Charity registration number 207734 (England and Wales) TIMBER TRADES, BENEVOLENT SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
TIMBER TRADES, BENEVOLENT SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Charity number ACO registration number 207734 1118605 Contsct detai15 Email- info@ttbs.org.uk Website- www.ttbs.org.uk Presldent Tony Shelton Trustees Richard Bagnall John Taylor General Mana8er Christella Golbv Vice President and Treasurer Paul 5nape Reglstered office Prospect House Finlarigg Drive Edgbaston Birmingham 815 3RH 8anker5 HSBC plc 165 Fleet Street London EC4A 2DY Audltor Burgl5 & Bullock 23-25 Waterloo Place Leamingron Spa Warwickshire CV32 SLA Soll¢itors Lodder5 Solicitors Ntlmber Ten Elm Court Arden Street Stratford upon Avon Warwickshire CV37 6PA Investment managers Evelyn Partners 25 Moorgate London EC2R 6AY
TIMBER TRADES, BENEVOLENT SOCIETY CONTENTS Page Senior Trustee'5 Report Trustees report Statement of Trustees responsibilities Independent auditor's report Statement of financial artivities io Balance sheet li Notes to the financial statements 12-19
TIMBER TRADES. BENEVOLENT SOCIETY SENIOR TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The year started with the release of our new website in February which had a very favourable CeptiOn. The concept of Patrons was introduced to highlight those individuals, Companies or Societies who have greatly supported rrBS through thelr financlal contributions or by organising fundraising events. At the end of the year we had 14 Patron5 who are shown on the Patrons page of our website. We thank them all for their continued support, During the year our Marketing Committee led by our National President, Tony Shetton, have put together a short animated video highlighting the charitable artivities of the TTBS. This was released at the TTJ Awards in October and the TDUK dlnner in November. Our thanks to Tony, Michelle Hardy and our Gener31 Manager, chri5tella Golby for their excellent work on this. At our AGM in May, David Francis retired as a Trustee. David has been a supporter for many years, National President in 2009 and a Trustee for 12 Years, In the summer, Barbara Cartwright Stepped down as a Trustee. Barbara has also been a great supporter for manv vears , National President in 2005 and a Trustee for six years. A very big thank you to both David and Barbara for all their efforts and I know they wlll continue to support ThBS via their Regional Committees in the years to come. Sadly, lan Menzies died in April. lan was National President in 200312004 and a Trustee for 11 years Ilntil 2018. lan was very well known and respected in the Hardwood Trade and was a passionate supporter of BS. He Mained active on the Management Commlttee even after hi5 retirement and 15 Sadly missed by We had a successful National Golf Day in July at Breadsall Priory Golf Club in Derbyshire and our Regional Committees have organised many fundraising events durlng the year, including golf days. clay pigeon shooting, bow15 competition, curry nights and Christmas lunches. In addition to our investment income we received funds from the artivlties organi5ed by our Regional Committees, events held by a number of Trade Assoeiations and generous donation5 from Companies within the trade and many individuals both current and retired. This has enabled TTBS to distribltte £186,000 to our beneficiaries during 2024. I would like to record my sincere thanks to my fellow Trustees, the General Manager, the National President and the Vice President and members of the Board of Management for their support during the year. Richard Bagnall Senior Trustee Date..
