Charity registratlon number 207734 (England and Wales) TIMBER TRADES, BENEVOLENT SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
TIMBER TRADES, BENEVOLENT SOCIETY LEGALAND ADMINISTRATIVE INFORMATION Charlty number ACO registratlon number 207734 1118605 Contact details Email- info@ttbs.org.uk Website - www.ttbs.org.uk President Paul Snape Trustees Richard Bagnall John Taylor Tony Shelton IAppointed l May 20251 General Manager Christella Golby Registered office Prospect House Finlarigg Drive Edgbaston Birmingham B15 3RH Bankers HSBC plc 165 Fleet stet London EC4A 2DY Auditor Burgis & Bullock 23-25 Waterloo Place Leamington Spa Warwick5hire CV32 SLA Solicitors Lodder5 Solicitors NumberTen Elm Court Arden Street Straiford upon Avon Warwickshire CV37 6PA Investment managers Evelyn Partners 25 Moorgate London EC2R 6AY
TIMBER TRADES, BENEVOLENT SOCIErY CONTENTS Senior Tru51ee's Report Trustees report Statement of Trustees responsibilities Independent auditor's pOrt Statement of finantial activitie5 io Balance sheet li Notes to the financial statements 12-18
TIMBER TRADES, BENEVOLENT SOCIETY SENIOR TRUSTEE'S REpoirr FOR THE YEAR ENDED 31 DECEMBER 2025 It has been a busy and successful year for ThBS, marked by the introduction of many innovative ideas and a wide range of promotional activlties. At the start of the year. we reviewed our beneficiary payments and decided to consolldate these into four quarterly payments, together with a Christmas payment and hamper. In addition, we may a5SlSt with TV licences and mobile phone costs. Viswts by our regional committee members often highlight other ways in which we can help, such as with replacing old and worn furniture and potentially dangeTOUS white goods. This year we also provided a grant towards the cost of 3 specialSst wheelth8ir for one of our beneficiaries. We continue to offer funeral grants where requested by farnilie5. Our Marketing Committee continues to promote our charitable activities through the web51te, animated video and social media. Our association with professional bodies enables us to offer financial I debt advice, together with mental health 5UPPOrt. During the year we launched an initiative aimed at promoting good mental health within the timber industry. Mental Health First Alder5 are needed within our workplaces and to support this, we are organising training courses sponsored by TT6S. Uptake has been encouraging and the feedback from participants has been excellent. Mental health affects people of all ages and backgrounds, with many within the under 45 age group being particularly at risk. At our AGM in May, Paul Snape will complete his term as National President and will be appointed as a Trustee, bringing us back to four Trustees. We are also delighted to announce that James Southern will become our new National President. We held a successful National Golf Day in july at Nottinghamshire Golf Club. sponsored by Taylor Maxwell. Our regional committee5 have also organised many fundraising events ihroughout the year, including golf day5, clay pigeon shootin& bowls competr(ions, dinner dances, curry nights and Christmas lunches. Our Investment Managers, supported by Evelyn Partners. have produced excellent income and gains. We have a150 received Substantial funds from activities organised by our regional commSttees, events held by a number of Trade Associations and generous donations from companies within the trade as well as many individuals, both current and retired. This has enabled TT8S to distribute £165,161 to our beneficiaries during 2025. Finally. I would like to record my sincere thanks to my fellow Trustees, the General Manager, the National President and the members of the Board of Managernent for their support during the year. Richard Bagnall SeniorTrustee Date:0) wof*lG
TIMBER TRADES, BENEVOLENT SOCIETY TRUSTEE5 REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees present their annual report and financial statements for the year ended 31 December 2025. The financial statements have been prepad in accordance with the accounting policies set out in note I to the finantial statements and comply with the ThBS'5 governing document being the Rules of the Stheme, last amended in June 2021. the Charities Act 2011 and "Accountin8 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 Republie of Ireland IFRS 1021" leffedive I january 20191. The Beneficiaries During the year we reviewed the benefit5 paid to our beneficiaries. We decided to streamline these into four quarterly payment5 plus a Christmas payment. The one-off payments previously made. including winter fuel and cost-of-living grants, have now been incorporated into the regular quarterly payments. Where specific additional support is required, this will be considered and dealt with as a one-off grant on an individual basis. Income and gains from our investments. together with contributions from our regional committees. trade associations and donations from companies and individuals in the trade, enabled us to maintain these payment5 while a150 increasing our reserve5. These reserves are important to ensure that we can continue supporting beneficiarie5 for many years to