Charity numhr: 213686 The Instittrto of Quanying Benevolent Fund Trustees, Report and Finan81 Statements For Ihe Year Ended 31 December 2023 rfJDAINS ALLOUNTANTS
The Inslilute of orryIng 8enevolenl Fund Contents Page RefÈrence and Admlnistrative Detsils of the Ch8Tity, 115 Twslees anql Advisers TYustÈes' Report TNstÈes' Responsibilities Statsment kndependent Auditor5. Report on the F•nanc141 Ststements Stalement of Flnancial ActIvItS Balance Sheet 10 Notes to the Flnonclal Statements
The In$titute of Quarrying Benevolent Fund Reference and Administratlve Detall$ of the Charityi its Trustees and Adviser5 Forthe Year Ended 310eMber2o23 TNstees Paul Geoioe Calladine, Chair JDhn MeGough, Deputy Chair VIMan Rug8•11, thgdent ofthe Institute of Quann9 Ben Willlams, Chalrman ofthe Instibjte OfQUang Russell David Mason, Tr¥asuref James Thome Kenneth John Bradley Brian WittshiTe Nlpl Morton Tyrone Partridge Loui%e White, Secretary Charity registered number 21358 Principal office Natonal Stone Centre Porter Lane Wirtsworth DE4 4LS W Zablo¢kt Independent audltors Dains Audit Llmltod 2 Etrvria Office Village Forge Lane stoke on Trent Staffordshire ST15RQ B4nkers Uoyds Bank 12-16 Padiomenl Slreet Nottsngham NGI 30A 8olkitors Shakespeares 20 New Walk Le]Ster LEI 6TX P$98 1
The Insll¢ute of Quanying Benevolent Fund TTUStee5' Rtport Forthè Year Ended 31 Decwthr 2023 The Twstw present their annual report togethei with the audtted ffinancial ¥tstements of the Charrty for tho year 1 January 2023 lo 31 December 2023. Objectives and 4¢tivities . Policles and objectives In setbng objectives and planning for actlvlles, the Twstees hove glven due nSIderaOn to gene1 uuldance published by the chorlty commission ielating tD public benèfft and in particular to supplementary publi¢ beneffit guldan¢e on wevention and relief ot poverty for the public benefft. The object ol The Institute ol Quarrysng Benevdent Fund I'IQBF? is lo affofd asslstsn¢e to necessltous Membets or former MembeTS ortheir dependants (the Benefi¢iaiies) by Means ol gift8. loans or OtheNe. b. Activities undertaken to a¢hkve objectives The Trustees alwAyS ensure that the acth¥llle9 of the Chartty are kn Ilne our CharilHbfè objects and aims. Our aim ts lo as51sl members, ex mernbe and their dependants who are suffefing finandal dlffieulties. Each beneficiary is contacted on a regular basis by Ihe weltsre officer of IQBF who Is a ¢arer by profession. DuFlng the year the Charity made grants lo 7 beneficiaries 12022 seven) which totalled £28,892 (2021 £32,445). Achtevements and perfomunce a. Main achievements ofthe Charity The benèvolent fund achieved all its obledfves of provithng finandal a$8l$tsnce to nece56itous members or former members ol The Institute of Quarrylng or their dependants. Financial revtew a. Going concern After maknng appropflate enwirfes, the Trustees have a reasonable expectation that the Charity h88 adequ8te resour¢es to Cottne in operational exlstence for the foreseeable firttjre. For thi% reason, they ¢ontinue to adopt the ooing concern ba815 In pyeparing the ffinand81 statements. Further detalls regardlng the adoption ofthe gng concem basls can be found in the accounting polide$. b. Re59rvg$ policy The level of reseTve8 held at 31 December 2023 4mounted to £1,190,63812022- £1.172,259). The reseryes are requlred to provlde revenue for grants to necesBitous eMberS or forrner members of The Institute of Quarrying in accordance with thB tsblectives ol the Charity. During the year ended 31 December 2023 benevDlenl grants made by thtt Charty totalled £28,89212022- £32,445). c. Review of financlal posllkni The net surplus for Ihe perlod ended 31 De¢ember 2023 amounted to £18,37712022- dèficit of £214,265) after accounlkno for the Thvement in the value ofthe Investments. Paue 2
