2022-12-31-accounts

Charity number: 208722

THE BENEVOLENT SOCIETY

UNAUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

The Benevolent Society

CONTENTS

Reference and administrative details of the charity, its trustees and advisers	1
Trustees' report	2 - 4
Independent examiner's report	5
Statement of financial activities	6
Balance sheet	7
Notes to the financial statements	8 - 15

The Benevolent Society

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022

Trustees

Ms G Penfold, Chairman Mr D Doyle, Vice Chairman and Treasurer (resigned 31st December 2022) Mr G Wroe, Treasurer Mrs M Brennan, Trustee Mr T Green, Trustee Mr H Skouby, Trustee Mr J Ansell, Trustee (appointed 6th October 2022) Ms M Hawkins, Trustee (appointed 6th October 2022) Ms S Hurley, Trustee (appointed 6th October 2022)

Charity registered number

208722

Principal office

Federation House, 10 Vyse Street, Birmingham, B18 6LT

Secretary to the Trustees

Mrs L B Banner

Independent Examiner

Crowe UK LLP Chartered Accountants Black Country House Rounds Green Road Oldbury West Midlands B69 2DG

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The Benevolent Society

TRUSTEE'S REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022

The Trustees present their annual report together with the financial statements for the year 1 January 2022 to 31 December 2022.

Objectives and Activities

a. Policies and objectives

The principal objective of the society is to assist financially persons, or their dependants, working, or previously having worked in the trades embraced by the British Allied Trades Federation and are in conditions of need. To support education and training by providing for bursaries or other financial support to those working or intending to work in the trades. To execute this policy, the Society is dependent upon income from subscriptions from members of the British Allied Trades Federation, from donations, from events and from its investments.

b. Activities for achieving objectives

In setting the Charity’s policy and planning its activities, The Trustees confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to the Charity Commissioner's general guidance on public benefit in exercising their powers or duties.

Achievements and performance

a. Review of activities

The accounts for the year ended 31 December 2022 show net incoming resources of £24,822 which includes net incoming resources in unrestricted funds of £24,822, and net incoming resource in restricted funds of £NIL. This is against a projected net loss of £81,830 and net outgoing resource of £94,688 in 2021.The investments generated an income of £26,646 during the year. Market value of our investments is £932,344. The Trustees continued to be diligent in deciding upon grants made to individuals but were still able to award the sum of £77,055 to 42 needy beneficiaries.

One off grants totalling £26,838 were awarded to individuals for essential expenses/purchases such as white goods, a stairlift and necessary home repairs. Without these grants, the individuals wouldn’t have been able to afford these essential items.

£50,217 was paid in regular grants to beneficiaries to help towards their essential day to day living costs where there is a shortfall between their income and essential expenditure.

The Society is extremely grateful for the generous donations made by members of the British Allied Trades Federation totalling £22,348.

The 2022 Christmas Ball was successfully held at The Grand Hotel, Birmingham, making an income of £88,189. Plans are underway for the 2023 Christmas ball which will be held at the same venue on 7th December. The 2022 profit was significantly higher than in previous years, due to two large, unexpected, donations totalling just over £50,000. These were one off donations and aren’t expected to be repeated.

b. Investment policy and performance

The Trustees aim to maintain reserves at a level sufficient to meet the needs of its beneficiaries. They are conscious that their Investment Policy must be directed towards maintaining the real value of investments to produce income for prospective future beneficiaries as well as current beneficiaries.

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The Benevolent Society

TRUSTEE'S REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022

b. Investment policy and performance (continued)

The Society’s investment portfolio is entirely invested in a range of Common Investment Funds, Government Stocks and specialist Unit Trusts and is structured to meet the Trustees’ objectives in terms of income and risk. The suitability and performance of the investments is reviewed regularly by the Trustees and by a leading firm of investment managers.

Financial review

a. Reserves policy

The trustees retain a sufficient level of reserves to cover any payments which may become due necessary to give the society flexibility in carrying out its objectives. At the year end the society had unrestricted reserves of £1,019,552 (2021: £1,152,199) and restricted reserves of £nil (2021: £NIL).

b. Future developments

The society's plans for the future are to continue to provide grants and bursaries to worthy individuals.

