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 retl￿d 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 appa￿nI 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 f￿ud,.
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
charl￿5 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 stat￿Ory 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 a￿et$
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 C0￿mIttee5, 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 (co￿lNuED1
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-