The Institute of Quarrying Benevolgnt Fund Trustees. Report Iconthiuedl Forthe Year Ended 31 December 2023 SINcture¥ govÈmance and managerrffit a. Constltution The Charty is govèrned by tts Constituti pags¢d at The Institute of QUaying AGM on 4 Octobèr 2007 as amended atthe IQBF AGM on 15 December 2014. IQBF operates under the tr&cion of Its Commlttoe of Trustees. The activiti¢s of the Cctmmittee of Tru81ees are govemed by the constitution of IQBF. b, Method$ of app)ihtment oral•etion of TN$te8s TNslees are selected on the bosls of thelr expertence and the contribution they are able to make to the work of the Institute. They are Issued vlth a guidance note detalls all the dul¢s and responsibllities of a Tntstee of a re9lstered Charity. The ComnYtte• olTrusles Is composed of the followlng: Six Honorary trustees ¥tho shall ¢omprise the Pfosid¢nt, Chalrman and Treasurer for the time being of The Instibjte and the Chairman and Deputy Chaimiars for the time beino of the Commlttee of Trustees and the Secretsry shall be the Secretary oi Treasurer for the time bèing of Tho InstlttJt¥, Of 8uch other person Ytho 1$ rtsidered by th¢ Board to bo fitand proper to dtschargethe duties. Four OrrfinBry Ttustees $hall be nomlnated by the Board ot The Insulute. At least Twstees should be membws of the Board or Councll of The Institut¢. A maxlmum of tsvo TTuslees may be= (al former members of the Soard or the Council of The InStite. or {b) such other p¢r¥on8 4$ may b¢ approved by the Board of The Institute. Two 8ran¢h Representslive Tiustees. Dixlosure of information to ouditors Ea¢h ofthe persons are Trustees at thè time th58 Tvustees, Report approved has confirmed Ihat.. So far as that Tvustee 1$ awaie, there is no relevant audit information of whKh the charitys auditors are unaware, and that Trustee has tsken all the stsps thal ovght to have been taken as a TnJ$tee in order to be aNYdre ol any relevant autht Information and to establish that Ihe Charl¥ audito are aware ofthat Information. AFvr¢>ved by o T of the membèrs ofthe board of Trustees and $1gned on their behalfby. Ali/ Paul Georye CallAdlne Chalr Dats., 25 N)rf12024 John mcG09h Deputy Chair Po9¢ 3
Thè Instityte of QuArrylng Benevolent Fund statemenl of TTU5tees' pOnsIbIlitieS ForthÈ Year Ended 31 December 2023 The Trustees are iespon$lble for weparing the TnJ8tees' Report and the finan¢Sal staternents in accordance wilh appllcable law and United Kingdom Accounlng Stsndards Iunlted Kingdom Generally Accept*d Accovnttng Pi8Cti¢e). The law applicable to chaTities in England & Wales requtres the Tnjstees to pr&pare financial statements for each financial year vthich give a true and fair vlew of the state of affair5 of the Charity and ol its incoming resources and apicatiOn of resources, including its kn¢ome and expendllure. for that perlc¢d. In preparlng th¢$e financlal statements, the Trustees are requlred to= selecl suitable accounting pollcles ar&d then appWthem consistsntty., observe the method8 and prlnclples oflhe chId•S SORP IFRS 102): make judgment3 )d accounting estimatss that reasonable and prudent: state vthether appCab1È UK Accounting Standards (FRS 102) have been followed, subjeotto any material departures dlsdosed and explained in the fjnanrAal statements; prepare the ffinanual statements on the going concem basks unles5 It is Inappropri8te to PTesum¢ thatthg Charity will eontinue in business. The Tfustees are Tesponsible for keeplng gdÉquate accounting iecords th81 are sufficient to show and explaln the ChRrty's transaction5 and ithsdose wth reasonable accuiacy 8t any tlme the Ilt)onLyal posibon of the Charity and er¢able them to ensure that Ihe finanL?al statsrnents comply the Charibe3 kl 2011, the Chaiity (AGnts and Reports) Regulations 28 and Ihe provisions of the Tru$t deed. They are also responsible for safeguerding Ihe assets ofthe Charity and hence fortsking re8$onable steps for the prevention detection ol fraud and other irregularities. er ofthe members of the boaid ofTwrAeeB and signed on its behalf by.. Apwoved by or PAUI George Calladine Chalr Date.. 25 April 2024 John McGough Page 4
