Charity Registration No. 212954
THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 AUGUST 2021
THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr. Simon Cundey Mr. Paul Frearson (Treasurer) Miss Natasha Mokshanaj Mr. Patrick Murphy (President) Mr. Suresh Ramakrishnan Mr. William Skinner Miss Emily Squires Mr. David Wilkinson
Vice President
Mr. Angus H. Cundey MBE
Secretary
Miss Elizabeth P. Fox
Charity number: 212954
Principal address
c/o Henry Poole and Company (Savile Row) Limited 15 Savile Row London W1S 3PJ
Auditor
HW Fisher LLP Acre House 11-15 William Road London NW1 3ER
Bankers
Coutts & Co 440 Strand London WC2R 0QS
Investment Manager
Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ
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THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
CONTENTS
Page
Trustees' report 4-5 Statements of Trustees' responsibilities 6 Independent auditor's report 7-9 Statement of financial activities 10 Balance sheet 11 Notes to Financial Statements 12 - 16
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THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 3 AUGUST 2021
The Trustees present their report and financial statements for the year ended 3 August 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Royal Charter, the Charities Act 2011 and "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) (effective 1 January 2019)".
Objectives and activities
A charter, dated 12 August 1859, created The Benevolent Institution for the Relief of Aged and Infirm Journeyman its n its activities and assets with those
The objectives of the Institution are to relieve and assist either generally or individually persons who are or have been engaged in the retail bespoke tailoring trade in any capacity and are in need of assistance by reason of poverty, disability, infirmity or otherwise by means of grants or one-off payments to relieve hardship.
The Institution invites applications from past journeyman tailors and tailoresses to help fund the regular provision of welfare services. The applications are reviewed against specific criteria which are set by the Trustees. The Institution also invites applications from individuals for grants to help fund one-off projects or treatments that may be required in order to promote the welfare of their members.
To achieve its objectives, the Institution relies normally on an annual appeal for voluntary payments, the Festival Dinner, the Summer Party and income from capital investments. Investments are maintained to generate income whilst preserving these funds at sufficient level to cover the future obligations of the charity.
Achievements and performance
As in prior years, the Institution received the majority of its income from its investment portfolio, which had another did not hold an annual appeal, Festival Dinner or Summer Party in the year. With an overall surplus being recognised, the Institution was able to continue to give support to its beneficiaries.
Public Benefit
The Trustees have paid due regard to guidance published by the Charity Commission in deciding what activities the Institution should undertake as required by section 17 of the Charities Act 2011.
Funds
It is the policy of the Institution to maintain unrestricted funds at a level to ensure income from events held in the year and from investments will cover the demand for grants. There are no restricted funds.
In the opinion of the Trustees, the current level of funds are appropriate to meet these needs with income generated being fully utilised year on year for charitable objectives. The level of funds is reviewed on an annual basis.
The unrestricted funds as at 31 December 2021 were £4,424,565 (2020: £3,940,760).
Financial review
Both the level of business and the year-end position were as expected in light of current operating conditions. The Trustees anticipate a return to the restrictions arising from the
The total incoming resources for the year, before accounting for net gain on investments, amounted to £67,248 (2020: £143,234) and total net outgoing resources after grants and operational expenses were £113,702 (2020: £143,468). During the year the charity has provided grants of £52,218 (2020: £55,015) to 25 beneficiaries (2020: 28 beneficiaries) who met the eligibility criteria. After net gains on investments of £530,259 (2020: £673), a net movement in funds of £483,805 (2020: £439) was obtained resulting in an increase of general funds to £4,424,565 (2020: increase to £3,940,760).
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THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 3 AUGUST 2021
Impact of Government restrictions arising from the latest pandemic
The Trustees have considered the effect of the recent ongoing pandemic that has been spreading throughout the world
Whilst the Government restrictions arising from the fundraising activities for the year ended 3 August 2021, the income approximately two-
quantitative easing programs to counter the adverse expected that this situation would be sustainable indefinitely. The risks relating to the investment portfolio are the only significant risks to the Institution.
Whilst the Institution had to cancel both the Festival Dinner (2021 and 2022) and the Summer Party (2021), it held a Summer Party in 2022. The trustees expect to hold both such events in 2023, as they both serve as important networking occasions within the bespoke tailoring trade.
Structure, governance and management
The trustees are aware of the major strategic and operational risks which the charity faces and confirm that regular reports are produced by the investment manager in order for necessary steps to be taken to lessen these risks. The investment manager reports t Paul Frearson. The portfolio is run on a discretionary basis but the committee reviews the investments, including recent acquisitions and disposals by the investment manager, at these meetings.
Trustees are elected at the Annual General Meeting each year. New trustees have a briefing on their roles and responsibilities from nominated members of the Trustees.