Structure, governance and management

a. Constitution

The Benevolent Society is constituted by a Trust Deed made on 16 June 2016 and is a registered charity.

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.

b. Method of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co opted under the terms of the Trust deed.

c. Risk management

The Trustees did not carry out a formal assessment of the risks to which the Society is subject during the year as it was felt that nothing had changed since their previous risk assessment where they found no significant risks. A review of the existing risk assessment is planned for May 2023. They reaffirmed their strategy with regard to investments in the light of current market conditions.

Sponsors

The Society would like to thank our sponsors for their support (and whilst these are many), the principal ones are, Assay Office Birmingham, Charles Green & Son, Cooksongold, Diamonds Please, CW Sellors, Hockley Mint, T H March & Co Ltd, H S Walsh & Sons Ltd and Weston Beamor Ltd. The Trustees would also like to thank the Board of Directors of the Federation and the trade associations of the British Allied Trades Federation for their support throughout the year.

Bursaries

Bursaries to the total value of £25,832, were awarded to students in 2022, to enable them to benefit from various courses in the Jewellery, Giftware and Surface Engineering industries. The bursaries were awarded as a result of a change to the Society’s objectives in 2016, to support individuals beginning their careers as well as following their careers within the industries. Further bursaries will be available for 2022.

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The Benevolent Society TRUSTEE'S REPORT FOR THE YEAR ENDED 31 ST DECEMBER 2022 Relationship with British Allied Tyades Federation The Society assis15 those who used lo be employed in trades embra￿1 by the British Allied Trades Federation. The Trustees appreciate the supporl and lime given by members ol the Ball Cornmittee and the Irernendous help r￿1Ve(l from all member5 of staff of the Federation. ConsultantslAccountant Once again. the Trustees would like lo record their gratitLAle 10 Our consullanl, Sue All¢rKk, lo accountant lor Ihe year ending 31 sl December 2022, Louise Hadlielcl, Independent Examiner lor the year ending 31st December 2022, Crowe U.K. LLP and sec￿lary. Laura Banner lor their enlhusiaslic suppcirt throughout the year. New Trustees The Society Is looking lor people that can give their lime and expertise to bgcomg a Trustee lor the Society. This report was aFyoved by the Tfuslees on 2 iloq I z 3 arxl signed on their behalf by.. cqal M8 Gay Penfold, Chalrman Page 4

The Benevolent Society

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022

Independent Examiner’s Report to the Trustees of The Benevolent Society

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2022.

Responsibilities and Basis of Report

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ‘the 2011 Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner’s Statement

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: Matt Doyle-Healey Crowe U.K. LLP Chartered Accountants Black Country House Rounds Green Road Oldbury West Midlands B69 2DG

Crowe U.K. LLP

Dated: 18 October 2023 FCCA

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The Benevolent Society

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31ST DECEMBER 2022

2022 £ Income from: Subscriptions and donations 2 34,548 Other trading activities 3 88,189 Investments 4 26,646 Total income 149,383 Expenditure on: Raising funds: Investment management fees 5,668 Charitable activities 118,894 Total expenditure 8 124,562 Net profit/(loss) before investment gains 24,822 Net gains/(losses) on investments 12 (157,469) Net income before other recognised gains and losses (132,647) Net movement in funds (132,647) Reconciliation of funds: Total funds brought forward 1,152,199 Total funds carried forward 1,019,552 Note Unrestricted funds	2022 £ - - - - - - - - - - - - - Restricted funds	2022 £ 34,548 88,189 26,646 149,383 5,668 118,894 124,562 24,822 (157,469) (132,647) (132,647) 1,152,199 1,019,552 Total funds	2021 £ 40,616 14,477 27,510 Total
			82,603
			6,581 170,711
			177,292
			(94,688) 126,689
			32,000
			32,000
			1,120,199
			1,152,199

All activities relate to continuing operations.

The Statement of Financial Activities includes all gains and losses recognised in the period.

The notes on pages 8 to 15 form part of these financial statements.