The Instltuts of Quarrylng 8enevoknt Fund Independent Audilors. Report to the Trustees of The Institute of Quarrying Benevolent Fund Opinlon We have oudited 1he financial statements of The Institute of Quanyng Benevolent Fund (the '¢harfV} for the year end¢d 31 Decgmber 2023 whlch comlse the Ststement of Flnan¢lal A¢Uvlties. the Balance Sheet and the related noies, IndL*ding a summary of slgnifi¢8nt a¢¢ounlng policies. The firFanclal reporting framework that has been applled In thtrlr preparalion is applicable law and UnSted Kingdom AOlIting Slandards. including Financial Reportlng Standard 102 The FinancAal ReporUt)g Standard applicable In the UK and Republlc of Ireland. (United ngdoM Generally Accepted Ac¢ourFtlng Praclice). In oui opinion the financial 8tatements- gNe g true and foir view of the stale of the charitls affairs qs ot 31 December 2023 and of its in¢oming resources and appli¢abon of resources for the year then endgd; have bTh woperty prepared in accordance United Klngdom Generalty Accepted Accounting Pradice., and ave been prepared In a¢cordance 1h the requirements ofthe Charrbes Act2011. Basis for oplnlon We conducted our audit in accoTdance wlth Intemawonal Standards on Audlting (UK) {ISAs (UK)) and applicable taw. Our responsibilities under those standards are fijrther described in the Auditors. Te3ponsibilities lor the 8udll of the fin8n¢4al statements se1¢n of our reporL We are Independent ofthe charrty in accordance with the elhical quirements that are relevant lo our audit of the finanual statements in the United Kingdom, ineluding the Financial Rèporting C¢)Und1 Ethieal Standard, and we have lulffilled our other ethical responsibilities In ac¢ordan¢e with these requirements. We believe that the gULII evidence we have oblalned 1$ ¥uffi¢lent and approprsate to provldè a ba8ls for our oplnlon. Conclusions relatffig to going concern In auditing the finandal statements, we have concluded that the Tw$teey' use ol the going concem basls of a¢oounttng in the preparatton ol the financlal statements Is appropriate. Based on the work we have performed, we hove not Identi)7ed any matsrial uncertainties relating to events or LYJnditions that, Individual or Gollectively. may Castsignlficant doubt on the Gharftys abllity to ctsnlnut a8 a gokng c•ncern for a period of o11?a¥t twelve months from vthen the ffinancial ¥lptrments are authorised for issue. Our responsibilities and the responslbllltles of tht TnJstees respect to golng cOnM are de8crfb8d In the relevant serttons of thls report. Other infomwtion The other Infomiathon ¢ompris¢s the Information Induded In the Annual Report other than the finan¢lal 6tatements and o(Èr Audltors, Report thereon. The Trustees ere respon51blt for the other infcmotion ¢ontsined wthln the PA)nual Report. Our opinlon on the finan¢lol statements does not covar the other informat'on and. except to the extent Othese expliLytly ststed kn our report, we do not express any form of 8s¥urance conclusion thereon. Our fespprbsItA14ty is to read the other informadon and, In dolng 80, corffjider vthelher the Olher Inlormation 16 matettally In¢on$lstsnt with Ihe financlal ststernents or our knowledge obtsined in the course ofthe audlL oi Othe$e appears to be materlally mSsstated. If we Identity such material IncoThslstenues or apparent material misststements, we are required lo determine ether thSs gives rise to a rnaterial misslatement in the financial statements them8elve$. If. based on Ihe work we have performd. we Gonclude that there is a material m13Statement of thls otheT Information. we are requlred to report that facL We have nothbng to report In thts regard. Page 5
