2021-06-30-accounts

			THE TRUSTEES	' 197th A		NUAL REPORT
				(continued)
The address	from which the		BSBoperates is: The	Benevolent		Society ofBlues
			The	Counting House
			Christ's Hospital
			Horsham
			West Sussex RH13 OYP
Communications		should be addressed to the Secretary, Julie Wilson.
Telephone:			01403247418
Email:			Juliebluessupportingbiues. net
Other relevant		organisations	are:
Auditors:			Rawlinson &Hunter	Audit LLP
			Eighth Floor
			6New Street Square
			New Fetter Lane
			London EC4A 3AQ
			National Westminster	Bank Plc
			P.O.Box12264
			I Princes Street
			London EC2R8PB
			CCLA Investment Management		Ltd (until I December 2020)
			COIF Charity Funds
			80Cheapside
			London ECZV 6DZ
Investment	Managers:		Integrated Financial	Arrangements		Ltd t/a Transact
			29 Clement's Lane
			London
			EC4N 7AE

	for t	he year e	nded 30June	2021
		Note	Unrestricted	Restricted	2021	2020
			Funds	Funds	Total	Total
			f.
Income
Incoming resources ofavoluntary Subscriptions including tax recovered Donations including tax recovered Legacies	nature:		31,903 4,575 35 807 72285	35	31,903 4,575 807 64 72285	32,807 9,697 142 106646
Investment Income: Distributions from investment managers Deposit interest			90,072 90 90 162		90,072 90 90162	70,336 249 70585
Total incoming resources			162447		162447	177231
Expenditure
Expenditure on charitable activities: Assistance for older beneficiaries		4	3,793		3,793	2,435
Grants to other beneficiaries		4	40,052		40,052	28,154
Support grants to pupils Loans unlikely to be recovered		4 4	73,556 35 139		73,556 35 139	&8,327 18700
Total resources expended		2,3,4, 6	152540		152540	137616
Net iacoming resources			9,907		9,907	39,615
Net gains/(losses) on investment assets		5,9	305,857	249,990	555,847	(144,905)
Net movement in funds			315,764	249,990	565,754	(105,290)
Fund balances brought forward at 1 July 2020			2,012,362	1,495,930	3,508,292	3,613,582
Fund balances carried forward at	30June	2021 9	2428,126	1,745,920	4,074,046	3,508492

at	30June	2021
	Note		2021	2020
Fixed assets
Investments			3,882,013	3,326,166
Current assets
Loans	6	80,316		122,269
Cash balauces	7	96,859		39,839
Debtors	8	26462		29400
			203,637	191,508
Less: Creditors falling due within one year Sundry creditors			(11,604)	(9,382)
Net current assets			192,033	182,126
Net assets			4,074,046	3,508,292
Funds Unrestricted			2,328,126	2,012,362
Restricted			1,745,920	1,495,930
Total funds			4074 046	3408492
Approved by the Board ofDirectors on 11October	2021 and	signed on its	behalf by:
AJCdChairman		PDCN Kitchen,		Treasurer

service, who are in need, har	service, who are in need, har	d	ship or di	stress.
Types ofcharitable activity					Direct assistance	Support costs	2021 total	2020 total
						8
Grants to older beneficiaries Grants to other beneficiaries			(age 60+)		2,195 23,177	1,598 16,875	3,793 40,052	2,435 28,154
Grants to current pupils Loans unlikely to be recovered					42,565 20,334	30,991 14,805	73,556 35,139	88,327 18,700
					~88 71	6~469	~152540	~137616
5.	Investments
				01.07.20	Additions	Disposals	Net gains	30.0621
NON-ENDOWMENT PORTFOLIO
	Dimensional
	UKValue			32,070	1,752	(6,211)	10,052	37,663
	UK Small Companies International Value			31,757 310,468	283 8,145	(6,141) (21,706)	11,893 90,155	37,792 387,062
	Global Small Companies Short Dated Bond Fund			320,672 426,818	3,516 87,792	(46,309) (6,015)	112,249 473	390,128 509,068
	Emerging Markets Targeted Value			173,530		(37,800)	62,214	197,944
				1 295315	101488	~124 182	287 036	1 559657
	Fidelity
	Index UK Fund P(Acc)			50979	I 961	(3~489	10783	60234
	Vanguard
	FTSEDeveloped World ExUK Emerging Markets Stock Index			438,454 115,364	23,745 7,562	(40,328) (15,773)	101,173 24,083	523,044 131,236
				553818	31 307	(~56 101	125256	654280
	Cash realised						49016
	N -0 0 t t |1Et		1900112	134786	~232 700	472091	~274 271

