Charity number: 212688 THE COAL TRADE BENEVOLENT ASSOCIATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE COAL TRADE BENEVOLENT ASSOCIATION CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advlsers Trusteas. Report Independent Auditors. Report on the Flnancial Statements 10-13 Statement of Financial Actlvities 14 Balance Sheet 15 Notes to the Financial Statern8nts 18-31
THE COAL TRADE BENEVOLENT ASSOCIATION REFERENGE AND ADMINISTRATPIE DETAILS OF THE GHARrrY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 Trustees T J Allchurch W Brooks (appointed 1 January 2020) J M Collin5 {appointed 15 September 2020} P E Garner J M Heoinbolham E M Lockley {resigned 15 September 20201 C Rlx (resigned 31 December 2D20) M Way (appointed 1 January 2021) Charty registered number 212688 Prfnclpal office 6 Bridgewharf 156 Caledonian Road London N1 guu Secretary D mooW Independent audÈtors GdMan Jones LLP Statutory Auditors 29130 fitzroy Square London W1T 6LQ Bankers Nalwest Bank PLC 39 The Borough Farnham Surrey Gug 7NP Financial Advisor & Fund Manager J Peltil Ralhbones Investment Management 8 Finsbury Circus London EC2M 7AZ Page 1
THE COAL TRADE BENF4lOLENT ASSOCIATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees present their annual reEx)rt and finan¢ial statements of the Charity for the year ended 31st December 2020. The financtal statements have been ppared in accordan wth the accounlillg policies s2t out in notes to the accounts and comply wlh the Charivs Rules. the Charities Act 2011 and Accounting and Reporting by Charities Statetnent of Re¢ommended Practice applicable to charities prerIng Iheir accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16th July 2014. OUR PATRON As this report was being prepared. we joined the nation in mourning the passing of our Patron. His Royal Highness, The Prince Philip, Duke of Edinburgh KG at the age of 99 years. His Royal Highness graced our Association with hi5 patronage for over 40 years, which included honouring us in the role of President three limes, in 1976. 1988. and most rentlY in marking our 125th Anniversary in 2D13. His involvement with the ASSOat10n was a treasured thing and never taken for granted, as it helped us so much in profiling the CTBA'S work to our sUprterS. Our condolenrE5 were senl b Buckingham Palace. OBJECTIVES AND ACTMTIES FOR THE PUBLIC BENEFtT The Association is established for charitable purwses. The objective5 of the Charity - the provision of reli2f for our less fortunaie colleagues contlnues lo be our prime aim. The Trustees Ix)nfirm that they have referred lo the Ch8rity Commission's guidance on pubfic bonefit when reviewng the aims 2nd objectives of the Charity, in planning future activities. and settlng the grant maknng txjlicy for the year. The Trustees can invest any capital or income not required for Ihe charitable purpose5 of the Association. There have been no changes in the policies adDPted to achieve the Asscciation's objectives. PRESIDENT The Trustees record their thanks and appreciation to The RLHon. the Lord Kennedy of Southwarf<. President of the Associabon for 2020 and we are greauy appreciative of his support for our charity. In this most challenging of years, we We unable to wetcome him as our guest at the Associalion's Festival Dinner or our other events. Given these unfortunate circumslances the Tnjslees offered Lord Kennedy the option to continue in his role for the following year. We were very grateful for his 3p1aC TRUSTEES The Trustees of the knocietion administer the Charity. Four Trustees are etecled by the membership and they are joined by the Chairman ef the Board of Directors 2nd the Immediate Past Chairman. In 2020 the Trustees were: Mrs &izabeth Lockley (elected 2003 and retiring 2020). Mrs Jane Heginbotham (elected 20081, Mr Tom AIIGhurch (elected 2a15), Mr Philip Gamer (elected 2018). Dr Clive Rix (Chairman 20191. Mrs Wilma Brooks {Chaimian 2D20}, and Mr John Collins {elected 2020). Mrs Lockley stood down at our Annual General Meeting in September 21)20. Her assoclatlon with the CTBA spans five decade& From her firsl involvement twinning in 1973. organising a fundraising eveningi Mrs Lockley began visiting local beneficiaries as the Branch Secretary in the old North Staffordshire branch in the tate 1980s. Following her appointment to the Board of Directors in 1992 she was the first women to be elected as National Chaimian in 1999. Serving as a Trustee since 2003. she became our Senior Trustee in 2015. Under her latter stewardship, Mrs Lockley guided the CTBA'S work wth great care and dedi(xtion. On behalf of the Association the Trustees wish to place on record their great appreciation and thanks to Mrs Lockley for her guidan and counsel and look forward to welcoming her back as a guest at future CTBA events. Mr Allchurch was appointed by other members as the Board's SenKJr Truste Following election. the Trustees wdcomed its newest colleague to the Board at the Annual General Meeting, Mr John Coifins. Mr Collins continues lo work in the coal trade wth a career spanning over 55 years. He joined the CTBA in Ihe mid-1980s. wsiting benefi¢iaries and helping to organise fvndraising events in his North Wesl & North Wales Brancn. He was appoinled the Joint branch 8ecteEary within the BranGh in 2002 and Gonlinues his involvernenl at Branch level to the current day. Mr Collins brings a wealth of experience to the Board. who loo forward to welcoming him as he joins them. Page 2
THE COAL TRADE BENEVOLENT ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER2020 The responsibilities of the TTUStees are set oui in Ihe Association's Rules and defined as to power$ 2nd duties by the Trustees Act of 2000. The new Trustees are appT5sed of their responsibilities by the Senior Trustee. Secrètary, and provision t)f rdevant Charity Commission literature and guidance notes. CHAIRMAN AND DIRECTORS The Board of Directors of the Assoctatton. whose functions and responsibiKties are sel out in the Rules of the A55DGialion, elected as their Chaiman for 2020 Mrs Wdma Brks. The Directors appointed Mr Mervyn Way as Deputy Chairman. In accordance with the Rules of the ASlali0n, the followng Directors CDmpleted thr Ihree-year term of office al the Annual General Meeting on 15th septeMr 2020.. Mr D Chubb. Mr P Grabowski, and Mr R Rose. All offered themselves for re-election and were elected lor a further three-year term of office. In additton. Mr P Lees of the Eastem Counties bF3nch w35 nomtnated and app11 a5 a new Director. THE COVID-19 PANDEMIC 11 is USU wlh our Trustees. Annual Reports that we reflect upon the organisation's performance over the past months and consider how our activities have benefited those we are working to support. However. 2020 shall be remembere(I principally. and for many years to come. as being defined by the terrible global pandemic which has tragically claimed the lives (at the lime of this report) of almost 130.000 people in the United Kingdom and many millions across the world. In common with every area of life, our staff, trustees. offerS and volunteers quickly adapted to new ways ot working as the year progressed. Technology wa5 heavily replied upon and with staff working from home, business meetings were conducled almost solely ty video conferencing. Branch and Natlonal GTBA even15 faced cancellation in Ihe eaty month5, and it became clear very quickly that no such public faclng aclivlty would be possible for the remainder of the year. Thè National offi assessed the risk5 and Instructed its volunteer Case Visttors to remain in Gonlsct with our eneficiaries during the period- most of whom would fall into the highest risk Gategories for ¢ontr8cling the most severe Covld symptoms - bul that such contact musl onfy be done by phone and never in person. Whilst far from ide?1. il was vital that beneficiaries felt the Association Mained a friend and an available resourts they could continue to rely on if needed. We know that lonefiness and isolation is not an uncommon experience for many of those that CTBA supports in times of normality. and further of this