TIMBER TRADES, BENEVOLENT SOCIETY TRUSTEE5 REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Tnjstees present their annual report and financial statement5 for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the Bs's governing document being the Rules of the Scheme, last amended in lune 2021, the Charities Act 2011 and 'AccountinE and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective l January 20191. The Beneflclarles We are pleased to report that we maintained all the regular beneflts to our benefl¢larles at the levels of last year plu5 the Winter fuel grant of £400 and a special 'c05t of living, grant of £250. In 2025 we have restructured the quarterly payments and reduced the number of payments made. These last two payments were aimed to help with the high cost of energy supplies and food. Income and gains from our Snvestment5 plus the contributions from our regional committees, from trnde associations and donations from companies and individuals in the trade enabled us to maintain these payment5 Wlthout depleting our reserves to any extent. These reserves are Important to be able to continue help to beneficiaries for many years to come. In recent years we have seen a bal3n¢ing in the numbers of new beneficiaries with those sadly departed. One of our challenges is to increase the nurnber of beneficiaries. Based on some of thè applications we receive we know there are people out there who do need help and we want to find them. The majority of the people we help are retld and elderly, wrth a number being widows of former employee5. The State pension plus government grants are not adequate to cover their costs and provide a little bit of comfort so help with food, energy supplies, TV licence, telephone costs and a little entertainment Is so very welcome. Christma5 hamper5 are also greatly appreciated. In addition we have a number of younger beneficiaries who due to illness or accidents are unable to support thelr spouse and children so need help for a period of time. To help promote ihe charitable activitie5 we have updated and restyled our website and produ¢e¢J a short video. This video will be presented at ThBS and trade funttions io help get our me55a8e out. A further challenge is to attract new members, particularly younger members working in the industry, to our regional committee5. This helps ensure the continuity of the regional committees but also ensures the day to day contact with companies in the industry. Oblertlves and artivities The object of the Society is to grant rellef, by way of allowance or otherwise and either directly or indirectly, to deserving and neces51tous members of the timber trade in the United kingdom. in such of its sectors as the Trustees consider are covered by our governing document and to widows and chlldren of such member5 of the trade. During the year we continued to help those beneficiaries in need and to raise the necessary income. We continued to seek new beneficiaries via our trade contacts and also through connections with other welfare organisations. We try to promote TtBS through our new51etters, our website and from membership of the A550ciation of Charitsble Activitie5 IACOI.
TIMBER TRADES, BENEVOLENT SOCIErY TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Public benefit The Trustees have paid due regard to guidance issued by ihe Charity Commi55ion in deciding what activlties the B5 should undertake. A¢hievement5 and performance Significant activities and achievement5 against objective5 We receive numerous letters, text message5, emails and telephone calls from beneficiaries thanking us for the financial help we give them during the year and especially the Christmas hampèrs. To our committee members this is the proof we are achieving our objectives. Our new web51te and video will help promote rrBS to Timber companie5 and their employees both past and present and we believe will attract more applications for beneficiaries. Based on applications we do receive, and qulekly approve, there are people who are desperately looking for help which we can give them. We are hoping the new website will help spread the word. Flnancial review Our reserves at 3151 December 2024 are £3,556,997. The Tru5tee5 believe these reserves, which are reprèsented by our investments and bank balances. are necessary to raise funds for future distributions to beneficiaries, pay the running costs of the Society and ensure a long term futu for TTBS. Reserves policy It is the policy of the ThBS that unrestricted fund5 which have not been designated for a Specific use should be maintained at a level equivalent to between three and Six month'5 expenditure. The Trustees consider that reserves at thi5 level will ensure that, in the event of a significant drop in funding, they will be able to continue the ThBS's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the yeèr. Major risks The Trustees have assessed the major risks to which the ITBS is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Strurture. governance and management The Scciety 15 an unincorporated charity and the governing document is the Rules of the Soclety, last amended in June 2021. The Rule5 are constantly kept under review and are lodged at the Charities Commission. Copies are available from the General Manager at info@ttb5.org.uk. The Trustees who served during the year and up to the date of signature of the financial statements were.. David Francis IResigned 2 May 20241 Richard Bagnall 8arbara Cartwright John Taylor (Resigned 14 November 20241
TIMBER TRADES, BENEVOLENT SOCIETY TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Indurtion and training of tIU5tees The Trustees keep the skill requirements of the Trustee body under review and at such time 85 a vacancy occurs will, through discussion within and outside the trade ,seek a suitable candidate. The views of the 8oard of Management may be taken into account, but the ultimate decision on selection is a matter for the Trustees, Any appointment will be confirmed at the next Annual General Meeting. es report wa5 approved by the Board of Trustees. Q(LL Richard Bagnall Senlor Trustee Chri5tella Golby General Manager Date.. Date..