Trustees
The Trustees who served during the year and up to the date of signature of the financial statements were:
Mr. Patrick Bunting (resigned on 25 February 2021) Mr. Simon Cundey Ms. Jeni England (resigned on 30 May 2022) Mr. Paul Frearson (Treasurer) Miss Natasha Mokshanaj Mr. Patrick Murphy (President) Mr. Suresh Ramakrishnan (appointed on 30 May 2022) Mr. William Skinner Miss Emily Squires Mr. Drew Unwin (resigned on 30 May 2022) Mr. David Wilkinson
Other board members
Mr. Robert J. Bright MBE (Vice President, resigned on 13 September 2021) Mr. Angus H. Cundey MBE (Vice President, appointed on 13 September 2021)
The Trustees
P. Murphy (President) Trustee Dated:
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THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
STATEMENT OF TRUSTEES
FOR THE YEAR ENDED 3 AUGUST 2021
The Trustees are responsible for preparing the Trustees with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Institution and of the incoming resources and application of resources of the Institution for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Institution and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Institution and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF MANAGEMENT OF THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
Opinion
We have audite
ended 3 August 2021 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements:
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g and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in preparing of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
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 matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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;
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or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the books of account; or
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we have not received all the information and explanations we require for our audit.
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THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF MANAGEMENT OF THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION (CONTINUED)
Responsibilities of Trustees
As explained more fully in the statement of Trustees Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in according with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our planning process:
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We enquired of management the systems and controls the Institution has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The Institution did not inform us of any known, suspected or alleged fraud.
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We obtained an understanding of the legal and regulatory frameworks applicable to the Institution. We determined that the following were most relevant: FRS 102 and the Charities Act 2011.
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We considered the incentives and opportunities that exist in the Institution, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. and
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Using our knowledge of the Institution, together with the discussions held with the Institution at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
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THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF MANAGEMENT OF THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION (CONTINUED)
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
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Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
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Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Understanding key revenue streams, testing accuracy and completeness where possible as well as gaining third party confirmations.
Obtaining third-party confirmation of material bank balances and investments.
Documenting and verifying all significant related party balances and transactions.
- Reviewing documentation such as minutes of investment committee and board meetings for discussions of irregularities including fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the Trustees.
https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
Trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Institution's Trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility
Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
HW Fisher LLP Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER
HW Fisher LLP is eligible for appointment as auditor of the Institution by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
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THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 3 AUGUST 2021
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Unrestricted Funds
2021 2020
Notes £ £
Income from:
Donations and legacies 3 378 16,118
Fundraising activities 4 - 49,181
Income from investments 5 66,870 77,935
Total 67,248 143,234
Expenditure on:
Fundraising activities 6 - 34,728
Management of investments and secretariate 7 61,484 53,725
Grants 8 52,218 55,015
Total 113,702 143,468
Result before Net Gains on Investments (46,454) (234)
Net Gains on Investments 11 530,259 673
Net Movement in Funds 483,805 439
Total Funds brought forward 3,940,760 3,940,321
Total Funds carried forward 4,424,565 3,940,760
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The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
BALANCE SHEET AS AT 3 AUGUST 2021
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2021 2020
Notes £ £
ASSETS
Fixed Assets
Investments 12 4,429,596 3,922,248
Current Assets
Debtors 13 - 4,900
Cash at bank and in hand 1.7 19,219 22,144
19,219 27,044
Creditors: amounts falling due within one year 14 (24,250) (8,532)
Net Current Assets (5,031) 18,512
Total Assets less Current Liabilities 4,424,565 3,940,760
INCOME FUNDS
Unrestricted Funds 4,424,565 3,940,760
4,424,565 3,940,760
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The financial statements were approved by the Trustees on
Patrick Murphy, Esq. (President) Trustee
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THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 AUGUST 2021
1. Accounting policies
1.1 Charity information
The Bespoke Tailors' Benevolent Association is a registered charitable trust, whose objectives are to relieve, generally or individually, persons who are or have been journeyman tailors or tailoresses. The registered office is c/o Henry Poole and Company (Savile Row) Limited, 15 Savile Row, London, W1S 3PJ.
1.2 Accounting convention
The financial statements have been prepared in accordance with the charity's Royal Charter, the Charities Act 2011 and "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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The Institution has taken advantage of the provisions in the SORP not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3 Going concern
The Trustees have considered the effect of Government restrictions arising from the latest pandemic. The Trustees consider that the outbreak is unlikely to cause a significant long-term disruption to the O , owing to the high level of reserves and comparatively low level of annual expenditure, the Trustees have a reasonable expectation that the Organisation has adequate resources to continue in operation for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4 Charitable funds
Unrestricted funds are available for use at the discretion of the Board of Management in furtherance of their charitable objectives.
All income and expenditure in 2020 and 2021 was unrestricted.