social connection could only be exacerbated during the periods of lockdown and the 'shielding' that numbers of our benefiaaries were advised to adhere to. The Trustees fell that such extraordinary tim merited a special support award. All beneficiaries received an addition81 payment of £50 per person in the earfy months lo cover adrfitional cos15 assOCI?ted with lockdown such as needing to shop locally Father than the supermarket or paying for taxis or other 5ervice5 they would usually be able to manage by themselves or expensively. Wtth the vaccine being rolled out at the end of 2020 and its continued uptake since. we must look forward with hope to brighter times returning. THOSE WE LOST DURING THEYEAR We were extremety saddened to leam of the deaths ot several dedicated and long-standing servants of the Associalion during the year. We leamed of the passing of Director Mr Malcolm Williams on 22nd April 2020. aged 67. Ma1)Im was a coal merchant of over 40 years and supported the CTBA over rnally year5 at different functK)ns not only in his native East Midlands but at WdriOUS Branch functiDfis as well a5 Ihe Festival dlnner. We were informed that our former National Chairrnan {2CM11> and WI President Mr Grdham Smilh pa558d away died on 30th August, having onty leamed of the death of hi5 wfe DDrothy several weeks earlier. Dorolhy was a long-term setvanl for the CTBA setving as Branch SeGtetary for the Yorkshire region for many years. HONOFiARY OFFICERS AND STAFF The Trustees gratefully aGknowledge and record their appreciation of the support of the Honorary Chaplain, Reverend Jonathan Brewster, Canon Treasurer of St Paul's Cathedral. The Trustees also record their thanks to the Honorary Legal Advtser, Mr Nigel Penzer, for his help and advire throughDUt the year. Our Honorary Auditor5, Mr Julian Fairweather and Mr Mark Waltets, were both re-appointed al the AGM. While they were unable lo visit Ihe National Office during this year to scrutinise operdbons, we ate very grateful they will continue to offer their lime providing reports to the Tnjslees going forward. Page 3
THE COAL TRADE BENEVOLENT ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOuNTArS AND AUDITORS The Truslees record their thanks to Goodman Jones, the CT&I accountants, for the thorough and efficient manner in whlch they rArried out Ihe audit of the Asswation's affairs. Goodman Jones offer themselves for reappointment at the Annual General Meeting. GOVERNANCE The Gharity was founded In 1888 and established in lis current fom in 1896. The Tnjstees, Directors and Members agreed the Rules of the As50uation. which were formally adopled in January 1897, and incorporate the objects of the Charity- Ruies 8 and 13 of the Association were amended at a Special General Meeting held on 7th December 2009. The Registered Charity number is 21268B. The Trustees of the Association administer the Chartty- There is a Board of Directors of the Association, whose functions and responsibiliknes are set oui in the Rule5 of the Association. There are bNo members of staff, the National Secretary and Assistant National Secretary, based at the National Office, Brtdge Wh8rf in London. In addition. the Charity has Branches and individuals throughout the UK who visit applicants and beneficiaries and put a personal profile on the continuing support by the Asswation. ACHIEVEMENTS AND PERFORMANCE We contillue lo receive requests for assistancE from the coal trade and directly from individuals. The Associalton also re]Ve$ requests for help from other charitable organisations on behalf of potential beneficiaries who have previousty been employed in the coal industry. We make efforts to identify new beneficiaries at local and national levels who may benefit from our supwrt and assistance. Various artides and adverbsemenls have appeared in the coal Erade magailne 'CoalmerchanV and we record our gratitude to the magazine sponsors CPL and the editor Mrs Wllma Brooks for their supporL During 2020 the Trustees con5idEred and approved 11 new applications from people who went on to become new beneficiaries of the Association. Throughoui the year. a totsl 01246 beneficiaries reiVed financial support from the Association. Sadly 22 of those died during the year. The National Secretary condu¢ted a review of historic awards made to berbeficpries in recent years. Where those had been 'one-off payments and the Association had no further contact with the beneficiary, Ihe record5 were removed from the system. We have cover throughout most area5 of the United lfjngdom. Our Branch Secretaries and Case Visitors maintained contact with our benèficiaries by lelephone and e-mail, in the absence ol personal visits, throughout the year. We received reports and recommendations on changed beneficiary circumstances or suggested one- off specific granls and these were Sympatheti1 considered. The National Secretary reports changes and recommendations to Tnjslees. which enables us to review and respond quickty to new requests far asslstance and deal with them in the shortest possible time. Mosl requests for grant aSsIstan are proce55ed within three week5 or less a timespan that flects favourabty wthin grant-making Charitabk organisatioNs. The main assistance Ihat we provide is through the payment of weekly grants: fuel payments. help with telephone costs. televisions. and of course birthday, Chrtsbnas cheques. and shopping vouchers. The provision of help with the purchase of capital items such as stair lifts. speeial bathrooms, washing machine5. carpels, and other miscellaneous items is becoming more prevalent and these are now regular features in the overall grants programme. Following the BBC'S review ?nd subsequent decisiort to scrap the canSsiOnary licence scheme for the over- 75s, the CTBA Stepped in and will now offer to cover the cost of the licenTr for those beneficiaries that would have qualiffed for a free licence previously. The backbone of our SuSSful operation is down to the dedicated group of individuals who operate our Branches throughout the county. Most of our Branch Secretaries and Case Visitors worked in or have background experience in the coal industy which is m05t helpful when new applications are being reviewed. The Trustees record their gratitude lo the Branch Secretaries, their reglonal committees, and Case Wisitors who work so tirelessly to ensure Ihat regular contact is maintained with our beneffci8rtes. We are indeed fortunate and very orateful for the ongoing supwrt we receive from the coal trade in ils broadest sense. In Essex, CTBA Supporters were ftjrlunate lo be the only a3 of the country able to hold a fund-raising event with their annual Golf Day. taking pLa in the late summer. As ever. we are very gratefvl. Page 4
THE COAL TRADE BENEVOLENT ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECENBER 2020 The National Secretary communitxtes information and guidance notes on s13tutory benefft5 and other grants lo the Branches. The primary function of Ihe Ass(Kiation is to gNe assistan to our benefiGiarie5 by way of financial supporL During the year, direct disbursements to beneficiaries totalled just over £180,000. Case Visitors are advised about their obligations and responsibilities when dealing with beneficiaries in order to protect both parbos. Our commttment lo best practice is underpinned ty good governance ovprsight and the application of the CTBA'S policies, procedures and guidance throughout the Associalion, continuing to operate both efficiently and effectively. Case Visitors are aware that the basis of our assistance is principally through financial support and the Association is not a Ca provider: no personal assistance is provided to beneficiaries. However, our Case Visitors may often prowde information and guidance lo benefiarieS on various graAls thal may be available, advocate on their behalf or get them referred to other organisations who may be able to offer the help and support required to provide for a beneficiaS requiremen15. be that regarding income or generai lèvels of comfort and mobility- We aTr very grateful