corne. In recent years we have seen a balance between the number of new beneficlarles l0Snlng the scheme and those who have sadly passed away. We continually challenge ourselves to increase the number of beneficiarie5 because, based on the applications we receive. we know there are many people in need of support. The majority of the people we support are retired and elderly, with many being widows of former employee5. The State Pension and government benefrts are often insufficient to cover their costs and provide a modest level of comfort. As51Stance with food. energy costs, TV licences. telephone bills, and occasional entertainment IS therefore greatly appreciated. Christmas hampers are also warmly received. In addition, we support a number of younger beneficiaries who, due to illness or accidents, are unable to support their spouse and children and therefore require assistance often for a short period of time. We have also developed a number of new initiatives which will be disctjssed at our AGM. To help promote our charitable activities, we have updated and restyled our website and produced a short video which is shown at ThBS and trade funrtions to help communicate our message. A further challenge is to attract new members - particularly younger people working in the industry - to join our regional committees. This will help ensure the continuity of the regional committees and maintain dav- to-day contact with companies in the industry. Objertives and attivities The object of the Society is to grant relief, by way of allowance or otherwlse and elther directly or Indirectly, to deserving and necessitous member5 of the timber trade in the United kingdom, in such of its sectors as the Trustees consider are cOVed by our governing document and to widows and children of such members of the trade. During the year we continued to help those beneficiaries in need and to ra15e the necessary income. We continued to seek new beneficiaries via our trade contacts and also through connections with other welfare OT8anisations. We promote ThBS through our new51etters, our website and from membership of the A5S0tiatlon of Charitable Actlvities IACOI.
TIMBER TRADES, BENEVOLENT SOCIETY TRUSTEES REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Public benefit The Tru5tee5 have paid due regard to guidance issued by the Charity Commission in deciding what activitie5 the ThBS should undertake. Achlevements and perFormance We receive numerous letters, text messages, ernails, and telephone calls from our beneficiaries thanking us for the financial assistance provided during the year and particularly for the Christmas hampers. To our committee membe, thi5 is clear evidence that we are achieving our objectives. Some beneficiaries requlre help with financial planning or assistance in obtaining State benefits. Whlle we are not qualified to provide this advice directly, we have developed contècis to whom we can refer individuals for appropriate guidance. This support has been greatly appreciated. Our website and video help promote TFBS to timber companies and their employees, both past and present. Using social media means we can not only promote ThBS and the support we can offer, but we can also attract new beneficiaries. The applications we receive and quitkly approve where appropriate demonstrate that there are people In genuine need whom we are able to help. Financial review Our reserves at 31 December 2025 are £3,956,384. The Trustees believe these reseThes, represented by our investments and bank balance5, are necessary to fund future distributions to beneficiaries, cover the running costs of the Society and ensure the long-term future of ThBS. Reserves Poliry It is the policy of the rrBS that unrestricted funds which have not been designated for a Specific use should be maintained at a level equivalent to between three and slx month's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the TTBS'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 year. Major rlsks The Trustees have assessed the major risks to which the TTBS is exposed, and are Satisfied that Systems are in place to mitigate exposure to the major risks. Structure. 8overnance and management The Society is an unincorporated charity and the governing document 15 the Rules of the Society, last amended in June 2021. The Rule5 are constantly kept under review and are lodged at the Charities Commi55ion. Copies are available from the General Manager at info@ttbs.org.uk. The Trustees who seNed during the year and up to the date of signature of the financial statements were.. Richard Bagnall john Taylor Tony Shelton (Appointed l May 20251
TIMBER TRADES, BENEVOLENT SOCIETY TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Induction and Tralnin8 of Trustees The Trustees keep the skill requirements of the Trustee body under review and at such time as a vacancy otcurs will, through discussion within and outside the trade, seek a suitable candidate. The views of the Board 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. The Tru5tee5 report was approved by the Board of Trustees. GOLL Rithard Bagnall SenlorTrustee Christella Golby General Manager Date: )-o&-_ Date..