Thè Instiitsts of Qu•rryiTrg Benovoknt Fund Independ•nt Auditors. Report to the Trustee$ ol Tho Insiitsrte of Quarrying Bongvolent Fund (contlnued) Matters on which we are required to repprt by ex¢eption We have nolhbng to report In respect of the followng matters where the Charities (Accounts and Reports) Regulalions 2008 reqthras u5 to ieport to if, in OUT opinion.. the information given In the Tiustees. Report is Inconslslenl In any materf81 re5pe¢t wth the nanoI ststements. OT suffiGYent accountlng recoids have not been keptr or the financlal statements are not in agreement with the atsUn119 recordg and returns. OT wè have not iecgNed all the information and explonations we require for our audlL ResponsibilIt of trustees explained mrA fijlty in the TTUStees' Responsli jilities Slatement, the Trustses are responsible for th& preparation of the ffinancial stslements which give a true and falr view, and for such Intèrnal control as Ihe Trustees delermine is necessary to enable Ihe preparation of financial statements that are free from material misslatemerbt. whelher due to fraud or error. In preparfng the financial staternents, Ihe Trustees #re fesponsJte for #ssesslng Ihe charills ablllty to cMUtwe as a going concem, disclosing, as applicable, m8tter8 related lo golng con¢em and usin9 the going conce basis of accounling unless the Trusteos either to liquldgle the charity or to ¢ease operalons, OT have no re81isti¢ altern4live butto do 60. Page 6
The Institute of Quarrylng Benevolent Fund Independent Auditors. Report to the TNstees of The Institute of Quarying Benevoleftt Fund IntInued) Auditors, rèsponsibilities forthe audh of the financial statem¢nts We have been appo1n1 as auditor under 8e¢thon 144 of the Chafltiès A¢t 2011 and report in a¢¢ordan¢e with the Actand relevant regulaonS made or havlno effe¢tthereunder. Our objecllves are to obtain reasonable a5sur8nce about whether the finan(a81 ststements as a vhbole are free from matèrial misstatement, ether due lo fraud or error, and to rJ¥ue an ALtditors' Report thot in¢ltJdes our oplnion. Reasonable assuTanc¢ 1$ a high level of assur8ncÈ, but Ys not a guarantèe that an auitht conducted accordance wth ISAS (UK} wtll always delect a maleTial misstatement when it eKlsts. Misstatements can arise from fiaud (y error and are considered rnaterial If, Indivldually or in the aggr¢gote, they Could rttasonably be expected to Inlluence the economlc de¢islon$ of LEsers tsken on the basis ofthese financlal ststements. lffe9ulaTFbe$, includlng fraud, are instances of non-¢ompliance with laws and regulotion5. We deslgn procedurès In Ilne wth our responslbilities. oulined obove, to detect mOteri81 mlsstatements In respect of Iegularbtlets, nding ftaud. The extent to which OUT proceduies are capable of detecting Irregvlarities. Induding fruud L8 detailed below: Our apPrtCh to ¢dentin9 and a$se¥slng the risks of materlal ffo$ststèment in re¥pèct of irregularilles, includlng fraud and non-complian¢e wilh laws and rtrgulaltons, was as follothB: the SerOr stabjtory authtor ensured that the engagement ltsam CoeCve1Y had the appropriate ¢ompetence, pèbilities and skills to identify or reeognlse non-MplIan¢¢ applicable laws and regall0nS- we identified thè laws and re9ulations appll¢able to fhe chadty thiough discusslons V+7th Iruslees anil other managernent, and trom oui commercial knowledge and experience of the $ector, we fu¢used on $ped)Ic la and regulafjons which we Mnsldtsred may have a direct moterfal effe¢t on the fm8n¢ial slatements or the oper4titsn$ of Ihe charity, includln9 the financial repofliny legislatton, taxation leglslation, anti-brlbery. employmenl, and environmentsl and he<h and safety legislalion: we asses8ed the extent of complian¢e with the laws and regtiOnS Identified &bov8 through maklng enquirFes of management and Inspecting legal ¢orrespondence' aftd Identified jaws and regLlations were MmUnICated yEhIn the oudit tsam regulorfy ond the team remained alert to Instsnces of non-compliance throughoutthe audlt. We assessed the suscept{blfy of the tharity's finandal ststem#nts to material mt85tatement. incluthng obtalning on understanding of how fraud might occuf. by. maklng enquirles of management a8 to where they considered there wa$ $u5ceptiblllty lo fraud. thelr knovledgB of a¢bJal, suspected and alleged fraud-, and constdering the Snternal controls in place to mtbgate ri6ks ol fraud and non-compllan¢e laws and regulotsons. Tg address thè rf8k of fraud through management blas ond overFlde of controls. we: performed onotytical procedures to Identify any unu6ual