to our Case Visttors whts so willingly gNe their time 8nd visit our existing beneficiaries thereby keeping the cost of vrsits to a minimum. With new and potential beneficiaries our l(tsl network of Case Visitors makes an appoinlment and In confidence discuss the indiiriduals, (arGumsknces and promde the information to Bridge Wharf. Th2 TnJ5tees con51der the reports. reviews and recommendations. and these are sympathetically considered. We shall continue to work wllh other ¢haril3ble organisations whith make referrals to us and where appropriate offer those indNiduals fin3nGial suppotL During the year. the Trustees reviewed the levels of the weekty grant to reGipients and agreed to increase the minimum level of from £15 10 £20 per week The inGrease was introduced in the December 2020 half-yearly paymenL The relatlonshlp with the Universities of Leeds and Sheffiebj conbnued Ihrough our Edu¢alion and Training bursary fund supporting a student at each inslrtulion. Wth the redesign and launch of the CTBA'S website in September, applications for an educatton or training bursary can also be made direcuy lo the National Office from an onltne fumi. For the year lo come it Is our intention to continue monitoring the needs of our existing beneficiaries and identify possiblB new benefictaries, through outreach with other agencE5 across Ihe country. Initial inroads have been made with Age Scodand for publicising the asStanCe provided by the CTB& however further work was paused as a result of the pandemic. The Trustees review our sctial and financial performance against our prime objectives- the provision of relief for our former colleagues and ensuring that we have the financial resoltrces necessary to fulfil Ihis objective. In order to ensure optimum portfolio perfomwnce, we hold regular meetings with Ralhbone Investment Management and efforts made to maMise fund raising activities through both local and national events. The N?tional Office and the Branthes work ciosely together. and this high degree of co-operation and mutual support ensures that beneficiarie5 receive fitst dass support on a k)cal and national basis. We shall continue to liaise with Branches and where appropriate offer guidance support to back up the excellent work they do on behaif of the AssociatiorL RISK MANAGEIVIENT The Association DrateS within a fairly ejosely defined field of activities, few of which gNe rise to any signtficant rlsk apart from financial risk. Rathbone Investrnent M8n8gemen¢ an indepeftdent globai asset management btJ5ine55, provides management of the Association's portfolio on a di5uetionary basi5. The Trustees consider the greatest risk lo be the perfomiance of the investment portfolio which, during the last year, has been subject to a re-evaluation of objectives and strategy and should provide even better retums. Following a strategic review in 2018, the Trustees put into place 2 formal mechanism whereby they conduct a revtew of the Fxjrtfollo tnanagerfs own performance. among other business operations, over a fivewyear cycl& Page 5
THE COAL TRADE BENEVOLENT ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees rewgnise that the wjrk of the Assoc(ation undefpinned by Ihe Branch organisation and Case Visitors who WOTk on a voluntary basis lch is 50 wlal in maintaining contact with our beneficiarie5. Despite some changes al local level, Branches have expressed cautious optimism in their ability to conknnue deiNering an efficient and first-class servtce on beha of the A55wi*w)n. As a result of an episode reF¥Jrted to the National Office that triggered our safegu2rding procedu. a full inve5tigalion was carried out and Ihe relative authoritTres notified prompuy. While the matter was ullimatety concluded with the assurdnce there had been no substance to the report. Ihe Trustees carried out a review of its safeguarding policy and the National Secretary issued additional guidan and instruction lu its Brar¢ch Secretaries and volunteer Case Visitors. Lil(ew5e. the Charity is satisfied that other major risks have been Identified and mitigated. Thèy remain fulty committed to Klentifying and assessing risks and taking appropriate action to prevent or minimise their impact on service delivery. FINANCIAL REVIEW Following a presentation to the Trustees in April 2017. the dectsion was taken io transfer the management of the Investrnent portfolio lo Rathbones. The trarr of assels vrds completed in June 2017. The Association's main source of funds remains Ihe investment portfolio. the objective of a balance beiween income generation and maintsining the real value of the portfolio. The assels are invested in a segregated portfolio containing fixed income securthe5, UK and ovetseas equities and altemative a55ets. The performance of the portfolio is monitored against a comp)site benchmark composed of 15% UK Government bonds, gQA UK corporate bonds, 48% UK equitles. 18% overseas equities, 6Yo Alternatives and 4WD cash. The longer-term benchmarf( is the RetaJt Price Index +3.5% per annum over the longer term. After a very challenging start to 2020 as a result of the global impact of COMD-19. the purtFolio generated a total return of +4.4UA for the 12-month period to 31st December 2020. compared to the composite benchmark's +0.5%. The estimated annual YId from the portfolio was 3.1% at year end. The final market index results for 2020 betray the huge rollercoa5ter-of-a-ride suffered by inve5trnent markets. At the start of 2020, we withessed a huge peak-to-trough fall in equity markets. along with a correspondingly sharp rise of government bond markets. Th2 economic contractions seen in many countries as a resull of the pandemic were the worst for many ddes. and in olhers (including the UK) the worst for centuries. The lockdowns that occurred all over the worfd contracted Ihe global economy by cftra 4.5% in 2020. However, deep and prolonged recession ha5 so far been avoided by swsft central bank action. The speed. scale and scope of the pollcy response is important because the greatest historic failures to recover from a major shock- such as the US in the 1920s or Japan in the 1990s - are characterised by their absence. The authoritie5 were willing to nderwrite the recovery and are ff ady to do more if necessary. Economtc activity should therefore bounce back more quid<ly than it might after a mote 'normal' recession, when resknGtions are eventually relaxed. The Organlsation for Economic Co-operation and Development (OECD) are forecasting global growth Df beeen 40 and 5% in 2021, ted by China The approval of various COVID vaccines has changed the ttsk-revrard profi of equities, assuming mutaliong of the virus do not prevent Ih2ir eeCtiveneS$. Although economic uncertalnty remains, we are constructive on equities at this polnL given the eXtrerne low OPPDrtunity cost of ownirbg equities relatNe to bonds. However, we acknowledge that there are still Gyclul rssks to the economic recovery over the next three to six months. and an equity market correcknon remains a possibility. albeit a diminishing one as COVID vaccination programmes are implemented globally. In addition lo the portrolio of investments, the Asso¢iation's other substanknal asset remains ils headquarters, at Bridge Wharf in London. A rewew of the prewous yearfs valualion was requested, as a consequence of the likely impact on office space values in the (3pilal aiising from the pandemiG. The estate was revalued at circa £540.000. Page 6