TIMBER TRADES, BENEVOLENT SOCIETY STATEMENTOF TRUSTEES RESPONSIBILITIES FOR niE YEAR ENDED 31 DECEMBER 2025 The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kin8dom Generally Accepted Accounting Practice). The law applicable to charities in Eng13nd and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the ThBS and of the incoming resources and application of resources of the TTBS for that year. In preparing these financial statements, the Trustees are required to.. selert suitable accounting policies and then apply them consistently.. observe the method5 and principle5 in the Charities SORP,. make judgements and estimates that are reasonable and prvdent: state whether applicable accounting standard5 have been followed, subject to any material departures disclosed and explained in the financial 5tatement5' and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees a responsible for keeping Sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the ThBS and enable them to ensure that the finantial statements comply with the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2(K)8 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the ThBS and hence for takin8 asonable step5 for the prevention and detection of fraud and other irre@ularities.
TIMBER TRADES, BENEVOLENT SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TIMBER TRADES, BENEVOLENTSOCIErY Opinion We have audited the tinancial 51atements of Timber Trades, Benevolent Sotiety (the 'TTBS'I for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including 5ignrficant accounting policies. The financial reporting fiamework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5. including Financial Reporting Standard 102 The Finonciol Reporting Stondord upplAcable in the UK ond Republic of Irelond Iunited Kingdom Generally Accepted Accounting Practicel. In our opinbon, the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2025 and of its incoming source5 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. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards a further described in the Auditors responsibftlities for the oudit of the financlal stL7tements 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, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial Statements 15 appropriate. Based on the work we have performed, we have not identifled any material uncertainties relating to events or condltions that, individually or collectively, may cast significant doubt on the Th85's ability to continue as going concern for a period of at least twelve rnonths from when the financial statements are authorised for issue. Our responsibilrties and the responsibblltles of the Trustees with respert to going concern are described in the relevant sections of this report.
TIMBER TRADES, BENEVOLENT SOCIETY INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF TIMBER TRADES, BENEVOLENT SOCIEri Other Informatlon The other information comprises the information included in the annual report other than the financial statements and our auditor'5 report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financlal statements does not cover the other information and we do not eypress any form of a55urance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselve5. 1*, based on the work we have performed. we conclude that there is a material misstatemer)t of this other information, we are required to report thai fact. We have nothing to report in this regard. Matters on which we are requlred to report by exception We have nothing to report in SPect of the following matters in relation to whlch the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees report,. or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting COrd5- or we have not received all the information and explanation5 we require for our audit. Responsibilities of Trustees As explained more fully in the statement of Trustees responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they glve 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 frorn material mi55tatement, whether due to fraud or error. In preparing the financial statements. the Trustee5 are responsible for assessing the ThBS's ability to continue as a going concern, disclosing, as applicable, matters lated to going concern and using the goinB tonce¥n basis of accounting unless the Trustees either intend to cease operation5, or have no realistic alternative but to do so. Auditor's responsibilities lor the audlt of the financlal statements We have been appointed as auditor under sertion 144 of the charleS Act 2011 and port in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtsin re8sonable assurance about whether the financial statements as a whole are free from material mi5Statement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guai3ntee that an audit conducted in accordance with ISAS IUKI will always detect a material mi55tatement when it exists. Misstatements can arise from fraud or erior arFd are considered rnaterial if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial statements.