TIMBER TRADES. BENEVOLENT SOCIETY STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible for preparing the Trustees Report and the financial statements in accord?n¢e with applicable law and United Kingdom Accounting Stsndards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial ststements for each financial year which give a true and fair view ol the State of affairs of the TTBS and of the incoming resources and application of resources of the rrBS for that year. In preparing these financial staternents, the Trustees are required to: select 5Ultable accounting policies and then apply them consistentty.. observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departure5 disc105ed and explained in the financial statements,. and prepare the financial statement5 on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accura¢v at any time the financial p051tion of the ThBS and enable them to ensure that the financial 5tatement5 comply with the Charities Act 2011. the Charity (Accounts and Reportsl Regulations 2008 and the provisions of the trust deed. They are also responsible for Safeguarding the assets of the B5 and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5.
TIMBER TRADES. BENEVOLENT SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TIMBER TRADES. BENEVOLENT SOCIEri Oplnlon We have audited the flnancial ststements of fimber Trade5, Benevolent Society Ithe 'TTBS'I for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet and notes to the financia5 statements, including significant accounting policies. The financial reporting framework that has been applied in their Fjreparation 15 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finonciol Reporting Stondord opplicoble in the UK ond Republic of Irelond Iunited Kingdom Generally Accepted Accounting Practicel. In our opinion, the financial statements.. give a true and fair view of the state of the charity's affair5 as at 31 Oecember 2024 and of its incoming resources and application of resources, for the year then ended,. have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the Charities Act 2011. Basls for oplnlon We conducted our audr( in accordance with International Standards on Audlting IUKI 115As IUKII and applicable law. Our responsibllities under those standards are further described in the Auditor's responsibilffties for the audit of the fint7ncial statements section of our report. We are independent of the BS in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, includin8 the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audrt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statement5, we have concluded that the Trustees use of the going concern b35is of accounting in the preparation of the financial statement5 15 appropriate. Based on the work we have performed, we have not identified any material Ltncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the TTBS'S ability to continue as a going concern for a perlod of at least twelve months from when the financi31 statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wtth respect to going concern are described in the relevant section5 of thi5 report.
TIMBER TRADES, BENEVOLENT SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TIMBER TRADES, BENEVOLENTSOCIETY Other information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial Statements does not cover the other information and we do not express any form of a55urance conclusion thereon. Our responsibility IS tc> read the other informatlon and, in dolng 50, consider whether the other information is materially incon51Stent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or appanI material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statement5 themselves. If, based on the work we have performed. we conclude that there is a material misstatement of thi5 Other information. we are required to report that fact. We hève nothing to report in thi5 regard. Matters on which we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities IAccounts and Reports) Regulations 2008 requires us to report to you if, in our opinion= the information Biven in the financial statement5 is incon51Stent in any material respect with the Trustees report: or sufficient accounting records have not been kept: OT the financial statements are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit. Responsibilities of Twstees As explained more fully in the statement of Trustee5 responsibilities. the Trustee5 are responsible for the preparation of the financial slatements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial Statements that are free from material misstatement, whether due to fraud or errL)r. In preparing the financial Statements. the Trustees are responsible for assessing the rrBS's ability to continue 35 a goin8 concern, disclosing, 35 applicable, matters related to going concern and using the going concern basis of accounting unle55 the Trustees either intend to cease operations, oi have no realistic alternative but to do 50. Auditor's responsibilities for the audit of the financial statements We have been appointed a5 auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effert thereunder. Our obiertives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that include5 our opinion. Reasonable a55urance 15 a high level of assurance but is not a guarantee that an audit conducted in accordance with 15As IUKI will always detect a material misststement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the a8gre8ate, they could rèasonably be expectèd to influence the economit decisions of u5er5 taken on the basis of these financial statements.
