTHUR C. MAY|||1918|
|H. G. NUTMAN|||1919- 1920|
|SIR KEITH W. PRICE|||1921 - 1922|
|DOUGLAS CLAYTON|||1923 - 1924|
|H. F. BUCKLAND|||1925 - 1926|
|NORMAN
A. WRIGHT.|||1927 - 1928|
|ERNEST W. H. Beaton|.||1929 - 1930|
|HERBERT Geo. SHARP|||1931 - 1932|
|E.LOCKS LATHAM|||1933 —1934|
|H. R.WOODBURN - BAMBERGER|||1935|
|ERNEST C. HORTON|oeE.||1936- 1937|
|H. CYRIL DAVID|||1938|
|SIRGERALD LENANTON|||1939|
|E. P.TETSALL|||1940 - 1941|
|HUBERT B.ELLIOTT|||1942 - 1943|
|Jas L.CRAWFORD.|||1944 - 1945|
|HUGH S.LEARY|||1946 - 1947|
|Wm. B.MITCHELL|||1948 —1949|
|STANLEY C. LONGHURST||ceEJp.|1950|
|J.L. BAYNES ceE|||1951|
|WILLIAM BURNS|||1952|
|Chas. I. PERKINS|||1953|
|H. NORMAN
SADD|||1954|
|A. COLIN C. DARBY Mc|||1955|
|CLIFFORD B.NORTH|.. ......................||1956|
|STANLEY LLOYD.|||1957|
|HUBERT LENANTON|||1958|
|Wm. H. DRUMMOND.|.||1959|
|HUBERT B.ELLIOTT|||1960|
|DONALD E.WRIGHT|TDJP.||1961|
|GEORGE C.HUGHES|||1962|
|AUSTIN TAYLOR|||1963|
|JOHN V. MURPHY.|||1964|
|E. BRYAN LATHAM ceE MM eA.....|E. BRYAN LATHAM ceE MM eA.....||1965|
|---|---|---|---|
|PERCY WISE FCA.|||1966|
|CECIL D.WOODBURN|—BAMBERGER ceE .....||1967|
|COLONEL DONALD C.|BELLTD|..|1968|
|R. DAVID MAY.|||1969|
|BERNARD A. HILL|||1970|
|DOUGLAS R.JENNINGS|||1971 - 1972|
|DOUGLAS COCHRANE|||1973|
|DAVID W. MITCHELL.|||1974|
|A. W. BURNS|||1975|
|W. JOHN ALSFORD|||1976|
|NORMAN
WELCH|||1977|
|DAVID A.C.MONTGOMERY|||1978|
|ROGER H. MASON.|||1979|
|MALCOLM A. BENNIE|||1980|
|CHRISTOPHER G.A. LATHAM||FCA|1981|
|W. DENIS BUTLER.|||1982|
|DOUGLAS R.JENNINGS|||1983|
|TERENCE S.MALLINSON|||1984 - 1985|
|ROSSS.H. BELLAMY TDAlwsc.|||1986|
|PETER D. LLOYD|||1987 —1988|
|RON LEWIS|||1989 - 1990|
|GILBERTLEWIS|||1991 - 1992|
|J.BARRY LEWIS|||1993|
|JOHN O. HOULTON|||1994|
|JEAN KLOOS|||1995|
|RICHARD MIDDLETON.|||1996|
|PAUL F. MURPHY|||1997|
|IAN NORTH .|||1998 —1999|
|J.BARRY LEWIS|||2000 - 2001|
|BRIAN BAUCKHAM|||2002|
|IAN MENZIES|||2003 -2004|
|BARBARACARTWRIGHT.|||2005 - 2006|
|RICHARD BAGNALL|||2007 —2008|
|DAVID FRANCIS|||2009 - 2010|
|DILWYN HOWELLS|||2011 - 2012|
|MALCOLM COWLEY .|||2013 - 2014|
|ROBERT BRUCE|||2015 - 2016|
|IVAN L.SAVAGE|||2017 - 2018|
|PAUL SNAPE|||2019 —2020|
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|||||Unrestricted
Unrestricted|Unrestricted
Unrestricted|
|---|---|---|---|---|---|
|||||funds|funds|
|||||2022|2021|
||||Notes|6|E|
|Income from:||||||
|Donations
and legacies|||2|23,048|29,154|
|Other fundraising||activities|3|88,981|59,741|
|Investments|||4|96,233|81,978|
|Total income||||208,262|170,873|
|~Edit||||||
|Raising funds|||5|88,542|76,222|
|Charitable
activities|||6|222,985|201,100|
|Total expenditure||||311,527|277,322|
|Net gains/(losses)||on investments|11|(482,592)|400,522|
|Net movement|in|funds||(585,857)|294,073|
|Fund balances at||1January 2022||3,851,449|3,557,376|
|Fund balances at||31December 2022||3,265,592|3,851,449|
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|3|Other fundraising|activities||||
|||||2022|2021|
||Newsletter
income|||775|1,075|
||Golf final day|||11,533||
||Regional events|||76,673|58,666|
|||||88,981|59,741|
|4|Investments|||||
|||||2022|2021|
||Dividends
and interest on listed secudities|||87,250|76,604|
||interest receivable|||8,983|5,374|
|||||96,233|81,978|
|5|Raising funds|||||
|||||2022|2021|
||Fundraisin
and|ublici||||
