## ## ## ## ## ||||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|