TIMBER TRADES, BENEVOLENT SOCIETY INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF TIMBER TRADES, BENEVOLENT SOCIETY Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design proCedUS in line with our spOnSIbl11t1e5, Outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. We gained an undetandIng of the legal and regulatory framework applicable to the charity and the sector in which it operates and assessed the extent of compliance with these laws and regulations as part of our protedures on the related financial statement items. Based on our understanding of the charity we identified that the prlncipal risk of non-compliance with laws and regulations related to breaches of the Charities Act 2011,. Safeguarding and GDPR regulations,. and the charitV'5 constitution. We also evaluated management incentive and opportunities for fraudulent manipulations of the financial statements. Audwt procedures perfomied included.. Identifying and assessing 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 if these indicate evidence of management bias,. Reviewing the actounting records for large and unusual bank payments or journal adjustments and testing any identified and in particular the rationale for any trdnsactions which appear lo 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's objectives,. Testing for the existence of related party transactions and confirming identity of levant partie5 Wlth Trustees,. Discussions with management, including consideration of known or suspected incidences of non- compliance with laws and regulation and fraud,. A review of Trustee meeting minutes held throughout the year,. Testing 3 sample of bank payments to source documentation or corroborating evidence , and Reviewing the records fiom regional branches and comparing a sample to underlying 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, includin8 those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk inc35e$ the more that compliance with a law or regulation is removed from the events and transartions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regardlng irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forBery, collusion, omission or misrepresentatlon. A further description of our responsibilities is available on the Financial Reportin8 Councifs website at.. https'.//www.frc.org.uk/auditorsresponslblllties. This description forms part of our auditols report.
TIMBER TRADES, BENEVOLENT SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE5 OF TIMBER TRADES, BENEVOLENT SOCIETY Other matters Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 'Accountin8 and Reporting by Charities.. Statement of Recommended Practice applicable to charities prepafing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amendedl in preference to the Accounting and Reporting by Charitie5: Statement of Recommended Practice issued on l April 2CX)5 which is referred to in the extant regulations but has now been withdrawn. This has been done in oriler for the financial statements to provide a true and falr vlew In accordance with current Generally Accepted Accounting Practice. This report is made solely to the charity's trustees. as a body, in accordance with Part 4 of the Charities IAccount5 and Report51 Regulations 2008. Our audit work has been undertaken so that we might State to the charity'5 trltstees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's tru5tee5 as a body. for our audit work, for this report, or for the opinions we have formed. Wende Hubbard FCCA15enior Statutory Auditor) for and on behalf of Burgls & Bullock Chartered Accountants Statutory Auditor 23-25 Waterloo Place Leamlngton Spa Warwickshire CV32 SLA Burgis & Bullock is eligible for appointment as auditor of the ThBS by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2(Ll6.