1.5 Incoming resources
Income is recognised when the Institution is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Interest on funds held on deposit is recognised upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
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THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 AUGUST 2021 (CONTINUED)
1. Accounting policies (continued)
1.6 Resources expended
Liabilities are recognised as expenditure once there is a legal or constructive obligation committing the Institution to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated to the one charitable activity in the statement of financial activities.
The costs of managing funds are those costs incurred in managing the Institution's investment portfolio.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Institution.
Provisions for grants are made when the intention to make the grant has been communicated to the recipient prior to the balance sheet date but the timing of payment is likely to be post year end.
With regards to multi-year grants, Trustees exercise their discretion to review each award annually and determine whether future instalments will be paid.
Governance costs comprise all costs involving the public accountability of the Institution and its compliance with regulation and good practice.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
1.7 Cash
Cash includes monies held at the
ank.
1.8 Financial instruments
Financial instruments are recognised in the Institution's balance sheet when the Institution becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9 Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Institution does not acquire put options, derivatives or other complex financial instruments.
1.10 Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 AUGUST 2021 (CONTINUED)
2. Critical accounting estimates and judgements
In the application of the I Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The Trustees do not believe there to be any judgements or estimates that would be considered critical to the financial statements.
3. Donations and legacies
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Unrestricted Funds
2021 2020
£ £
Donations and gifts (see Note 16) 378 11,318
Gifts in kind - 4,800
378 16,118
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Included within gifts in kind is the use of the Merchant Taylors' Hall from Merchant Taylors' Catering Ltd. This would have had a market value of £nil (2020: £4,800) for the Festival Dinner. This has also been included within direct charity welfare expenses.
4. Fundraising activities - income
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Unrestricted Funds
2021 2020
£ £
Festival Dinner - 49,181
5. Income from investments
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Unrestricted Funds
2021 2020
£ £
Income from listed investments 54,488 65,275
Interest receivable 12,382 12,660
66,870 77,935
Fundraising activities - expenditure
Unrestricted Funds
2021 2020
£ £
Festival Dinner - 34,728
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6. Fundraising activities - expenditure
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THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 AUGUST 2021 (CONTINUED)
7. Management of investment and secretariate - expenditure
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Unrestricted Funds
2021 2020
£ £
Investment management fees 30,379 27,798
Audit and accountancy 19,943 14,621
Consultancy 10,000 10,098
Bank charges 707 753
Insurance 420 420
Printing 35 35
61,484 53,725
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Audit and accountancy costs include payments to the auditors of £19,943 (2020 £4,854) for audit fees and £nil (2019: £9,767) for other services.
8. Grants paid to beneficiaries
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Unrestricted Funds
2021 2020
£ £
Grants to beneficiaries 52,218 55,015
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All grants paid in the year have been made directly to individuals to provide financial support during periods of hardship.
9. Trustees
None of the Trustees (or any persons connected with them) received any remuneration during the year. During the year no Trustees were reimbursed expenses (2020: One Trustee was reimbursed £160 for travel costs).
10. Employees
There were no employees during the current or prior year.
11. Net gains/ (losses) on investments
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Unrestricted Funds
2021 2020
£ £
Revaluation of investments 488,377 (12,547)
Gain on sale of investments 41,882 13,220
530,259 673
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THE BESPOKE TAILORS' BENEVOLENT ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 AUGUST 2021 (CONTINUED)
12. Fixed asset investments
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Cash in
Investments portfolio Total
£ £ £
Cost or valuation
At 4 August 2020 3,560,924 361,324 3,922,248
Additions 565,460 (565,460) -
-
Valuation changes 488,377 488,377
Cash withdrawn - (60,000) (60,000)
Dividend and interest received - 66,868 66,868
-
Investment management (29,779) (29,779)
Capital repayment (631) 631 -
Disposals (385,831) 427,713 41,882
At 3 August 2021 4,228,299 201,297 4,429,596
Carrying amount
At 3 August 2021 4,228,299 201,297 4,429,596
At 3 August 2020 3,560,924 361,324 3,922,248
13. Debtors
2021 2020
£ £
Amounts falling due within one year:
Other debtors - 4,900
14. Creditors
2021 2020
£ £
Amounts falling due within one year:
Accruals and deferred income 24,250 8,532
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15. Related party transactions
During the year there were consultancy fees of £10,000 (2020: £10,000) incurred to EPF Associates Limited, a company owned wholly by E.P. Fox, the secretary of Bespoke Tailors' Benevolent Association and £nil (2020: £273) of reimbursed expenses.
E.P. Fox donated £nil (2020: £10,000) to the Institution. This is reported within Donations and Gifts (see Note 3).
During the year the trustees have provided services to the charity free of charge. Due to the nature of these services the cost cannot be reliably estimated. For this reason, this has not been included within Note 3 of the financial statements. The result of this does not affect the overall position of the charity.
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