THE COAL TRADE BENEVOLENT ASSOCtATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 RESERVES POLICY The Trustees, policy Is to maintain a level of reserves sufffcient to provide the maintenance of income flows for the Charity's continuing activities and adequate funds to cover routine management and administration costs. This policy has worked well for many years and ensures that requests reiVed from branch secretaries and Case Visitors for new type5 of grants for beneficiarTes can be considered and if appropriate implemented. The Trustees have no SnIfICant concern about the level of reserves and believe that they are suffjcienl for its current purposes and these are reviewed on a regular basi8. ReseNes * the balance sheet date totalled £5,033,664 12019.. £5.206.4051. all held in unrestricted funds. GOING GONGERN As noted in more detail in the accounting policies seclTon of the financial statements. the Trustees have considered the ongoing impacts that the GOMtk19 panderniG may have for the Tw5t, the major ones being the effect on the value investments. Income genefated. and the grants scheme. To this effect the Trustees receive and examine dynamic monthly income cash flow forecast5 provided by their investmellt manager5 SO that accurate reports can be reviewed and decisions actioned on a rnore responswe basis than would be expected during 'business as usuaf and the Trust can meet its commiEments and liabilities and can conunue for the fOreSable future. After maklng approptlate enquiries. the Tnjstees have a reasonab expectation that the Charity has adequat8 re5Durce5 to continue in operational existen for the ft)reseeable future. The Trustees have considered the impacts that the COVID-19 pandemic may have for the Trust and the Charity can meet its commitments and liabilits'es and can continue for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. FUNDRAISING In usual times our larger Branches hotd a range of fundraising and profiling events for the CTBA, such as Dinners and Dinner-Dances, Golf Days. Lunches and the National Chairman's Day. Nationally, the Race Day al Doncaster racecourse and the Festival Dinner in London are popular events. Imth the exception of Ihe 'Friends of CTBA. Essex Golf Day, as mentioned elsewhere, no events could tske pla during 2020. As a nseqUen, the Association wa5 rellant solety on income from the portfolio of investments. The Charity makes no use of professional fundraisers and no complaints were r1Ved in the year in respect of its fundratsing. As of 315t December 2020, membership of the Asscciation was 150. Subscription5 raised £1.760 (£2,050 in 20191. STAFF & ADMINISTRATION The Trustees are appreciative of all the work undetsken, on behalf of the Association and its benefiGiaries, by the National Secretary Demot Morrow and the A55iStant Secretary, M5 Evelyn Allen. The Bridge Imiarf team are responsible for the efficient administtstion and day to day running of the org?nisation. They work Glosely with the Tru51ee5, Director5, and Branches to ensure that the policie5 of the AssoGiation are carried out in a professional and timely manner. A full and resF)onsive administration service is provided for our beneficiaries and contact wlth them is dealt with confidentially, sympalhetical]y, and prompty. The Trustees are mindful of the good work undertaken by National Office staff and are grateful to them for their continued commitment and diligence. The Trustees must gNe particular thanks to 2020 Chaim2n Mrs Wlma Brooks. KEY MANAGEMENT REMUNERATION POLICY The remuneration of key management personnel of the Charity is reviewed annually by the TrLFslees. with any increases being approved by the Tnjstees. The Tnjstees take into account the nature of the Charity. its operations. employment mart(et conditions. and the level of knowledge and experience required by key management when reviewing and setting remuneration levels. Page 7
THE COAL TRADE BENEVOLENT ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 PROSPECTS FOR 2021 We are slowly and tentatively emerging from thi5 terrible pandemic wtth hope and opt1rn15m. While domestically, vaccine delivery lo the adult population has thus far been widety accepted as a great SUCC855, we are conscious that this pandemtc respecis no borders and the pthre in other parts of the WDrld is far from oplimlstic or certain. We must remain vigilant lo new variants impacting on the progress thal has been made. As an AssoGlation we have frared for the health and welfare of our beneficiaries and volunteers. a great number of whom fall into the high-rtsk categories. We may sadly have 105t a greater number of beneficiarie5 this year than in previous years. Ensuring bu51ness continuity and maintaining adequate income to fulfil all comrnitments and operations remains the watchword in the COTning year. From the nadir in the spring and summer of 2020. the markets rallied as the months drew on. and we must hope that growth and income forecasts improve during the year lo come in the real economy and on the High SlreeL NOthS*andlng the wider societal outlook, the Tnjstees remain confident that the Association will be able to fulfil its objectives and respond syrnpatheltcalty to the needs of Ex)th existing benefiGiarie5 and new appltoalions during the corning year. STATEMENT OF TRusfEES' RESPONSIBILITIES Charity law requires the Trustees to prepare financial statements frjr each financial year. Under charity law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair viewof the state of affairs of the Charity and of the incoming iesource5 and application of sOurces. including Ihe income and expenditure. of the Gharity for that FericKI. In preparing these financial staternents. the Trustees are requlred to- select suitable accounting policies and then appty them conslstenty. observe the methods and principles ofthe Chartties SORP: make judgments and accounting estimates that are reasonable and prudent, stale whether applicable UK Accounting Standards have been folkiwed, subject to any material departures disclosed and exp121ned in the financial statements- and prepare the fInaCIal statements on the going canrn basis unless it is inappropriate to presume that the Charlty wll continue in operation. The Trustees are responsible for keeping adequate accounting records that are suffioient to show and exploin the Charity's trans2ctions and to disclose with reasonable accuracy at ary time the financial position of the Charity and enable them lo ensure that the finanual statements comply wilh the Charities Act 2011. They are also responsible for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDrroRS Each of the persons who are Trustees al the time when this TNstees' Report is approved has confwmed that.. so far as that Trustee is aware. there i5 no relevant audit infomwtion of whh the Charity's auditors are unaware.. and that each Trustee has tsken all the steps Ihat ought to have bn takers as a Trustee in order lo btr aware tsf any relevant audit information and establish thatthe Charity's auditors are aware of that Information. Page 8
THE COAL TRADE BENEVOLENT ASSOCIATION TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Qed by order of th embers of the board ofTrustees and signed on Ihelr behalf by: JAI urch W Brooks Collins P E Gamer J M Heginbotham Mway Oats: 11 May 2021 Page 9
THE COAL TRADE BENEVOLENT ASSOCIATION INDEPENDEr AUDITORS. REPORT TO THE MEMBERS OF THE COAL TRADE BENEVOLEwr ASSOCIATION Opinion We have audited the financial stalemenls of The Coal Trade Benevolent A&soclation (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet. the Statement of Cash Flows and the retaled notes, induding a summary of significant acctsuntsng poliaes. The financial reporting framework Ehat has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Iieland, (United Kingdom Generally Accepted Accounting Practi). The financial slalemenls have been prepared in accordance with Acc(ntIng and Reporting by Gharlties preparlng their accounts in accordan with the Financaal Reporting Standards applicable in the UK and Republic of Ireland IFRS 102) in prefrrence to the Accounting and Reporting by Charities: Statement of Recommended Practtce issued on l Aprs12CKJS which is referted to in the extant regulations but has been withdrawn. This has been done in order for the accounls to provide a true and frdir view in arLordance with the Generally Accepted Accounting Practice effective for reporting Perits beginning on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the state of the charitys affairs as at 31 December 2020 and of its incoming resource5 and application of resources for fhe year then ended., have been properly prepared in a(rdan with