TIMBER TRADES, BENEVOLENT SOCIETY STATEMENT OF FINANCIAL ACTIVMES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestrirted Unrestricted funds funds 2025 2024 Notes Income from". Donations and legacles Regional events and national golf dav Investments 30,154 101,395 90,299 15,649 111,298 95,109 Total Income 221,848 222,056 Ex enditure on: Raisin8 funds Regional events and national Eolf dav Investment management 71,002 14,295 79.909 13,507 85,297 93,416 Charitable artivities 204,CK)3 227,607 Totsl expenditure 289,3 321,023 Net gains on investments 466,839 268,404 Net movement in funds 399,387 169,437 Fund balances at l January 2025 3.556,997 3,387,560 Fund balances at 31 December 2025 3,956.384 3,556,997 The statement of financial activities includes all galns and 1055e5 recogni5ed in the year. All Income and expenditure derive from continuing acttvities. 10-
TIMBER TRADES, BENEVOLENT SOCIETY 6ALAPyLt Slicfi AS AT31 DECEMBER 2025 2025 2024 Notes Fixed assets Tangible assets Investments 369 3,889,459 489 3,506,616 io 3,889,828 3,507,105 Current assets Debtors Iprepaymentsl Cash at bank and in hand 2,136 70,950 2,395 57,064 73,086 59,459 Creditors: amount5 falling due within one year li 16,5301 19,5671 Net current assets 66,556 49,892 Total assets less current liabilities 3,956,384 3,556.997 Income funds Unrestricted funds 3,956,384 3,556,997 3,956,384 3,556.997 The fina I statements were approved by the Trustees on . Richard Bagnall Senior Trustee Paul Sna President
TIMBER TRADES. BENEVOLENT SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 A¢¢ounting policie5 Charity Informatlon Timber Trades, Benevolent Soclety IThBS1 is an unincorporated charity registered wlth the Charity Commission in England and Wales. 1.1 Basis of preparation The financial Statements have been prepared in accordance with the the Charities Act 2011, FRS 102 "The Financial Reporting 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 charitie5 preparing their accounts in accordance with the Finantial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffectlve I january 20191. The TTBS is a Public Benefrt Entity as defined by FRS 102. The rrBS ha5 taken advantage of the provisions in the SORP for charitie5 not to prepare a Statement of Cash Flow5. The financial statements have departed from the Charities IAccounts and Reports) Regulations 2008 only to the eKtent qUired 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 Practbce whith is referred to in the Regulations but which has since been withdrawrh. The accounts a prepared in sterling, which is the functional currency of TTBS. Monetary amounts in these financial statements are iounded to the nearest £. The financial statement5 have been prepad under the historical cost convention modified to include the revaluation of fixed asset investments at falr value. The Principal accounting policies adopted are set out below. 1.2 Goin8 concern At the time of approving the accounts, the Trustees have a reasonable expectation that rrBS has adequate resource5 to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accountin8 in preparing the accounts. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objective5. 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 rr8S is legally entitled to it after any performance conditions 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 STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies Icontinuedl BS recognises donation income in the financial 5tatemenls when it is recelved. Income tsx recoverable in relation to donations received under Gift Aid is recogni5ed at the time of the donation. Legacies are recognised on receipt or otherwise if TTBS has been notified of an impendirhg distribution, the amount is known, and receipt is expected. If the amount Is not known, the legacy is treated as a contingent asset. Regional Committees, funds To compty with accounting and statutory reporting requirements, the income, expenditure, assets and liabilities of ThBS Regional Committees, are included in the accounts, however, the control of the Regional Commlttees, funds is the responsibility of the relevant Reglonal Committee. 1.5 Expenditure Expenditu Is attounted for on an accruals basis and allocated to the appropriate heading in the accounts. 1.6 Tangible fiJ(ed a$5ets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so a5 to write off the cost or valuation of assets le55 their residual values over their useful lives on the following bases.. Computers 20% on cost The gain or loss 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 activitie5. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excludin8 transaction costs, and are subsequently measured at fair value at each reporting date. Change5 in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Impalmient of fixed assets At each reporting end date, TTBS reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists. the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss Irf any). 13-