||Regional events|||42,992|37,156|
||Golf final day|||3,961||
||Share ofgovernance||costs (see note 8)|5,634|3,616|
||Share ofsupport costs (see note 8)|||21,890|21,225|
||Fundraising
and publicity|||74,477|61,997|
||Investment
mana|ement||14,065|14,225|
|||||88,542|76,222|
|6|Charitable
activities||||
|---|---|---|---|---|
||||2022|2021|
||||6|6|
||Christmas
gifts to beneficiaries||31,246|30,432|
||Allowances
under rule 10||86,200|69,280|
||TV licences &sets||4,134|4,525|
||Telephone allowances||11,920|12,047|
||Spring gifts to beneficiaries||11,100|9,751|
||Winter fuel grants||38,000|29,400|
||||182,600|155,435|
||Grant funding ofactivities (see note 7)||8,375|11'17|
||Share ofsupport
costs (see note 8)||28,255|31,838|
||Share ofgovernance|costs (see note 8)|3,755|2,410|
||||222,985|201,100|
||Analysis
by fund||||
||Unrestricted
funds||222,985|201,100|
||||222,985|201,100|
|7|Grants payable||||
||||2022|2021|
|||||6|
||Grants to individuals||8,375|11,417|
||||8,375|11,417|
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|8|Support costs|Support costs||||||
|---|---|---|---|---|---|---|---|
||||Support|Governance|2022|2021|Basisofallocation|
||||CostS|Coats||||
||||6|6|6|6||
||Staff costs||||||60%Charitable, 40%|
||||32,000||32,000|32,000|fundraising|
||Depreciation||||||60%charitable, 40%|
||||217||217|218|fundraising|
||Office costs||||||60%Charitable, 40%|
||||12,502||12,502|11,355|Fundraising|
||Computer|costs|||||60%Charitable, 40%|
||||5,370||5,370|5,533|fundraising|
||Meeting and travel||||||60%Charitable, 40%|
||expenses||2,966||2,966|1,768|fundraising|
||Generalexpenses||||||60%Charitable, 40%|
||||595||595|2,090|fundraising|
||Bank charges||||||60%Charitable, 40%|
||||124||124|99|fundraising|
||HMRC Refund||||||60%Charitable, 40%|
||||(3,629)||(3,629)||fundraising|
||Audit fees|||6,989|6,989|6,026|Governance|
||Legal and|professional||2,400|2,400|-|Governance|
||||50,145|9,389|59,534|59,089||
||Analysed|between||||||
||Fundraising||21,890|5,634|27,524|24,841||
||Charitable|activities|28,255|3,755|32,010|34,248||
||||50,145|9,389|59,534|59,089||
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|The average|monthly|monthly|number ofemployees|number ofemployees|number ofemployees|during the|year was:||
|---|---|---|---|---|---|---|---|---|
||||||||2022|2021|
||||||||Number|Number|
|Total|||||||||
|Employment|costs||||||2022|2021|
||||||||E|6|
|Wages and|salaries||||||32,000|32,000|
|There were|no employees|||whose annual|remuneration||was more than 660,000.||
|Net gains/(losses)||on|investments||||||
||||||||Unrestricted|Total|
||||||||funds||
||||||||2022|2021|
||||||||6|6|
|Revaluation|ofinvestments||||||(427,672)|378,308|
|Gain/(loss)|on sale|of|investments||||(54,920)|22,214|
||||||||(482,592)|400,522|
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||Usted|
|---|---|
||Investments|
|Cost orvaluation||
|At 1January 2022|3,715,400|
|Additions|332,061|
|Revaluation
of investments|(427,672)|
|Gain/(loss)
ofinvestments|(54,920)|
|Disposals|(498,321)|
|At31December 2022|3,066,548|
|Carrying amount||
|At 31December 2022|3,066,548|
|At 31December 2021|3,715,400|
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|Creditors: amounts
falling due within one year|||
|---|---|---|
||2022|2021|
||f||
|Other taxation and social security|581|4,209|