Unrfed Kingdom Generally Aocepted Accounting Practice., and have ljeen p pared in aourdance with the requirements ofthe Charities AGI 2011. Basis for opinion We eonducled our audil in accordance wth International Standards on Auditing (UK) IISAS IUKI) and apPIab]e law. Our responsibilttles under those standards are fvrther described in the Audilors. responsibilities for the audit of the financial statements section of our repoTL We are indeElldent of the charity in accordance wilh the ethical requiremenls that are relevant to our audii of the financial statemenls in Ihe Unlled Kingdom, including the Financial Rep)rting Councifs Ethical Standard. and we have fulfilled our other ethical responsibilities in )rdance with these requirements. We believe Ihat the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. onclusions relating to golng concem In auditing the finanual statements. we have nCluded that fhe Tru5tees' use of the going concem basis of accounting in the preparabon of Ihe financial slBtements is appropriate. Basèd on the work we have rfam7ed. we have not identified any mateTial uncerl8inties relaknng to events or conditions that, individually or collectNely. may cast significant doLFbl on the charivs ability to continue as a golng concern for a period of at least twelve months from vthen the finenoal statements are auth0ri5ed for issue. Our responsibilibes and the responsibiiibes of the Trustee5 th respect to going concem are described in the relevant sections of this teporL Page 10
THE COAL TRADE BENEVOLENT ASSOCIATION INDEPENDENT AuDoR5. REPORT TO THE MEMBERS OF THE COAL TRADE BENEVOLENT ASSOCIATION (CONTINUED) other infomiation The Trustees are responsible for the other information. The other infomiation Comprises the informatson included in the Annual Rewrt, other than the financial statements and our Auditors. Report thereon. Our opinion on the financial statements does not cover the olher information and we do not express any form of assuran conclusion theorn. In connection with our audit of Ihe financial statements, our re5pN)nsibility is to read the other inft)miation and. in oing so, consider whether the other information is materialty inconsistent with the financial statements or our knowledge obtained in the audit or olheThvise appears to be rnaterially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there Is ? material mi$51atement in the financial statements or a materiat misstatement of the other informabon. If, based on the work we have performed. we condude thal there is a material misstatement of this other infomation, we are required lo report that faGL We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matter5 where the Charities (Accounts and Reports) Regulations 2008 requires us to rert to you rf, in our opinion: the Infortnation given in the Trustees, Report inconsistent irb any material pect with the finanryal statements. or suffiaent accounting records have not been kept or the financial statements are not in agreement with the accounting records and retums,. or we have not received all the informalK)n and exptanations we require for our audiL Responsibilities of trustees As explained more fully in the Trustees. Responsibilttie5 Stalemenl the Trusiees are responsible for the preparatiorb of the financial statements which give a true 2nd Pdir view. and for such internal control as the Trustees dete]Tnine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or erfor. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, discliY6ing, as applicable. matters retated to going concern and using the going concem basis of accounting unless the Truslees either intend to liquhjale the Gharity or to cease operations, or have no realistic alternative blrt to do so. Page11
THE COAL TRADE BENEVOLENT ASSOCIATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE COAL TRADE BENEVOLENT ASSOCIATION (CONTINUED) Auditors. responsibilities for the audit of the financial statements We have ken appointed as auditrjr under 5echon 144 of the Charities Act 2011 and reFJOrt in accordance with the Act and relevant UlationS made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether Ihe financtal statements as a whole are tree from material mi5$12tement. whether due to fraud or error. and to issue an Auditors. Report that includes our oplnion. Reasonable assuran is a high level of assurance, but IS llot a guarantee that an audil conducted in accordance wslh ISAS {UKI will always detect a maierial mi55taternent when it exists. MÉsstatements can 8rise from fraud or error 8nd are conSided material if, indrwdualty or in the aggregate. they ¢ould reasonably be expected to influence the economic deusions of users taken on the basis of these financial 5taternents. Irregularities. including fraud. are in5trdnces of non-compliance wli h laws and regulations. We design procedures in line with our responsibilities, outlined above. to delect material misstatements in respect of irregularities, including fraud. The extent to which our predureS are capable of detecting irregularities, including fraud IÉ detailed below: Based on our understanding of the company and industry. we identified that the principal risks of non-COTnpllance th laws and regulations related to sector regulations and unethical and prohibited business practKes, and we con51dered the extent to which non-compliall might have a malerial effect on the financial Statements. We a150 considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Charity Commission and sector regulattons, and UK Tax Legislation. We evaluated managemenvs inntiveS and opportunities for fraudulent manipulation of the financial slalements (including the risk of override of controls). Appropriate audit procedures in response to these risk5 were carried. These procedures included: Discussions Vth management, including consideration of known or SUSCted instances of non- compllance with laws and regulation and fraud- Reading minutes of meetings of those charged with govemance. Oblaining and reading correspondence from legal and regutOry includlng HMRC,. Identifying and testing journal entn"es- Challenging assumptions and judgemenis made by management in their significant accounting estimates. We also coJnmunicated relevant identified law5 and regulations and potential fraud risks to all engagement team members- and remained alert to any indications of fraud or non-complkgnce with laws and regulations throughout the audiL There are inherent limitaltons in the audit procedures described above and the further removed non-Gompliance th law5 and regulations is from the events and transactions reflected in Ihe financial statements. the les5 likely we would become aware of it Aso, the rk of not detecting a material misslaternent due lo fraud is higher than the risk of not detecling one resulting from errot. as fraud may involve deliberate con¢ealment by, for example, forgery or intentional MISpresentatiOns. or through collusion. A further description of our responsibilities for the audtt of the financial stdtements is loGated on the Financial Reporting Councll's website at. vdw.frc. klauditorsres nsibilitse5. This description fomis part of our Auditors. ReporL Page 12
THE COAL TRADE BENEVOLENT ASSOCIATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE COAL TRADE BENEVOLENT ASSOCIATION {CONTINUED) Use of our report This report is made solely to the charitls trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) RUlatiOnS 2008. Our auiftl work has been undertaken so that we might slate to the charity's trustees those matters we are requited to state to them in an Auditors, ReF)Ort and for no other purpose. To the fullest extent pemitted ty law. we do not a(xept or assutne responsibility lo anyone other than the charity and its trustees, as a body, for our audit work, for thk% rew)rL Dr for the opinions we have fomied. Goodman Jones LLP Statutory Auditors 29130 FitzrDy Square London W1T6LQ Date: 03-06-21 Goodman Jones LLP are eligible to act as auditors in tenn5 of section 1212 of the Companies Act 2006. Page13