TIMBER TRADES, BENEVOLENT SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TIMBER TRADES, BENEVOLENT SOCIETY Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedure5 in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent tg which our procedures are capable of detecting irregularitie5, including fraud, is detailed below. We gained an understanding of the legal and regulatory framework applicable to the charity and the sector in which it operate5 and assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Based on our understanding of the charity we identified that the principal risk of non-compliance with laws and regulations related to breaches of the Charities Act 2011- Safeguarding and GDPR regLTrlations,' and the charity's constitution. We also evaluated management incentive and opportunities for fratjdulent manipulations of the financial statements. Audit procedures performed included.. Identifying and a55e55ing the design effectiveness of controls in management have in place to prevent and detect fraud,. Challenging assumptions and judgments made by management In their significant accounting estimates and assessing tf these indicate evidence f management bia5,' Reviewing the accounting records for large and unusual bank payments or journal adjustments and testing any identified and in particular the rationale for any transactions which appear to be outside of the charity's objectives,. Testing a sample of debit entries In the profit and loss account to check they are bona-fide costs in accordance with the charity'5 objective5- Testing for the existence of re5ated party transactions and confirming identity of relevant parties Wlth Trustees- Discussions wlth management, including consideratSon of known or suspetted incidences of non- ompliance with law5 and regulation and fud,. A review of Trustee meeting minutes held throughout the year.. Testing a sample of bank payments to source documentation or corroborating evidence, and Reviewing the record5 from regional branches and comparing a sample to underlyinE source documentation or other appropriate evidence to ensure they reflect expected results. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material mis5taternent in the financial statements or non-compliance with regulation, This risk increases the more that compliance with a law or regulation is removed from the event5 and transactions reflected in the financial statements, as we will be less likely to become awa of instances of non-compliance. The risk is 3150 greater regarding irregularitles occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further descriptlon of our responsibllltles Ss avallable on the Financlal Reporting Council'5 website at: https.'Ilwww.frc.org.uk/auditorsresponsibilitie5. Thi5 description forms part of our auditor's report.
TIMBER TRADES, BENEVOLENT SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TIMBER TRADES, BENEVOLENT SOCIETY Other matters Your attention is drawn to the fad that the tharity has prepared financial statements In accordance wlth "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to ch3ritie5 preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended) in preference to the Accounting and Reporting by Charitie5'. Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulations but has now been withdrawn. This has been done in order for the financial statements to provide a truè and fair view in accordance with current Generally Accepted Accounting Practice. This report is made solely to the charity'5 trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reportsl Regulation5 2008. Our audit work has been undertaken so that we might State to the charl5 trustee5 those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extènt permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity'5 trustees as a body, for our audit work, for this report, or for the opinions we have fomied. Wende Hubbard FCCA15enior statOry Auditor) for and on behalf of Burgls & Bullock Chartered Accountants Statlrtory Auditor 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA Burgis & Bullock 15 eligible for appointment as auditor of the nBS by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
TIMBER TRADES, BENEVOLENT SOCIETY srATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrertrlrted Unrestrlrted fvnds fvnds 2024 2023 Notes Income from: Oonations and leBacie5 Regional events and national golf dav Investments 15,649 111,298 95,109 15,036 105,439 97,074 Total income 222.056 217,549 enditure on: Raising funds Regional event5 and national golf day Investment management 79,909 13,507 81,788 12,969 93,416 94,757 charitable activities 227,607 246,002 Totsl expenditure 321.023 340.759 Net gains on investmènts 268,404 245,178 Net movement in funds 169,437 121,968 Fund balances at l January 2024 3,387,560 3,265,592 Fund balances at 31 Decernber 2024 3,556,997 3,387,560 The starement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10-