or unexpected relationship5,' tested joumal entiies to identify unusual transa¢tions' a¥sessed thether judgements and assumptions made In d&terwitning the accounling estimates $¢t out in Note 3 were Sndoative of potenti81 blas; ond investigated the rationale behlnd $lgnlThcant or unusual transa¢tsons. In response to the rlsk of irregulaiities and non-compliance wlth laws and regulalrons, we deslgned pro¢¢dures l¢h included, but were nol limited to.. aoreeing ffinanclal statement disclosures to underlying SUppting documetrtation. reading the mlnutes of rneeUn9s of Ihose ¢harg8d wlth govemance; enquiring of managemonl os to actual and potenttal litigation and dalms,. and revievAng corresptsnden¢& vath HMRC, relèvant regulators and the chaiity's legal alsOr8. Pa9e 7
The Instiiutè of Quarrying Benevolent Fund Indepondent Auditoys. Report lo the Trustses of The In$titirte of Qu¥rrying Benevolènt Fund IcDntthued) Because of the inherent liMatiOnS of an audit, there is 8 risk thal wo wll not detect ell irregularities, Includng those ltsding lo a materfal mrsstatement in the financial ststeme¢ts or non-(ximptiance th regulation. This risk ¢reases the more that compliance With a law tsr regulatirjn 1$ MOVed frorn ihe events and tr8nsacts.ons rellèGted in the ffinancial ststÈments. as we wll be less likely lo become aware of Instances of nttn-compllance. The risk is also gieater regardin9 irregularities occurring ¢e to fraLsd rather than error. as fraud inv¢)Ive$ intenllonal concealment. forgery, llUsiOn, omission OT rnisrepreseritatlon. A fvrther descriplion of our responslblllfjes for the audrt of the ffinancial statements 18 located on the Flnandal Repvrttng Coundl's website at w•w.frc.or .uklau&itorsres ons ies. Thls deseripuon form8 part of our Auditors, ReporL Use of OUT report This ieport is made solety tg the charivs trustee$, as a body, in accordan¢È Pèrt 4 of the Charftie8 (Accounts and Reports) Regul4tions 2008. Our audlt wo¥k has been unthrfaken so that we might statp to the charitys trustees those rnatters we ale Yewired to stale lo them In an Auditors. R¢port and for no other purpose. To Ihè fvllest extent pemiitted by law. we dts not accept or assume re3ponsibllty to anyone otheT than the charity and it8 trustees, as a body, for our autht work, kn this report. or forlhe wnions we have formed. Dains Audit Limitèd Str10ry Auditor Chartered Accountants 2 Elnjria OfThce Village Foige Lane stoke on Trent Stafftirdshire ST1 5RQ 25 April 2024 Dalrts Au(fit Llmltsd are eligible to act as auditors In tsTm of gection 1212 ofthe Companles Act 2005. Page 8
The In$titute of Quarrying 8¢nevolent Fund StateFnent of financial activities For the Year Ended 31 December 2023 Unrestricted fi¢nds 2023 Total funds 2023 Total nds 2022 Note Income from: Dona9$ and legacie Investments Other income 266 576 16.959 3.465 22,494 3,426 22,494 aA25 Total income 26,18S 26,185 21,000 Expenditure on: Charitable aotivllles 56,782 66,782 58,729 Total exp•ndlture 56,782 66,782 58,729 Net exndIre before net g4lnsl{losses) on Inveslments Net galnsl{losses) on Inve81metrts (30,6971 48,974 (30,597} 48,974 (37.729) (176.538) Net movement In lunds 18,37Y 18,377 (214,2651 Reconciliation of funds: Ttstsl funds brought forwdrd Net movement in fund$ 1,172,269 18,377 1,172,259 18,377 1,386,524 (214,2651 Total lunds earried forward 1,19036 1,190,636 1.172,259 The Stslement of Financlal A(lvMes Includes all 9alns and1088es recognlsed in the yeoT, The notes on pages 11 to 19 form part ol the8e ¥talernents. Page 9
The Instiiule of Quarrying Benevolent Fund Balance Sheet As at31 DeeÈmber2023 2023 2022 Note Flxed assots Investments 1,137,455 1.116,151 1,137,456 1,116,151 Current assets Cash otbank and in hand 65,671 57,278 56,671 57.278 Cre110. amwnts faning due 1th1n one year 12 12,d90) (1,170) Nèt current assèts 83,qB1 56.106 Tolal assèts less current liabiliti•s 1.190,636 1,172,259 Total n8t assets 1.190.636 7,172,259 Chorityfunds Unrestrictsd funds 13 1.190,636 1,172259 Total funds 1,190,638 1.172,259 The Inanclal statenents were approved and aUthOred lol Issue by the Trust&es and sign¢d on their behalf by.. Paul George Calladine Chair Oale.. 25 ApTiI 2024 John McGough Deputy Chr The notes on pages 11 to 19 fom port of these flnanclol statements. Page 10