|Other creditors|200|200|
|Accruals and deferred income|6,775|5,900|
||7,556|10,309|
||2022|2021|
|---|---|---|
||f|f|
|Salary|32,000|32,000|
||||2022|2021|
|---|---|---|---|---|
||||f|f|
|Key|management|personnel|7,000|7,000|
||||7,000|7,000|
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||DETAILED INVESTMENT NOTE|DETAILED INVESTMENT NOTE|DETAILED INVESTMENT NOTE|||
|---|---|---|---|---|---|
||FOR THE YEAR ENDED 31DECEMBER2022|||||
|13 Fixed asset investments||||Market|Market|
|||||value|value|
|||||2022|2021|
|||||E|E|
||British government
securities|||||
||kk,kkk
UK k.kk kk Ik kt
k kkkk||||64,774|
||Property funds|||||
||47,000 Cordiant
Digital Infrastructure
Ltd Ord NPV|||39,668||
||41,132 International
Public Partnership
Ord GBP0.0001|||62,356|64,546|
||(202137,968)|||||
||40,000 Jlen Environmental
Assets Group Ltd Ord NPV|||48,000|42,000|
||Mayfair Capital Investment
MGM Ltd The Prop
Charities GBP DIS||INC Trust for|40,580||
||4,000 Unite Group Ord GBP0.25|||36,400|44,420|
||39,000 LXI REIT PLCOrd GBP0.01|||43,914|56,550|
||28,000 Primary Health Properties
PLC Ord .125|||31,024|42,392|
||34,681 SDCL Energy Efficiency INC TSTPic Ord GBP0.01|||33,467|40,750|
||24,000 Warehouse
REIT Pic Ord GBP0.01|||25,104|42,432|
||Usted Industrial
stocks and shares|||||
||38,250 Aberdeen
Standard
FMS Ltd European
Equity|Instl Inc||41,348|43,146|
||24,750 Aberdeen
Standard
FMs Ltd Asia Pacific Equity||I Acc|88,348|97,047|
||27,500 Alllanz Technology Trust PLC ORD GBP0.025|||57,750|135,713|
||(202138,500)|||||
||400 Alphabet
Inc Cap USD0.001|||29,415|42,747|
|L|(202120)|||||
||1,300 Associated
British Foods ORD 5|||20,488|26,104|
||570 Astrateneca
Ord Shares of0.25 USS|||63,943|49,465|
||3,400 Baillie Gifford Japan Trust Ord GBP0.05|||25,874|33,422|
||1,500 Bank ofAmerica Corporation
Com USD0.01|||41,161||
||10,000 Beazley pic Ordinary
5p shares||||46,630|
||2,625 BHP Group PLC- Ordinary Shares of0.50 USDO|||67,463|57,737|
||7,000 Blackrock Throgmorton
Tst PLCOrd GBP0.05|||41,510|68,250|
||55,185 BNY Mellon Fund Managers
Newton
Asian Inc|Inst Inc||73,501|76,603|
||9,500 BPOrd Shares of0.25 USS||||31,398|
||3,000 Compass Group PLC Ordinary
GBP0.1105shares|||57,525|49,530|
||1,100 Cranswick
ORD GBP0.10|||33,858|40,722|
||1,550 Diageo Ordinary Shares GBX28.935185|||56,575|62,558|
||220 Edgewood
LSelect USSelect Growth
I2 USD|||52,012|78,542|
||1,900 Experian
PLCOrd Shares ofUSD0.10each|||53,447|69,008|
||1,074 Findlay Park Funds PLCAmerican
GBP Hedged|Dis||82,706|107,604|
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|||TIMBER TRADES' BENEVOLENT S|OCIETY||||||TI|MBER|TRADES' BENEVOLENT SOCIETY|TRADES' BENEVOLENT SOCIETY|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||DETAILED INVESTMENT NOTE|||||||||DETAILED INVESTMENT NOTE||||
|||FOR THE yEAR ENDED 32 DECEMBER|2022|||||||FOR THE YEAR ENDED31DECEMBER2022|||||
|||||Market|Market||||||||||
|13|Fixed asset investments
(continued)|||value
2022|value
2021|13 Fixed asset investments||(continued)|||||Market
value|Market
value|
|||||E|E||||||||2022|2021|
||||||||||||||E|E|
||7,250|First Sentier Investments
(UK) St Gbl Emg Markets Ldrs 8GBP
Acc||44,488|45,464|1,700|RWE AG|NPV|||||62,826|50,909|
||560|Fulcrum
UCITS SICAV Diversiged
ABS RTN FGBP||66,288|||||||||||
||18,500
(202123,000)
2,700
2,250|Fundsmith
LLP Equity
I Inc NAV Inst