			(continued)
5. Investments	(continued)
		01.07.20	Additions	Disposals	Net gains	30.06.21
		8		8	8
Non-Endowment	portfolio b/f	1,900,112	134,756	(232,788)	472,091	2,274,171
ENDOWMENT PORTFOLIO
Jupiter
Merlin Balanced Portfolio		1426 054	9 000	~5758	178546	1 607 842
Cash invested			3,242		(3,242)
TOTAL		3326166	~146998	~238546	~647395	~3882013
Summary by sector
		01.07.20	Additions	Disposais	Net gains	30.06.21
			8
UK All Share		50,979	1,961	(3,489)	10,783	60,234
UK Smaller Companies		31,757	283	(6,141)	11,893	37,792
UK Value		32,070	1,752	(6,211)	10,052	37,663
MSCI Global Index exUK		438,454	23,745	(40,328)	101,173	523,044
Global Value		310,468	8,145	(21,706)	90,155	387,062
Global Smaller Companies		320,672	3,516	(46,309)	112,249	390,128
Emerging Markets		288,894	7,562	(53,573)	86,297	329,180
Global Short-Dated Bonds		426,818	87,792	(6,015)	473	509,068
Multi-Asset Funds		1,426,054	9,000	(5,758)	178,546	1,607,842
Net cash movements			3,242	(49,016)	45,774
TOTAL		~3326166	146998	~238546	647395	3~882013

Loans		2021	2020
The movement	iu loans was as follows:
Balance at 1 July		122,269	146,631
Loans advanced		6,950	17,545
Loans repaid		(28,569)	(29,233)
Loans unlikely	to be recovered	(20,334)	(12,674)
Balance at 30June		80,316	122,269

The movem	ent in funds during	the yea	r was as follows	:
			Unrestricted	Funds	Restricted Funds	Total Funds
			(Reserves)		(Permanent Endowment)
Balance at Net surplus Investment	I July 2020 before investment gains	gains	2,012,362 9,907 305,857		1,495,930 249,990	3,508,292 9,907 555,847
Balance at	30June 2021		2,328,126		1,745,920	4,074,046
The funds Investments	comprised:		2,274,171		1,607,842	3,882,013
Net current	assets		53,955		138,078	192,033
Total			2,328,126		1,745,920	4,074,046

Financial Assets
Measured at fair value through	SOFA:	2021	2020
		f,
Fixed asset quoted investments Cash under management Cash atbank		3,882,013 76,650 20,209	3,326,166 24,369 15,470
Accrued income		26,462	29,400
Financial Liabilities
Measured at amortised cost:
Creditors &.Accruals due within one year		11,604	9,382
The income, expenses, uet gains and net losses attributable		to the society's fmsncial	instruments	are
summarised as follows:
Income and expense		2021	2020
Measured at fair value through	SOFA:
Net gains/(losses) on invesnnents		555,847	(144,905)