The Instrtttle of Quarrying Benevolent Fund Notes to the Financial Statements Forthe Year Ended 31 December2023 13eneral infom)ation The Insbtsjle of Quarrying Benevolent Fund In an unincorporated Charity reglstered in England. The addres5 C¢f the fegstered office Is given in the Charity infomi8tion on page 1 01 these financlal statoments. The nature of the Cherws operallons and pn¢)41 a¢fjviles are to afft)rd asslstan¢e to ne¢essltous Members or formei Members or their d¢pendants (the Beneficiaries) by means of gifts, loan? or otheThse. Accountin9 pofKi¢5 2.1 Basis of preparation of financial statements The financlal ststements have been Pfepared in accordance with the Charftles SORP (FRS 102) - Accounting and Rèportlng by Ch8rltles'. Ststement of Recommended Pradi¢e ¥ppllc#ble lo charitie5 prepadng their accounts In a¢¢ordance vrith the Financial Reportng Standard appll¢able in the UK and Republ1¢ of Ireland (FRS 102} (effe¢tive 1 January 2019), the Finan¢lal ReporlTrng Stsndwd applicable in the UK and Republic of Ireland {FRS 1021 and the Chorilies Act 2011. Th¢ fiThanclal 8tatemeFts hove been prepared to give a •nd faiv view and hove departed from the Chadties {ADnts and Reports) Regulations 2008 only to the extent required to provide a 'true an(t fairf view. This departure has involved famowlng the Charhies SORP (FRS 102) publkshed in October 2019 rath¢r than the Accounlng and Reporting by Charities.. Statement of Recornmended Practice effeclive from l Aptfjl 2005 thich ha8 $Sn¢e been %%lthdrawn. The Institute of Quarrying Benevolent Fund meets the definllon of a publ1¢ benefit efttity under FRS 102. A986ts and liabilities are inltlalty re¢ognised at historical cost or transartion value unle88 Othe5¢ stated the relevant ac¢ounllng poti¢y. 2.2 Incomo All In¢ome Is recounlsed once Ihe Charlty has entluement to the income, It Is probable that th¢ Income will be refved and thè amount of income recelvabl¢ ¢an be mtasur¢d reliably. Wh•r• the donated good b 8 fixed 88se( 1119 measured al fa5r value, unless It 18 Impractical to measuie IhSs rellatly, In %thlch ¢ase the of the eM to the donor should be used. The gain 18 re¢ognised as Income from donatlons and a coTh¢sponding amount is induded in Ihe appropriate ffixed asset dass and dPpreatrd over the usefijl ectsnomlo life In 8c¢ordance wth the Chaii accounting policleg. On rec*lpt, donated professional Bervlw and fadlitlè$ are recognlsed On the basis of the value of the dft to the Charity %thich ig the amount tt would have been l11Th9 to pay to obtaln services or faCitieS of equiv81ent economic benofit on the open markeL' a corresponding amount is then recognised in expendlture in the perlod of Tecelpt. 0th8f Income IB re¢ognised In the period In which It Is recalvable and to the extsnt the goods have been provldtrd oi on completion ot the $ervl¢e. P&ge11
The Institute of Quarrying 8eVoltnt Fund Notes to the Financial Statements Forth• Year Ended 31 Dèc•mber2023 Accountlng polic5e5 Iconlinu8d) 13 Expenditure EXpenthre reeognised once there 15 a legal or constwctive obllg8l¢on to transfer economic benefit to a thtrd party. it is probable that a trsnsfer of economiG benefits Y+lll be requlrBd In settlement pnd Ihe amount of the obligation can be measured relSably. Expendiknre is dassified by activty. The costs of each activity are made up of the total of direct costs and shared c¢ists. IncludSng support costs volwed In Undertan9 each actwlty. Direct cosls attributable to a slngle activity are allocated direcuy to that actswty. Sharèd costs which contiibute to more Ihan one actNty and ¥upport costs which are not attrlbutable to a sbngle activlty are apporfoned beeen those a¢tivitJes on a basis ¢onsislent thg Use of resources. Ceniral staff costs aFe alh)catÈd on Ihe basis of tiTne spent, and