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The Benevolent Society BALANCE SHEET AS AT 31ST DECEMBEB 2022 2022 2021 Note xed assets Investments 12 932.344 1.095.762 Current assets Debtors 13 83.175 36,808 Cash at bank and in har)d 14.403 23.000 97,578 59.897 Creditors.. arnounls falling due wilhin one year 14 10,370 3.370 Net current assets 56.437 Net assels 1 019 552 1, 152,199 Charlty Funds Restricted funds Unreslricled lunds 1019552 1. 152, 199 Total lund$ 1 019552 1. 152, 199 The financial stalemenls were aFproved by the Truslees on Iilcq l 13 and signed on their behalf, by.. Ms Gay Penfold, Chalrman The notes on pages 8 10 15 lomi part ol these finartial statements. Page 7

The Benevolent Society

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

1. Accounting Policies

1.1 Legal status of the Charity

The Benevolent Society is a charity constituted by a Deed of Trust in England, whose principal office is Federation House, 10 Vyse Street, Birmingham, B18 6LT. It has no share capital. Its principal activity is to assist financially persons, or their dependants, working or previously having worked in the trades embraced by the British Allied Trades Federation.

1.2 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

The Benevolent Society constitutes a public benefit entity as defined by FRS 102.

1.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The time and use of each restricted fund is set out in the notes to the financial statements.

1.4 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

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The Benevolent Society

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

1. Accounting Policies (continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.

Grants payable are charged in the year when the offer is made.

1.6 Investments

Listed and other quoted investments are initially recognised at cost and subsequently measured at their fair value

Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.

1.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10 Creditors

Creditors are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

1.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently at their settlement value at the balance sheet date.

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The Benevolent Society

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

1. Accounting Policies (continued)

1.12 Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company has not made any accounting estimates or assumptions.

1.13 Going Concern

The Trustees believe that there are no material uncertainties that call into doubt the Charity’s ability to continue as a going concern and the accounts have therefore been prepared on the going concern basis.

2. Income from subscriptions, donations and legacies

Unrestricted funds 2022 £ From members and associate mem 22,348 British Allied Trades Federation 4,352 The Giftware Association 135 Various donations 7,713 Total donations and legacies 34,548	Restricted funds 2022 £ - - - - **- **	Total funds 2022 £ 22,348 4,352 135 7,713 34,548	Total funds 2021 £ 23,267 4,012 - 13,337 40,616

In 2022, of the total income from donations and legacies, £34,548 was to unrestricted funds (2021: £32,204) and £0 was to restricted funds (2021: £8,412)

3. Fundraising income

Ball Total fundraising income	Unrestricted funds 2022 £ 88,189 88,189	Restricted funds 2022 £ - **- **	Total funds 2022 £ 88,189 88,189	Total funds 2021 £ 14,477
				14,477

In 2022, of the total income from other trading activities, £88,189 was to unrestricted funds (2021: £14,477) and £NIL was to restricted funds (2021: £NIL).

Note: the above activities are mostly undertaken by staff and members of British Allied Trades Federation for the specific benefit of the Society.

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The Benevolent Society

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

4. Investment income

Dividends and interest receivable Total investment income	Unrestricted funds 2022 £ f 26,646 26,646	Restricted funds 2022 £ - -	Total funds 2022 £ 26,646 26,646	Total funds 2021 £ 27,510
				27,510

In 2022, of the total investment income, £26,646 (2021: £27,510) was to unrestricted funds and £NIL (2021: £Nil) was to restricted funds.