THE BENEVOLENT SOCIETY OF BLUES INDEPEI¥IDE.YT AUDITOR'S REPORT TO TIIEI I'IIUSTEES OF THE BENEVOLETr41 SOCIETY OF BLUES (continued) the review of control accounts and journal entries for large, unusual or unauthorised entries. the analjlical review of the detailed slal¢ment of financial activilies for variance5 that are either unexpcclcd or feli not to be in accord¢incc with our undcr5tanding of the charitable activities duTing the year.. obtaining and reviewing for completencss a list of entities and pcrsons considered to be rclated parties (as dcfmed by Financial Reporting Standard 102) and rniewing the ledgers of the Charity for Pre￿ou$1Y unreported relaled party transactions" reliew of the co￿espondence between the Charity and its beneficiaries to ¢nsurc con)pleteness of chaTitable expenses" review of ttansactions and journa]s for any indiLation of fraud or D￿nag¢￿ellI override. r¢￿eW of Trnstees meeting minuks for unrecorded transactions. Discussion with the Trustees and the Charity's Secretary to ensllrc that all ch2ritablc income the Charity was entitled to is included., B￿aUse of thc inhcrent limitations of an audit. there is a risk Ibat we will not detect all ]￿eg￿]&ritlcs, including those leading to a material misstatement in the financial slalements or non-complian¢¢ Thiith regulation, Tbis risk incTe&ses the tllor¢ ¢hdi ¥ompliance witEL a law or rcgulation is removcd fri>m the events and transatilions reflected in the fmancial stAtements, as wc will be less likely to b¢com¢ awTare of instanLes of noll-compliance. The risk is also greater rcg¢irdin¥ irrcgularities oc¢ulling duc to fraud rather thall error, as fraud illvolves ]DI￿tIonal ¢ODW]meni forgery, collusion, omissioll or D)isrepresentation. A fvrther descTiplioll of our respollsibiliti¢s is available on the Financial Reporting Council's website at: htlps'.Ilwww.frc.org.uk/OUr-WorklAudit/Audit-and￿ssUr￿￿ceIsta￿dards-alld-gUldIMcO1StandardS-and-gUIdallCe- for-auditorslAudilOlS-responsibilities-for-audilffjcscription-of_auditOTS-rcsponsibilities-for-audII.atsPx. deqcription forns part Df our auditor'8 repo￿. Use of our report This ￿port is made solely to the Charity's TruS￿S, as a body. ill ac¢ordallcc I￿.1th Part 4 of thc Charities (Accounts and R¢ports) Rcgulations 2008. Our audit work has bccn undertaken so that we might stale to thc Charily's Trustees those matters we are required to blat¢ to them in an auditor'5 rcport and for no other putpose. To the fullest extent permitted by law, we do not accepi or assumc rcsponsibility to an)ionc oih¢r Ihan the Charity and the Cbarity's Trustecs as i)ody, for our audit worK for this report, or for the opinions we have fo￿¢d. Rawlioson & Ilunter Audii LLP sta￿tOry Auditor cl￿t#red Accountants Eighth Floor 6 New Street SqU(￿e New Fctter Lane ndon EC4A 3AQ Date: I l Oclober 2021 Rawlinson & HunterAudiiLLP i¥ eligible If) oct as audttor ieym.% af.fectio￿ 1212 ofihe CompaKie.f Aci 2000. 19

	forthe five years ended 30June 2021	forthe five years ended 30June 2021	forthe five years ended 30June 2021
	2021	2020	2019	2018	2017
INCOME
Subscriptions Donations and legacies Distributions and interest	31,903 40,382 90,162	32,807 73,$39 70,585	34,172 25,99$ 74,509	33,843 42,308 72,317	35,808 248,356 66,641
Total incoming resources	162,447	177,231	134,679	148,468	350,805
Assistance for older beneficiaries Grants to other beneficiaries Support grants to pupils Loans unlikely to be recovered Donations to Christ's Hospital	2,195 23,177 42,565 20,334	1,650 19,081 59,$63 12,674	2,686 20,42$ 23,703 816	2,$20 30,$70 19,266 343	5,979 30,096 12,954 507 30,000
	88471	9376$	47,633	53,299	79,536
Salaries and support costs	59369	39,348	32,$02	31,931	31,298
Governance costs	5,000	5,000	4,600	4,800	4,400
Total resources expended	152,540	137,616	$5,035	90,030	115,234
Net incoming resources	9,907	39,615	49,644	58,438	235,571
Net gains/(losses) on investments	555,847	(144,905)	53,014	118,108	363,108
Net movement in funds	565,754	(105/90)	102,658	176,546	598,679