depre¢10Th eharges allocated on the poOn otthe asset'$ use. Exp¢nrfiture on ¢harttable actsvitiesls incurred on direclly undertaklng the activities 1¢h fvjrther the Chatitys objectives. as well a5 any assodated support CDSts. AJI expèndknre Ys indusive of irrecoverable VAT. 2A Interest receivable Interest on fLtnd5 held on depoÈit is Induded when receNable and Ihe amount can be measvred rellably by the Chority- Ihi6 i¥ nomally upon notificallon ol Ihe inlerest paid or payable by thè Stltutton wth whorn thè fvnds are dep05iled. 2.5 Taxation Tho Charity is crmsidered to pass thè tests set out in Pawraph I Sthedul8 6 of the Finan¢e Art 2010 and therefore f( meets the definitioft of a thar(table ctsmpany lor UK corporation tax puooses. A¢¢ordinglyi the Chality r6 poten11ally exempt from tsxation in respect of Income or capital galn$ received wthin categories covered by Chapter 3 Part 11 of the Corporation Tax kt 2010 OT Sectlon 256 of the Taxauon of Chargeable Gains Act 1992. lo Ihe exlenl that such in¢ome or wains aTe applied exclusivety to charitable puipo$es. 2.6 Inve$knents Flxed assgt inve6tments are a form of finanttlal instrument and pre Initi811y recognised at ihelr transaction cost and subsequenuy measured at fair value at the Bakance Sheel date. unless tho value cannot be measurod reliably in thith ¢&8e it Is measured at ¢o$i less ifflpairent. Investment gains and 105ses. whether iealised or unreatssed. are cornbrtsed and presented as 'Galnsl(Losses} on vestments. in Ihe Statement of Finand41 AL*vities. 2.7 Cash at b4nk and in hd Cash al bank and In hand indude8 cash and short-temi hlghly liquid inveslmonts with a short maluiity of three motths or les$ from the date of acquis1ts.on or opening of the deposit or similar account Page 12
The Institute of Quarrylng Benevolent Fund Not05 to the Financial Statements Forthe Year EndÈd 31 DÈttembèr2D23 Accounting polkles (contlnued 2.8 Liebiliues and provi5iOIIS Liablti ale recognlsed en there Is qn obligatson at the Balance Sheet date as a result of a past event, il is probable that a transfer of eGonomi¢ beneffit will be required in sotllement, and the amount of the settlement can be e8timatd reliabty. Llablllljes are legnISed 41 the amount that the Charity anli¢ipates it wlll pay to setlle the debt or the amount It has received as advanced payrnents for the goods or services it must provlde. Provlslons are measured at the best estifflate ofthe #mounts rèquired to settle the obligation. Where the effect of the tlme value of money És materlal. the provision is based on the present value ofthose omounts. discounted al the we~tax dlscotsnt r8te that reflects the risks specific to thg liabillty. The nwlnding of the dISu is re¢ognised in the Statement of Flnandtyl Activities as a finance cost 2.9 Financial instruments Thè Charity only h9$ fin8nclal assets and financial abIliti06 tsf a kind that qualfy as bas1¢ financlal Instruments. Basic financial instruments are initialty recognised at trall5a¢llon value and subsequentty measured al the5r seluement value v¢ilh the exception of bank loans ¥thi¢h are subsequenty measured at amortised cost using the effective Int&r¢8t melhod. 2.10 Fund OGcounting General fjJnds are unrestiicted fur>ds avallable for use at the dl$¢reUon of th• Trustees In Jrtherance of the general oblèdves of the Charity ond which have not been de&ignaled fc¢f other purpo$es. Investment income. galns and losses are alk)¢ated to the appropriate fijnd. Crilical arcounting ÈstSmaes and areas of judgment Estimates ènd judgments are ¢ontinuany evaluated and are based on historical expBTlence and olher fa¢tor5, including expectations of future events thal ore believed to be reasonabk under the ¢tf¢uFnstsnces. Cribcal accounting esllmates and assumplons: The Charity makes estirnates and assumption8 concemln9 the fij[8. The re$ulJng 8ccOunng estimates and assumplions 111, by deflnltlon, 66ldom equal the relatsd actual re8uli8. The estimates and assumptions that have a slgnificant rv6k of causing a malerfal adjustment to the carytng amounts of assets and Il¥bSllOes s*thln Ihe next financial year are dcUssed below. Income from donatluns and legaGies Unrnstrictod funds 2023 Total fund5 2023 Donauons 266 266 Page 13