5. Direct costs

Bursaries Grants to beneficiaries Other Total direct costs	Unrestricted funds 2022 £ 25,832 77,055 - 102,887	Restricted funds 2022 £ - **- **	Total 2022 £ 25,832 77,055 - 102,887	Total 2021 £ 18,685 92,501 _41,934 _
				153,120

42 Individuals benefited from grants made in 2022 (2021: 42) amounting to £77,055 (2021: £92,501).

6. Support costs

Secretarial fees Event organisers Visiting fees Insurance Consultancy fee Legal costs Printing and stationery Communications Travel Miscellaneous Total support costs	Unrestricted funds 2022 £ 7,500 - 4,485 1,628 - - - - - 352 13,965	Restricted funds 2022 £ - - - - - - - - - - -	Total 2022 £ 7,500 - 4,485 1,628 - - - - - 352 13,965	Total 2021 £ 7,500 - 4,691 1,627 - - 147 - - 1,812
				15,778

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The Benevolent Society

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

7. Governance costs

Independent examination fee Meeting expenses Total governance costs	Unrestricted funds 2022 £ 1,814 228 2,042	Restricted funds 2022 £ - - **- **	Total 2022 £ 1,814 228 2,042	Total funds 2021 £ 1,814 -
				1,814

8. Analysis of resources expended by expenditure type

Expenditure on investment management Cost of generating funds Direct and support costs Expenditure on governance Total expenditure	Other costs 2022 £ 5,668 5,668 116,852 2,042 124,562	Total 2021 £ 6,581
		6,581 168,898 1,814
		177,292

9. Net incoming resources/ (resources expended)

During the year, no Trustees received any remuneration (2021: £NIL).

During the year, no Trustees received any benefits in kind (2021: £NIL).

During the year 2022, 1 Trustee received £155 in reimbursement of travel costs to meetings (2021: £NIL).

10. Auditors' remuneration

The Independent Examiner's remuneration amounts to £1,512 (2021: £1,512)

11. Staff costs

The charity has no employees other than the Trustees, who did not receive any remuneration (2021 £NIL).

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The Benevolent Society

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

12. Fixed Assets

Market Value At 1st January 2022 Additions Disposals Net movements in cash Net loss on investments At 31st December 2022 Investments at market value comprise: UK £ Listed investments 510,289 13. Debtors: amounts falling due in one year British Allied Trades Federation Other debtors Prepayments and accrued income Total debtors 14. Creditors: Amounts falling due within one year Other creditors Total creditors	Overseas 422,055	2022 £ 932,344 2022 £ 29,342 200 53,633 83,175 2022 £ 10,370 10,370	Listed securities 2022 £ 1,095,762 29,160 (54,685) 19,576 (157,469)
			932,344
			2021 £ 1,095,762
			2021 £ 30,771 200 5,837
			36,808
			2021 £ 3,370
			3,370

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The Benevolent Society

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

15. Statement of funds Current Year Brought forward 2022 £ Unrestrictred funds General funds - all funds 1,152,199 Restrictred funds Masterpeace Academy - Total funds 1,152,199 Prior Year Brought forward 2021 £ Unrestrictred funds General funds - all funds 1,100,199 Restrictred funds Masterpeace Academy 20,000 Total funds 1,120,199	Income 2022 £ 149,383 - 149,383 Income 2021 £ 74,191 8,412 82,603	Expenditure 2022 £ (124,562) - (124,562) Expenditure 2021 £ (148,880) (28,412) (177,292)	Gains/ (losses) 2022 £ (157,469) (157,469) Gains/ (losses) 2021 £ 126,689 - 126,689	Carried forward 2022 £ 1,019,552 - 1,019,552 Carried forward 2021 £ 1,152,199 - 1,152,199

Masterpeace Academy has the aim to develop a permanent, culturally relevant jewellery academy in Birmingham’s Jewellery Quarter in connection with jewellery training organisations, employers and retailers to empower, train and equip the next generation of Master Jewellers. Its training is culturally relevant but not exclusively so.

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The Benevolent Society

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

16. Analysis of net assets between funds

Fixed asset investments Current assets Creditors due within one year	Unrestricted funds 2022 £ 932,344 97,578 (10,370) 1,019,552	Restricted funds 2022 £ - - - -	Total funds 2022 £ 932,344 97,578 (10,370) 1,019,552	Total 2021 £ 1,095,762 59,807 (3,370)
				1,152,199

17. Related party transactions

British Allied Trades Federation provides accountancy administration to The Benevolent Society. During the year British Allied Trades Federation donated £4,352 to The Benevolent Society (2021: £4,012), and at the year end outstanding debtors comprised £29,343 (2021: £30,771).

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