Herald
Inv Trust Ord GBP0.25
Hill & Smith Ordinary Shares 25p each||97,743
26,370
48,114|140,953
40,410
67,635|10,000
0|Standard
Chartered
PLC ORD USD0.50
Taiwan 5em Iconductor ManufacturIng5pon A05 Each Rep 50rd
TWD10||||||62,240
34,571|44,840|
||56,000|Janus Henderson
Strategic Bond G DIS||61,208||500|Vanguard||Investment||Series Global Credit BD Investor GBP||44,679|53,477|
||57,500
19,000
(202125,000)
75,000
13,000
60,000
20,398
27,500|JP Morgan
Gbl Wmg Mkts IncTst PLC Ord shares ofGBP0.01
JP Morgan Asset Mgmt UK Ltd US Equity Inc CInv NAV
Jupiter Unit Trust Managers
Trust Managers Japan Income
Legal &General Group Ord Shares of0.025p each
Legal and General
UTManagers
Dynamic
Bd Trust
I Inc GBP
LF Ruffer Investment
Funds
LF Ruffer Total Returnl
DIS
Link Fund Solutions
Ltd Milton UK Multi Cap Inc 8||73,744
86,374
85523
32435
31,392
77,627
51,095|83,519
107,250
93338
38675
34,470
76,185
61,765|3,202
500
210
1,750
2,000
45,000
(202131,000)|VIstry Group
PLC GBP0.50
Vontobel
Fund Twentyfour
ABSTReturn Credit AQG GBP
VISA Inc Com Stk USD0.0001'A'
Whitbread
ORD GBP0.10
Xtrackers ETC PLC Physical Gold ETCGBP HDG
Vodafone Group Ord Shares of0.2095238 USS||||||20029
47,520
36,168
44,975
44,040
37,908|37912
33,602
52,412
44,835
34,801|
||18,300
1,150|Link Fund Solutions
Ltd Trojan 5Inc NAV
Lyxor USTIPS UCITS ETFMonthly
Hedged
D-GBP||56,518|58,730
136,753||Total Market|||Value|||3066548|3715400|
||12,671|Melrose Industries
PLCOrd GBP0.0686|||20,261||||||||||
||30,900|Mercantile
Investment
Trust 25p Ord Shares|||82,967||||||||||
||240|Microsoft Corp Com USD 0.00000625||47,695|59,595||||||||||
||4,000|NB Private Equity Partners
Ltd Class A Ord Shs USD 0.01||64,000|111,000||||||||||
||(20216,000)||||||||||||||
||2,016|National
Grid Ordinary
Shares GBPeach||20,108|21,366||||||||||
||550|Novartis
AG CHF0.50(Regd)||41,268|35,776||||||||||
||180|Nvidia Corp Com USD0.001||21,800|39,101||||||||||
||950|Persimmon
GBP0.10Ord Shares||11,562|27,132||||||||||
||8,500|Polar Capital Funds Global Convertible||65,790|72,930||||||||||
||900|Rio Tinto PLC Ord Shares of10p each||52,182|44,028||||||||||
||560|Reckitt Benckiser Ord Shares of 10p each||32,222|35,515||||||||||
||17,500|Rotork Ord GBP0.005||53,655|62,510||||||||||
##
|||TRUSTEES||
|---|---|---|---|
|W. H. BEATON . .|||.1897-1904|
|SIRS.B.BOULTON
BART|||.1897-1914|
|E.G.PRICE|||.1897-1922|
|W. LT.FOY|||.1905-1911|
|C.T.F.CHURCHILL|||.1912-1925|
|L.H. NEAME|||.1914-1924|
|SIR KEITH W. PRICE|||.1922-1956|
|C.S.GORDON CLARK.|||.1925-1943|
|C.J.MORGAN|||.1925-1929|
|SIRWILLIAM J. MALLINSON|@mr||.1930-1944|
|HERBERTG.SHARP.|||.1944-1956|
|NORMAN A. WRIGHT|||.1945-1959|
|HUBERT B.ELLIOT.|||.1957-1963|
|STANLEY C.LONGHURST cacJp.|||.1957-1971|
|WILLIAM BURNS|||1960-1961|
|DONALD E.WRIGHT mJp.|||1962-1992|
|CLIFFORD B.NORTH.|||1963-1977|
|GEORGE C. HUGHES|||1971-1982|
|CECILD. WOODBURN-BAMBERGER csE.|||1978-1985|
|CHRISTOPHER G.A. LATHAM||FCA ..................|1982-1991|
|ROGER H. MASON.|||1985-1987|
|A.W. BURNS|||1987-2005|
|W. JOHN ALSFORD.|||.... 1991-1995|
|W. DENIS BUTLER|||1992-2006|
|J.BARRY LEWIS|||1996-2012|
|JOHN HUCKMAN|||2001-2011|
|IAN NORTH.|||2004-2017|
|IAN MENZIES|||2007-2018|
|DAVID FRANCIS|||.. ..2012-|
|RICHARD BAGNALL|||..2013-|
|BARBARA CARTWRIGHT|||2018-|
|ROBERT BRUCE|||2019 - 2022|
##
TTBS
TIMBER TRADES, BENEVOLENT socIErY