THE COAL TRADE BENEVOLENT ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 Unrestricted funds 2020 Total funds 2020 Total fvnds 2019 Note Income from: Donations and legacies Charitable acliwties Other trading aGtivibes Investments 14,980 1,760 4.150 140,732 14,980 1,760 4.150 140,732 637 2,913 52,520 201,212 Total Income ExpÈnditure on.. Raising funds: Fundraislng expenses Investment managemenl expenses Charitable activities 161,622 161,622 257.282 4,442 29.875 275A80 4.442 29.875 275,480 45.835 52.02t 270,893 Total expenditure 309.797 309,797 348.749 Net expenditure before net galns on investments Nel galns on Investments (148.1751 30.980 (148,175) 30,980 (91.467) 526,177 Net movement in funds before other recogni5ed gainslllosses) Other recognised gainslllossesl: {LossesllgaI on rewdluation of fixed assets 1117.195 (117,195) 434,710 (55,546) (55,546) 78,993 Net movement In funds Reconciliation of funds: Tatal funds brought forward Net movement in funds 1172.741 (172,741) 513,703 5206,405 1172,741) 5,206,405 (172,7411 4. 692.702 513.703 Total funds carried fonvard 5.033,664 5,033,664 5,206,405 The Slatement of Financial Activities indudes all gains and bsses recognised in the year. The notes on p?ge5 16 to 31 fom part of ihese financial statements. Page 14
THE COAL TRADE BENEVOLENT ASSOCIATION BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Note Ixed assets Tangible assets Investmènts 12 13 540.000 4,500,278 600,OQO 4,589.333 5,040,278 5, t89.333 Current assets Debtors 14 564 29,778 25,407 Cash at bank and in hand 19.550 20,114 46.185 Creditors: amounts falling due within one year 15 124.912) (22.402) Net current liabilities l assets 14.7981 23, 783 Total a552ts less CUTrent liabilities 5.035.480 5,213, 116 Creditors.. 8mounls falling due after more than one year 16 (4,533) Net assets excluding pension liability Deffned benefit pension scheme liabifity 5,035A80 11.816) 5,208,583 18 {2, 178J Total net assets 5.033,664 5,206,405 Charity funds Unrestricted funds 19 5,033,664 5,206,405 Total funds 5.033.664 5.206.405 The finanGi¥l ststements were approved and aulhorised for issue by the Trustees and signed on their bèhalf bw. W Brooks 2020 Chairman Dale: 11 May 2021 The notes on pages 16 to 31 ftsmi part ofthese financial slatemenis. Page 15
THE COAL TRADE BENEVOLENT ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 General information The Gual Trade Benevolent Ass0¢iation is a (*aritrable organisation registered in England and Wales, and whose registered Offi address 15 6 Bridge Wharf. 156 Caledonian Road, London, N1 guu. The Charfvs objeGts are lo support those that have worked in the coai distribution trade. Accounting policies 2.1 Basis of preparatlon of financial statements The financial slatemenls have been prepared in accordan with the Charltles SORP {FRS 1021- Accounting and Reporting by Charities: Statemerrt of Recommended Pracbce applicable lo chariknes preparing their accounts in accordance wth the Financial Rewrting Standard applicable in the UK and RepLtblic of Ireland IFRS 102} (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ire18nd {FRS 102) and the Charities Act 2011. The financial statements have been prepared to gtve a 'true and fai¢ view 2nd have departed from the Charities (Accounls and Reports) Regulations 2008 onty to the exient required to provide a 'true and fail view. This departure has involved folh)wing the Charities SORP IFRS 1 D2) published on 16 July 2014 rather than the Accounting and Reporting by Gharitles: Statement of Recommended Practi effective from 1 April 2005 whth has since b8en wsthdtawn. The Coal Trdde Benevolent Association meels fhe definilion of a publtc benefit entity under FRS 102. Assets and liabilities are initialty reGognised at histori[ c05t or transaction value unless otherwise stated in the relevant accounting policy. Accounts are prepared in Stetling. the functtonaj currency of the Charty, and rounded to the nearest 2.2 Going contem The Trustees have wnsldered the impacts that the cod-19 pandemic aY have for the Trust, the major ones being the effect on Iheir inveslmenls. income and grant scherne. To this effect the Trustees will receNe and examine dynamic monthty income cash flow forecasts provided by their investment managers so that accurydte reports can be reviewed and decisions actioned on a more tesponsive basis than would be expected during 'business as u5uaf and the Trust can meet ils commitments and liabiliiies and can continue for the foreseeable future. The Trustees remain confident Ihal the Association wll be ae to fulfil its objeclives and resFK)nd sympathetically lo the needs of both existing benarleS and new appfications during Ihe corning year. Despite the fact that Covi[19 did have an impact on the portrolio in the year. the investments are now in a healthy position. The Trustees are monitoring the Perfmance and value of the investment FX)rtfolio and the property market to assess any impact on the propety valuation, and will take appropriate advice as necessary. After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has a(lequale resources to continue in operatwal exisience for Ihe foreseeable fvture. The Trustees have Considered the impacts that the Covi&19 pandemic May have for the Tnjst and the Charity can meet its commitments and fiabilities and can continue for the foreseeable futu Accordingly. they continue to adopt the going ncern basis in preparing the financial statements. Page 16
THE COAL TRADE BENEVOLENT ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting policies {continued) 2.3 Fund accounting General funds are unrestricted fund5 a avaitabk for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and wh¢¢h have not b*n designated for other purposes. Investment incorne. gains and losses are alkjcated to Ihe appropriate fvnd. 2A Income l income is recognised once the Charity has entittemenl lo the income, il is probable that the income will be received and the amount of income r1Vable can be meaSud reliabty. The recognition of income from legacies is dependent on establishing enknuement, the probability of receipt and the ability to estimate with SuffiCt LIraCY the amount 1vable. Evidence of entitlement to a legacy exists en the Charity has sufficient evidence that a gift has beerb left to them (through knOedge of the existen of a vaid will and the death of the benefactor) and the executor is salisfied that the propety in question not be required lo satisfy claims in the eslale. Re¢p1 of a legacy musl be recognised when tt is probable that it will be reiVed and the fair value of the amount receivable, which wll generdty be the expected cash amount to be distributed to the Charity, can be reliably measured. Gifts in kind donated for distribution are induded at valuation and recognlsed as Income when they are dÈstributed to the projects. Gifts donated for resale are included as income when they are SDId. Where the donated good is a fved asse( it is Measu at fair value, unless It Is Irnpraclical to measure this reliably. in whTrch case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate red g5set Glass and depreciated over the useful economic life in accordance with the Charivs accounting F1)eles. On receipL donat1 professtonal servlces and facifities are recognised on the basis of the value of the gift to the Charrty which 15 the amount il would have been Mlling to pay to obtsin servlces or farilities of equivalent economic benefit on the 0 market a corresponding amount is then recoxJni5ed irT expendilure in the pertod of recelpt Income tax recOverale in relation to inveslment income is recognEsed al the time the investment income 15 receivabl 15 Interest receivable Interest on fun¢Js Fteld on deposil is included when receNable and the amount can be measured reliably by the Charity-. this is nonnally upon notiffcation of the interest paid or p2yable by the institution wtth whom the tunds are eS11. Page 17