TIMBER TRADES, BENEVOLENT SOCIErY NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2025 Accountin8 policies (Continuedl 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, bank overdrafts and regional fund5. TtBS does not currently have any bank overdrafts. 1.10 Financial instruments BS ha5 elected to apply the provisions of Section 11 of FRS 102 'Basic Financial Instruments, to all of its financial instruments. Financial instntments are recognised in Bs,5 balance sheet when Th8S becomes party to the contractual provisions of the instrument. Bosicfinunciol assets Basit financial assets include fixed asset investments, debtors. cash and bank balances. Fixed asset investments are rneasured as stated in 1.7 above. Debtors, cash and bank balances are measured at transaction price including transaction costs. Buslcfinonclalllabllltles Basic financial liabilities, are creditors and accruals which are measured at transactlon price Icash or expected settlement amount). 1.11 Retirement benefits Payments to defined contribution retirement benefit scheme5 are charged as an expense as they fall due. Critical accounting estimates and judgements In the application of the TTBS'5 accounting policies. the Trustees ère required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparerht frorn other source5. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying a55uniptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revislon affects only that period. or in the period of the revislon and future periods where the revision affect5 both current and future periods. Analysis of expenditure on activrty basis The Society has used judgement to allocate expenditure to its principal activities, 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 artivity. 14-
TIMBER TRADES, BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Raising funds 2025 2024 Regional events and national golf day Staff cost5 53,297 17,705 63.120 16,789 Fundraising and publicity Investment management 71,002 14,295 79,909 13,507 85,297 93.416 Included withrn regional event C05t5 are 5UPPOrt and governance costs amounting to £8,19612024 £11,174). Charitable activities 2025 2024 Christmas gifts to beneficiaries Quarterly allowances TV licences & sets Telephone allowances Spring gifts to beneficiaries Winter fuel grants Cost of living grant Grants to individua15 23,016 120,550 2,951 9,960 25.919 78,000 3,677 10,860 9,750 32,800 20,750 3,905 8,674 165,151 26,558 12.294 185,661 25,184 16,762 Slaff costs Support and governance costs 204,003 227.607 Included in governan costs are audit fees of £5,82012024- £6,120). 15-
TIMBER TRADES, BENEVOLENT SOCIETY NOTES TO ThE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Trustees None of the Trustees lor any persons connected wlth them) received any remuneration. benefits or expenses from ThBS during the year. Employees The average monthly number of employees durinE the year was: 2025 Number 2024 Number Total Employment Costs 2025 2024 Wages and salaries Other pension costs 42,990 1,273 40,750 1,223 44,263 41.973 The salary and pension costs disclosed above relate to the remuneration of key management personnel. There were no employees whose annual remuneration was more than £60,0Tr). Taxation The charity is exempt from tsxation on its activities because all its income is applied for charilable purposes. Net gains/(10ssesl on investments 2025 2024 Revaluation of investments Gainlllossl on sale of investments 457,480 9,359 199,300 69,104 466,839 268,404 16-
TIMBER TRADES, BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Tangible fixed assets Computers Cost At l January 2025 1,688 At 31 December 2025 1,688 Depreciation and impairment At l January 2025 Depreciation charged in the year 1.199 120 At 31 December 2025 1,319 Carrying amount At 31 December 2025 369 At 310ecember 2024 489 The Society also owns various golf trophies which were kindly donated by sponsors in previous year5. These trophies a not refleeted in fixed assets a5 no formal valuation has currently been obtained. 10 Fixed asset investments Listed investments Cash in portfolio Totsl Cost or Wdluation At l January 2025 Additions Cash movement Gain/llossl on investments Disposals 3,458,997 335.555 47,619 3,506.616 335,555 99,542 466,839 1519,0931 99,542 466,839 1519,0931 At 31 December 2025 3,742,298 147,161 3,889,459 Carrying amount At 31 Oecember 2025 3,742,298 147,161 3,889,459 At 31 December 2024 3,458,997 47,619 3,506,616 17-
TIMBER TRADES, BENEVOLENT SOCIErY NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 10 Fixed asset investments IC¢ntSnuedl Fixed asset investments revalld The fair value of listed investments is determined by reference to the quoted price in an artive market at the balance sheet date. The historical cost of listed investments at the balance sheet date amounted to £2,754,96512024- £2.618,1181. The £466,839 of net gains on the Statement of financlal activitie5 comprise the revaluation of investments and gainlllossl on investments a5 Stated above. 11 Credltors: amount5 falling due within one year 2025 2024 Other taxation and social security Accruals and deferred income 710 678 8,889 5,820 6,530 9,567 12 Related party transa¢tlons Key management remuneration has been disclosed in Note 6. There were no other disclosable related party transactions during the year12024- none). 18-