The Inslitthe of Quarrying Benevolent Fund Notes to the Financial Statements Forthe Year Ended 31 Detttmbtyr 2023 Income from donattong and legacigs {continued) UnrÈslrlcted funds 2P22 Totsl fund5 2022 Donallons 576 576 Invtrstment incom Unrnstrfcted funds 2023 Total funds 2023 sted Investrnents 22,494 22,494 Unrestricled funds 2022 Total funds 2022 Listsd investments 16,959 16,959 Othèr incomlng rE$ource$ iknrestrided funds 2023 Total funds 2023 Other in¢omtn9 resource 3,425 3,425 Unyestrlcted fund5 2022 Total lund$ 2022 Olher Incornlng Testsurces 3,485 3,465 Page 14
The Institute of Quarrylng 8Enevolgnt Fund Notes to the Flnancial Statements For th? Year Ended 31 Dv¢ernber 2023 Analysis ofgrants Grants to Individua15 2023 Total funds 2023 Giants to boneffidarles 28,892 28,892 Grnnts to Indivlduals 2022 Total funds 2022 Grants tt* benearleS 32,445 32,445 Grants were made to 7 (2022: seven) long term bènefi¢iarios for reliel of finandal hardship. Analysls of expendlture by activities Grant funding of activities 2023 Support costs 2023 Total lunds 2023 Charitable a¢tivitles 28,892 27.890 66,782 Grant funding of Octivities SupFx)rt costs 2022 Total fund$ 2022 2022 Charitable 8Gbwtses 32,445 26,284 58,729 Page 15
The Institute of Quayrylng Benevolenl Fund Notes to the Financial Statements Forthe Ypar Ended 31 Decembpi 2023 Analysis of Èxpenditure by activiti (continued Analysis of support Gosts Total funds 2023 Total funds 2Q22 Legal and professlonal Welfare Offi¢er Mlscellaneous 1.320 2{203 2.367 1,200 23,250 1.834 27,890 26,284 Auditors. TwNn¢rntio The wditofs remunerntion amounts to an au(Itor fee of £1,32012022: £1.170). 10. Trust¢es' renwneration and expense Durng the 1, no Trustees r¥celved any Femunerallon or other beneffts P022- £NIL). Duiing the year ended 31 Deeember 2023, no Tmstee expense5 have been 1nrred12022- £NILI. Page 16
The Institute of qu4ryiTrg Benev.ol*nt Fvnd Notss to th8 Financial Statements Fortheyear Ended 31 December2023 11. Fixed 4$set Investments Listed Unlisl•d nveslments Snv4stmènt3 TOL71 Cost or v45uatlon At l January 2023 AflditionB Disposals Revalualon¥ 1,11871 200,728 (218,932) 37,886 780 1.116,151 200,728 1248,932) 39,508 1,622 At 31 December 2023 1,135,053 2,402 1.137,456 Net book v41uo At 31 December 2023 1,1351153 2A02 1.137,466 At 31 Oecember 2022 1,115,371 780 1.116,1SI 12, Cyedltors: Amounts falling due within one y 2023 2022 Actyu$ 2,490 1,170 Page 17
The Inlrte of Quarrying Benevolent Fund Notes to the Financial Statements Forthe Ye•r Ended 31 Ikcember2023 13. StateTnÈnt of funds Statement of funds- currnnt ye Balance at 31 Gainsl December (Losses) 2023 Balance at 1 January 2023 Income Expenditure Unre5trictsd fijnds General Funds 1,172,259 26,186 186,782) 48,974 1,190.636 Statement of funds - prioryear Balance at 31 G#insl Decèmber ILossesl 2022 8818nce at l January 2022 Income ExpendiluYÉ Unrestricted fvnds General Fun(ts 1,386,524 21,000 {58,729) (176,536) 1,172.259 14. Analysis of net as5et5 belween funds Analysi5 of net assets be•en thnds- Current year UnTr5trlcted funds 2023 Total funds 2023 Flxed asset Invesllrtents Current assets Creditors the thIn oneyeor 1,137,455 55,671 12,490) 1,137N65 56,671 12A901 Total 1,190.636 1,190,636 Page18
The In5tltutE of Quarryi.ng Benevoltnt Fund. Notes t& the Flnan¢i•l Statemehts Forthe Year Ended 31 De¢eMbttr 2023 1& Analysis of net as$ets bètwa8n fvnds (continued) Analysls of net assets beknn funds. prior or Unre5tfi¢ted funds 2022 Total funds 2022 FL¥èd as¥et investments Current ossets Credllors due ln ont year 1,116,151 57.278 (1,170) 1,116,151 57,278 {1,170} Total 1,172,259 1,172,259 15. Relatsd party trans*¢tlons Tho Charity has not errtered Inlo any related pa¥ty transaction c9 the year, nor fire there any oUtstsnd balances owng btheen related parties and thtr Charity ot 31 De¢ember 2023. Pag8 19