THE COAL TRADE BENEVOLENT ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting policies Icontinued} 2.6 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic beneffl to a third party. it is probable that a transfer of economic beneffls will be required in seltletnenl and the arnount of the obligation can be measured refiably. Expenditure is classified by activity. The costs of each acknvity are made up of the tot21 of direct Costs and shared costs, including support Costs involved in undertaking each activity- Direct costs attributable to a single acttvity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support G051s which are not attribLrtable io a single activity are apporboned beiween those activities on a basis Gonsislenl with the use of resources. Central staff costs ate allocated on the basis of time spent, and depreciation charges allocaled on the porfion of Ihe a&8eVs use. Expenditure un raising funds indudes all expenditure incurred by the Charity to ralse funds for its charitable purposes and indudes costs of all fundraising acbvibes events ar non-charitable trading. Expenditure on charitable activities incurred on directty undertaking the aclivtti&s which further the Charli y's objectives. as well as any a&lated support cosls. Grants payable are charged in the year when the offer is made except in those cases where the offer [5 conditional. such grdnts being recognised as expendiiure when the conditions attaching are fulfilled. Gonis offered subjeGt to conditions which have not been met at the year end are noted as a commilment, but not accwed as expendiiure. All expenditu is inclusNe of irrecoverable VAT. 2.7 Tangible fixed assets and depreciation A revlew for impaiment of a fixed asset is carried rf events ¢x changes in CWGumstance5 indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls beeen the carrying value of fixed assets and their recoverable afflounis are recognised as impaimients. Impaitmenl 1055es are recognised in the Statement of Finanaal AGtNibes. Tangible fNed a5¥ets are carrled at cost or valuation. net of depreciation and ary provision for impairment. Depreciation is not Gharged on freehold rnd. Depreciation is provided at rates (xlculated to write off the cost or valuation of ed assets, less their eslirnates residual value. Depreciation ts provided on the following bases: Over 50 years (building element only) 25% of cost Property Computer equipment Individual freehold and leasehold proFerttes are carried at current value at the balance sheet dale. A full valuatlon is obtained from a lo(xl proFerty agent for each property every five years, in any year where il i8 likely that there has been a material change in value. The tast full formal valuation was CAtrfed out on 23 JanLtary 2020, with an infr)mial valuation in March 2021. Rev21uation gains and lossès are recognised in the Statement of ComprehensNe Income. unless losses exc the previously recognised gains or reflect a clear consumption of economic benefits. in whlch case Ihe losses are recognised in the Statement of Financtal Activities. Page 18
THE COAL TRADE BENEVOLENT ASSOCIATION NOTES TO THE FINANCViL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting policies (continued) 2.8 Investments FLxed asset investments are a fomi of financtsl instrument and are initially recognised al their transaction cost and subsequenlly measured al fair value at the Balance Sheel dale, unless the value cannot be measured reliabty in which case it is measured at cost less impairment. Investment gains and losses, whether realtsed or unrealised. are combined and presented as 'GainsllLossesl on investments, in the Statement of Financiat Activities. 2.9 Debtors Trad8 and other debtots are recognised at the sett]ement amounl after any irade discount offered. Prepayments are Wdlued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand indudes cash and short-term highly liquid investments with a short malurlty of three months or kss from the date of acquESOn or opening of the deplt or similar accounL 2.11 Liabilities Llabilities and prowsions are recognised when there 15 an obligation at the Balance Sheet dale as a result of a past event, il is probable that a transfer of economiG benefft will be required in settlement, end the amount of the settlement can be estima 1labty- Liabilities are recognised at the amount that the Charity anticipates it Wtll pay to settle the debt or the amount it has received as advanced payments for the 9oods or servicEs it must provide. Prowsions are measured al the best estimate of the amounb required to settle the obligation. Where the effect of the time value of money materiai, the provision is based on the present value or those amounts. discounted al the pre-tax discourLI rate that reflects the risks specif lo the liability. The unwinding of the discount is recognised in the Statement of Financial Aciivities as a finance cosL 2.12 Financial irEstruments The Charity orlly has financial assets and financMI liabilities of a kind that qualify as basic fin8ncsal instruments. 8asic financial Instrufftents are initially recognised at transactron value and subsequentiy measured at their setuement walue wth the exception of bank loans which are subsequenuy measured at amortised cost using the effective interest method. 2.13 Pension contributions The Charity operates a defined beneffts pension schem& The scheme is a multiernployer 5Gheme where it is not possible, in the normd course of evenis. to identify on a consistent and reasonable basis, the share of underlying assels and fiabifibes belonging to individual participating employers. Therefore, 8s required by FRS102 section 17, the Charity accounts for this scheme as if it were 2 defined contribution scheme. The amount charged to the Statement of Financial Activities preSentS contributions payable to the scheme in respect of the accounting period. Where the scheme is in deffcit and the Charity has agreed to a deficit funding arrangement, the Charity recognises a liabiliiy for thts obligation. The amount recognised is the net present vaiue of the deficit reduction cJ)ntributions payaNe under the agreement that relates lo the deficit. Page 19
THE COAL TRADE BENEVOLENT ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2020 Income from donations and legacie¥ Unrestricted furjds 2020 Total funds 2020 Totsl funds 2019 Donations Legacles 14.980 14,980 5t1 126 14.980 14.980 637 Total 2019 637 637 Income from chaTitable actlvities Unrestricted fvnds 2020 Total funds 2020 Total funds 2019 Annual Subscription Olher income 1.760 1,760 2,050 863 Total 2020 1,760 1,760 2,913 Total 2019 2.913 2,913 Page 20
THE COAL TRADE BENEVOLENT ASSOCIAMON NOTES TO THE FtNANCIAL sTATEmErs FOR THE YEAR ENDED 31 DECEMBER 2020 Fundraising Income Income from fundraising events Unrestricted funds 2020 Total funds 2020 Tot81 funds 2019 Branches Doncaster Race Day Festival Dinner and Chairman's Oay 4,150 4,150 18,965 26.582 6,973 4,150 4.150 52,520 Total 2019 52.520 52,520 Investment income Unrestricted funds 2020 Totsl funds 2020 Total funds 2019 Dividends and interest 140,732 140,732 201,212 Total 2019 201.212 201.212 Page 21
THE COAL TRADE BENEVOLENT ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Fundraising expenses Unrestiieted funds 2020 Total funds 2020 Tolal funds 2019 Branches Doncaster Festival Dinner and Chairman's Day 3.617 3,617 15,918 23,568 6,349 825 825 4,442 4.442 45,835 Totsl 2019 45,835 45, 835 Investment management costs Unrestricted funds 2020 Total funds 2020 Total funds 2019 Inveslmenl management fees 29.875 29,875 32,021 Total 2019 32.021 32,021 Page 22
THE COAL TRADE BENEVOLENT ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysis of expenditure by activities Grnnt funding of activities 2020 Support costs Tot31 funds 2020 Total lunds 2019 2020 Provision of reli8f 180,064 95.416 275,480 279.893 Total 2019 166.776 104.117 270.893 In 2020, all of the tolal expendilu for charitable activities was from unrestricted fund5. Analysis of support costs Provtsion of relief 2020 Total funds 2020 Total funds 2DY9 staff rosts DepreGialion Branch expenses Office expenses 59,368 4.454 8,492 6,877 59.368 4,454 8,492 6,877 57, 779 3. 860 13. 898 10,790 k lil Insurdnce Printing and stationery Postage Travelling and secretarfs expenses Computer expenses Bank charges Repairs and maintenance Governance 3.163 1.308 1.256 3,163 1,308 1,258 106 7,975 1,517 1,072 541 373 891 1,724 774 1,724 774 498 498 1,999 9,322 7,396 7,396 95,416 95,416 104,117 Total 2019 104.117 104,117 Page 23