TIMBER TRADES, BENEVOLENT SOCIETY BALANCE SHEET ASAT31 DECEMBER 2024 2024 2023 as restated Notes Fl¥ed aet$ Tangible assets Investments 489 3,506,616 io 3,326,610 3.507.105 3,326,610 Current assets Debtors Iprepaymentsl Cash at bank and in hand 2,3Y5 57,064 3,187 65,914 59,459 69,101 Credltors: amounts falllng due wkhln one year li 19,5671 18,1511 Net current assets 49,892 60,950 Total assets less current liabilitie5 3,556,997 3,387,560 Income funds Unrestricted funds 3,556,997 3,387,560 3.556,997 3.387.560 Th cial statements were approved by the Trustee5 on . Richard Bagnall Senior Trustee ny Shelton 5ident Paul Snape Vice President & Treasurer 11
nMBER TRADES, BENEVOLENT SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountln8 policles Charlty Informatlon Timber Trade5, Benevolent Society {BS) is an unincorporated charity registered with the Charity Commission in England and Wales. 1.1 Accounting conventSon The financial statement5 have been prepared in accordance with the the Charities Act 2011, FRS 102 "The Financial RepDrting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1 and the Charities SORP 'Accounting and Reporting by Charities- Statement of Recommended Practice applicable to ch8rltSes preparing their accounts in atcordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective l January 20191. The TTBS is a Public Beneflt Entitv 05 defined by FRS 102, The rrBS ha5 taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities IAccount5 and Reports) Regulations 2C108 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulation5 but which ha5 since been withdrawn. The accounts are prepared in sterling, which is the functional currency of TTBS. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention modified to include the revaluation of fixed asset investments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the account5, the Trustees have a reasonable expectation that ThBS has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the atcounts. 1.3 Charitsble funds Unrestricted funds are available for use at the discretlon of the Trustees Sn furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. TTBS does not currently have any restricted funds. 1.4 Income Income is recognised when ThBS is legally entitled to it after any performance conditlons have been met, the amounts can be measured reliably, and it is probable that income will be received. 12-
TIMBER TRADES, BENEVOLENT SOCIETY NOTES TO THE FINANCIAL STATEMENT5 ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Aicountin8 policie5 (Continued) BS recognises donation income in the financial ststements when it 15 received. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if ThBS has been notified of an impending distribution. the amount is known, and receipt is experted. If the amount is not known, the leEacy is trèated as a contingent asset. ReBional C0mIttee5, funds To comply with accounting and statutory reporting requirements, the income. expenditure, assets and Ilabilities of TTBS Regional Committees, are included in the accounts, however the control of the Regional Comrnittees, funds is the responsibility of the relevant Regional Committee. 1.5 Expenditure Expenditure is accounted for on an accrua15 basi5 and allocated to the appropriate heading in the accounts. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured at C05t and 5ubseq4Jently measured at cost or valuation. net of deprèciation and any impairment losses. Depreciation is recogni5ed so as to write off the tost or valuation of assets less their residual values over their useful lives on the following bases.. Computers 20% on cost The gain or1055 arising on the disposal of an asset is determined a5 the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed asset invèstments are initially measured at transaction price excluding transartion costs, and are 5ub5equently measured at fair value at each reporting date. Change5 in fair valve are recognised in net income/lexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Impaimient ol lixed assets At each reporting end date, Th85 reviews the carrying amounts of its tangible a5set5 to determine whether the is any indication that those assets have suffered an impairment loss. If any such indication exi5t5, the recoverable amount of the a55et is estimated in order to determine the extent of the impairment loss lif any). 13
TIMBER TRADES, BENEVOLENT SOCIETY NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (Continued) 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with bank5, Other 5hort-term liquid Investments with originèl maturities of three months or less, bank overdrafts and re8ional funds. ThBS does not currently have any bank overdrafts. 1.10 Flnancial in5trumentS TTBS has elected to apply the provi5ion5 of section 11 of FRS 102 'Ba5ic Financial Instruments, to all of its financial instrument5. Financial instruments are recognised in TTBS's balance sheet when 85 becomes party to the contractual provision5 of the in5trurnent. Bosl¢flnuncicl assets Basic financial assets include fixed asset investment5, debtors, cash and bank balances. Fixed asset Investments are measured as stated in 1.7 above. Debtors, cash and bank b31ances are measured at transaction price including transaction costs. Bosicfinanciol liabilities Basic financial liabilities, are creditors and accruals which are measured at transaction price Icash or expected settlernent amountl. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes a charged as an expense as they fall due. Critical accountin8 estimates and judgements In the application of the TT8S's accounting policie5, the Trustee5 are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readilv apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual re5uIt5 may differ from these estimate5. The estimates and underlying assumptions are reviewed on an ongoing basi5. Revi510115 to accounting estimates are recognised in the period in which the estimate 15 revised where the revision affects only that period, or in the period of the revision and fvture periods where the revision affects both current and future period5. Analysls of expendlture on artlvity basi5 The Society has used judgement to allocate expenditure to it5 principal activitie5. Expenditure on support costs, central overheads and general management costs are split between costs of raising funds and charitable activities on a percentage basis, determined by the proportion of employee time spent on each activity. 14-
TIMBER TRADES, BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Raising funds 2024 2023 Regional events 85 National golf day Staff costs 58,687 4.433 16.789 58,567 5,627 17,594 Fundraising and PLtblicity Investment management 79,909 13,507 81,788 12,969 93,416 94,757 Included within regional event costs are support and governance costs amounting to £11,17412023 £12,1601. Charltable actlvltles 2024 2023 Christmas gifts to beneficiaries Quarterly allowances TV licences & sets Telephone allowance5 Spring gift5 to beneficiaries Winter fuel 8rant5 Cost of living grant Grants to individuals 25,919 78,000 3,677 10,860 9.750 32,800 20,750 3,905 28,191 86,000 3,816 ii.ioa 11,140 36,800 23,500 640 185,661 25.184 16,762 201,187 26,393 18,422 Staff costs Support and governance costs 227,607 246,002 Included in governance costs are audit fees of £6,12012023- £7,5891. Durin8 the prior year the decision was made to reduce the level of detail in respect of disclosure of support costs to aid the understanding of the user.
TIMBER TRADES, BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS (colNuED1 FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees None of the Trustees lor any persons connected with theml received any remunerati(Jn, benefit5 or expenses from Th8S during the year. Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Total Employment costs 2024 2023 Wages and salaries Other pension costs 40,750 1,223 43,376 611 41,973 43,987 The average number of employees during the year was one, however during the year to 31 December 2023 there were 4 months of the yea¥ in which the were two employees. There were no employee5 whose annual remuneration was more than £60.0. Taxatlon The charity is exempt from taxation on tt5 activitie5 because all its income is applied for charitable purposes. 16-
TIMBER TRADES. BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Net galns/llosse$l on Investments 2024 2023 Revaluation of investments Gain/llossl on sale of investments 199,300 69,104 252,043 16,8651 268,404 245,178 Tanglble Ilxed assets CoThwters Cost At l January 2024 Additions 1,089 599 At 31 December2024 1.688 Depreciation and impairment At I january 2024 Depreciation charged in the year 1,089 ila At 31 December 2024 1,199 Carrylng amount At 31 December 2024 489 At 31 December 2023 The Society a150 owns various golf trophies which were kindly donated by sponsors in previous years. These trophies are not reflected in fixed assets as no formal valuation has currently been obtained. 17-
TIMBER TRADES, BENEVOLENT SOCIErY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2024 10 Flxed asset Investments Llsted investments Cash In portfolio Total Cost or valuation At l January 2024 as restated Additions Valuation changes Cash movement Disp05a15 3,282,959 777,256 268,404 43,651 3,326.610 777,256 268,404 3.968 1869.6221 3,968 1869.6221 At 310ecember 2024 3.458,997 47.619 3,506.616 Carrying amount At 31 December 2024 3.458,997 47,619 3,506,616 At 310ecembèr 2023 3,282.959 43,651 3,326.610 2023 has been recla55ified to Show the cash held on deposit as part of the investment portfolio as fixed asset investments. Flxed asset Investmenls revalued The fair value of listed investments is determined by reference to the quoted price in an attive market at the balance sheet date. The historical cost of listed investments at the balance sheet date amounted to £2,618,118 12023-. £2,501.9541. The £268.404 of net gains on the Statement of financial artivitie5 comprise the revaluation of investments and gainlllossl on investments as stated above. 11 Credltors: amounts falling due wrthin one year 2024 2023 Other taKation and social security Accruals and deferred income 678 8,889 751 7,400 9,567 8,151 18-
TIMBER TRADES, BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEM8ER 2024 12 Related party transartions Remuneration of key management personnel The remuneration of key management personnel is as follows. 2024 2023 Salary 40,749 43,987 19-