THE COAL TRADE BENEVOLENT ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 During the year ended 31 December 2020. the Charity Incurred the foflowng Govemance costs.. Provision of relief 2020 Total funds 2020 Totel funds 2019 Intern81 audit Èxpenses Auditors, remuneration Twstees, rneeting expenses 78 6,564 754 78 113 6,564 754 6,120 3.089 Total 7.395 7,396 9,322 During the year. no Trustees received any renumeration (2019- £NILI- During the year. no Trustees received any benefiis in knnd (2019- £NIL). 4 Trustees received reimbursement of expenses amounting lo £1,231 in the current year (2019- 4 Tru51ees - £3.636) relating to travel and subsistence. Audli ors, remuneratron indudes £86412019: £8521 of fees in respect of non-audlt services. io. Analysis of grar Grants to Individuals 2020 Total funds 2020 Total funds 2019 Grants. Prowsion of re[f 180,064 180,064 166,776 Tots12019 166,776 166.776 11. Staff costs 2020 2019 Wages and salaries Social security costs Contribution to defined contribution pension schemes 54,825 1,666 2,877 53,641 2,005 2,133 59,368 57,779 Page 24
THE COAL TRADE BENEVOLENT ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 11. Stsff Costs (continued) The average number of persons employed by the Charity during the year was as follows: 2020 No. 2019 Administratlon No 2m 0Ye reiVed remuneration amounting io more than E60.000 in eilher year. During the year. total remuneratton and benefits paid to key managernent personnd tolalled £34.583 12019.. £33,627). 12. Tangible fixed assets Freehold Computer property equipment Totsl Cost or valuation At 1 January 2020 Impainnenl 600,000 155,546) 3,833 603,833 {55,546) At31 December2020 544,454 3,833 548,287 Depreciation At1 January 2020 Charge for the year 3,833 3,833 4,454 4.454 At 31 Decembei 2020 4N54 3,833 8.287 Net book value At 31 December 2020 54LI,UOO 540,000 At 31 December 2019 600,000 Included in land and building5 is land at valua of £428.663 (2019- £476.259), (cost £165.5LN) (2019 - £165.5001 which is not depreciated. The historic cost Wdlue of the building is £43,000. The property was valued ot £540.000 by a local RICS qualified chartered 5urveyGr in March 2021. The Trustees believe this to be an appropriale valuation. Page 25
THE COAL TRADE BENEVOLENT ASSOCIATION NOTES TO THE FINANCJAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 13. Fixed asset Investments other fixed Llsted asset inveslments investments Total Cost or valuation At 1 January 2020 Additions Dlsposals Revaluations Amounts swlten off 4,550,119 608.456 (797.6271 33,514 39.214 4,589,333 608.456 1797,627) 33,514 68.602 66,602 At 31 December 2020 4.394.462 105,816 4.500,278 Net book value At 31 December 2020 4,394,462 105,816 4.500,278 At 31 December2019 4.55Q.119 39,214 4.589.333 Other fixed asset investments comprise cash bdanees held by the investsnent managers as part tsf the inveslment portfofio. All the fjxed asset investments aTe held in the UiQ 14. Debtors 2020 2019 Due within one year other debtors Prepayments and accrued income 564 3.086 17.692 564 20.778 Page 26
THE COAL TRADE BENEVOLENT ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 15. Credttors: Amounts falling due within one year 2020 2079 Accruals and deferd income Grants payable 21.578 3.334 17.868 4.534 24,912 22,4Q2 2020 2019 Deferred income Resources deferred duri the year 6,597 The deferred income relates to cash drawn down from invesknents in advance of investment income being earned. Credttors.. Amounts falling due after more than one year 2020 2019 GnIS payable 4,533 17. Grant commltments payable 2020 2019 Commitments at 1 January Grants committed in the year Grants paid in the year Commitments cancelled in the year 9,067 9,067 10.000 (3,333) (6,667) (5,7331 Commitments at 31 December 3.334 9.067 Page 27
THE COAL TRADE BENEVOLENT ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2020 18. Penslon commitmenis The company parti¢ipates in the scheme. a multi*mployer scheme wh(ch provides benefrts to some 950 non-associaled patbcipating eMIayerS. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain suffioent infomiation to enable it to account for the scheme as a defined benefit schem& Therefore il accounts for the scheme as a defined contribution scheme. The scheme is ctassified as a'last-man standing arrangemenf. Therefore the company is polentialty liable for other parli¢ipaling empk)yers' obligations if those employers are unable to meet their share of the scherne deficit following withdrawdl from the scheme. Parbcipating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full aciuarial valLtation for the scheme was carried out at 30 Sepiember 2017. This valuation showed assets of £795m, liabilities of £926m and a deficÉt of £131 m. The Charity ha5 agreed to a deficil funding arrangement and recognises a liability for 1his obligation. Unless a concession has been agreed with the Trustee the temi to 31 January 2025 applies. The amount recDgnised is the net present value of the deficit reduction conttibutions payable under the agreement that relates to the deficit. The present valuE is calculated using the discount rate delailed in these disdosures bebw. Pension deficit contribution provision 2020 2019 Present value of pension benefft calculation 11,816) (2, 178) The discount r81ès of 0.27% per annum for 31 Decernber 2020 and 1.13Yo per annum for 31 December 2019 are the eqLEivalent single discount rates which, when used to discount the future recovery plan conlributions due, would give the same results as using a full AA corporate trnd yield curve to disUnt the same recovery plan contributiolls. Page 28
THE COAL TRADE BENEVOLENT ASSOCIATION NOTES TO THE FINANCIAL STATEmEs FOR THE YEAR ENDED 31 DECEMBER 2020 Deficit contributions schedule The following 5Ghedule deiails the present value of deficii contributions agreed been the Charity and the 5Gheme at each year end period: 2020 2019 Year ending Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 427 415 440 427 440 453 453 467 39 467 39 During the year, amendments were made to the contribution schedule. The contributions as at 31 December 2019 have therefore been updated lo reflect these amendments. Page 29
THE COAL TRADE BENEVOLENT ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEPalBER2020 19. Statement of funds stat8rn2nt of funds- current year 8alanGE at 31 Gainsl December (Losses) 2020 Balance at 1 January 2020 Income Expenditure Unrestrlcted funds General Funds- all funds 5206,405 161.622 (309,7971 124,566) 5,033.564 Statement of fvnds- prior year Balance at 31 December 2019 Balan al l January 2019 Gain (Losses) Incomp Expenditure Unrestricted fund5 General Funds 4,692.702 25T.282 (348.749) 605.170 5,206,405 20. Analysis of net assets between funds Analysis of net assets between funds- Current period Unrestricted funds 2020 Total funds 2020 Tangible fixed assets Fbxed 8ssel investrnents Current assets Creditors due within one year Provisions for babilities and char9es 540.000 4,500,278 20.114 {24,9121 11,816) 540,000 4,500,278 20,114 124,9121 {1.8161 Total 5,033,664 5,033,664 Pagè 30
THE COAL TRADE BENEVOLEKf OCIATIoN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2020 20. Analysis of net assets between ndS (continued) Analysis of Det assets between funds - prior period Unrestricted ftjnds 2019 Total funds 2Qtg Tangible fixed assets Fixed asset investments Cuttent assets Creditors due wilhln one year Creditors due in more than one year Provisions for liabilities and charges 600.000 4.589,333 46.185 122.402) {4.533} {2.178} 600.000 4,589.333 46.185 (22.4Q2J (4,533J (2.178) Total 5,206.405 5,206,405 21. Related party transaction5 Other than as disclosed elsewhere in the finanoal ststements there were no transactions with related partie5 iequlring disclosure in ther the curtent or prior year& Page 31