Charity numhr: 213686
The Instittrto of Quanying Benevolent Fund
Trustees, Report and Finan￿81 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 ActIvIt￿S
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 310￿eMber2o23
TNstees
Paul Geoioe Calladine, Chair
JDhn MeGough, Deputy Chair
VIMan Rug8•11, thgdent ofthe Institute of Quan￿n9
Ben Willlams, Chalrman ofthe Instibjte OfQUa￿ng
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 ￿nSIdera￿On to gene￿1 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 OtheN￿e.
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 Cott￿n￿e 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 g￿ng
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 Th￿vement 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 QUa￿ying AGM on 4 Octobèr 2007 as
amended atthe IQBF AGM on 15 December 2014.
IQBF operates under the t*r&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$te8s
TNslees are selected on the bosls of thelr expertence and the contribution they are able to make to the work of
the Institute. They are Issued vlth a guidance note detalls all the dul¢s and responsibllities of a Tntstee of
a re9lstered Charity.
The ComnYtte• olTrusle*s Is composed of the followlng:
Six Honorary trustees ¥tho shall ¢omprise the Pfosid¢nt, Chalrman and Treasurer for the time being of The
Instibjte and the Chairman and Deputy Chaimiars for the time beino of the Commlttee of Trustees and the
Secretsry shall be the Secretary oi Treasurer for the time bèing of Tho InstlttJt¥, Of 8uch other person Ytho 1$
rtsidered by th¢ Board to bo fitand proper to dtschargethe duties.
Four OrrfinBry Ttustees $hall be nomlnated by the Board ot The Insulute. At least ￿ Twstees should
be membws of the Board or Councll of The Institut¢. A maxlmum of tsvo TTuslees may be= (al former
members of the Soard or the Council of The InSti￿te. or {b) such other p¢r¥on8 4$ 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 mcG0￿9h
Deputy Chair
Po9¢ 3

Thè Instityte of QuArrylng Benevolent Fund
statemenl of TTU5tees' ￿pOnsIbIlitieS
ForthÈ Year Ended 31 December 2023
The Trustees are iespon$lble for weparing the TnJ8tees' Report and the finan¢Sal staternents in accordance wilh
appllcable law and United Kingdom Accounlng Stsndards Iunlted Kingdom Generally Accept*d Accovnttng
Pi8Cti¢e).
The law applicable to chaTities in England & Wales requtres the Tnjstees to pr&pare financial statements for
each financial year vthich give a true and fair vlew of the state of affair5 of the Charity and ol its incoming
resources and ap￿icatiOn of resources, including its kn¢ome and expendllure. for that perlc¢d. In preparlng th¢$e
financlal statements, the Trustees are requlred to=
selecl suitable accounting pollcles ar&d then appWthem consistsntty.,
observe the method8 and prlnclples oflhe ch￿Id•S SORP IFRS 102):
make judgment3 ￿)d accounting estimatss that ￿ reasonable and prudent:
state vthether app￿Cab1È 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
(AG￿￿nts and Reports) Regulations 2￿8 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 com￿lse 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 A￿O￿lIting 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 b￿Th 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 se￿1¢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$teey' use ol the going concem basls of
a¢oounttng in the preparatton ol the financlal statements Is appropriate.
Based on the work we have performed, we hove not Identi)7ed any matsrial uncertainties relating to events or
LYJnditions that, Individual￿ or Gollectively. may Castsignlficant doubt on the Gharftys abllity to ctsnlnut a8 a gokng
c•ncern for a period of o11?a¥t twelve months from vthen the ffinancial ¥lptrments are authorised for issue.
Our responsibilities and the responslbllltles of tht TnJstees respect to golng cOn￿M are de8crfb8d In the
relevant serttons of thls report.
Other infomwtion
The other Infomiathon ¢ompris¢s the Information Induded In the Annual Report other than the finan¢lal
6tatements and o(Èr Audltors, Report thereon. The Trustees ere respon51blt for the other infcmotion ¢ontsined
wthln the PA)nual Report. Our opinlon on the finan¢lol statements does not covar the other informat'on and.
except to the extent Othe￿se expliLytly ststed kn our report, we do not express any form of 8s¥urance conclusion
thereon. Our fespprbsItA14ty is to read the other informadon and, In dolng 80, corffjider vthelher the Olher
Inlormation 16 matettally In¢on$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 ￿nan￿oI
ststements. OT
suffiGYent accountlng recoids have not been keptr or
the financlal statements are not in agreement with the a￿tsUn11￿9 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 fespons*Jte 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 I￿ntInued)
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 regula￿onS 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$, includlng fraud, are instances of non-¢ompliance with laws and regulotion5. We deslgn procedurès
In Ilne wth our responslbilities. oulined obove, to detect mOteri81 mlsstatements In respect of I￿egularbtlets,
￿n￿ding ftaud. The extent to which OUT proceduies are capable of detecting Irregvlarities. Induding fruud L8
detailed below:
Our apPrt￿Ch to ¢denti￿n9 and a$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 Ser￿Or stabjtory authtor ensured that the engagement ltsam Co￿eC￿ve1Y had the appropriate ¢ompetence,
pèbilities and skills to identify or reeognlse non-￿MplIan¢¢ applicable laws and reg￿all0nS-
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&lth and safety legislalion:
we asses8ed the extent of complian¢e with the laws and reg￿￿tiOnS Identified &bov8 through maklng
enquirFes of management and Inspecting legal ¢orrespondence' aftd
Identified jaws and regLlations were ￿MmUnICated y￿EhIn the oudit tsam regulorfy ond the team remained
alert to Instsnces of non-compliance throughoutthe audlt.
We assessed the suscept{b￿lfy 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 SUpp￿ting 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 a￿lsOr8.
Pa9e 7

The Instiiutè of Quarrying Benevolent Fund
Indepondent Auditoys. Report lo the Trustses of The In$titirte of Qu¥rrying Benevolènt Fund IcDntthued)
Because of the inherent liM￿atiOnS of an audit, there is 8 risk thal wo wll not detect ell irregularities, Includng
those ltsding lo a materfal mrsstatement in the financial ststeme¢ts or non-(ximptiance th regulation. This risk
¢reases the more that compliance With a law tsr regulatirjn 1$ ￿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
Str￿10ry 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$titute of Quarrying 8¢nevolent Fund
StateFnent of financial activities
For the Year Ended 31 December 2023
Unrestricted
fi¢nds
2023
Total
funds
2023
Total
nds
2022
Note
Income from:
Dona￿9￿$ 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 ex￿ndI￿re 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
1,190*36
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
Cre￿110￿. 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 aUthOr￿ed lol Issue by the Trust&es and sign¢d on their behalf by..
Paul George Calladine
Chair
Oale.. 25 ApTiI 2024
John McGough
Deputy Ch￿r
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 p￿n¢￿)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
otheTh￿se.
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 {A￿D￿nts 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 $Sn¢e been %%lthdrawn.
The Institute of Quarrying Benevolent Fund meets the definllon of a publ1¢ benefit efttity under FRS
102. A986ts and liabilities are inltlalty re¢ognised at historical cost or transartion value unle88
Othe￿5¢ stated the relevant ac¢ounllng poti¢y.
2.2 Incomo
All In¢ome Is recounlsed once Ihe Charlty has entluement to the income, It Is probable that th¢
Income will be r￿efved and thè amount of income recelvabl¢ ¢an be mtasur¢d reliably.
Wh•r• the donated good b 8 fixed 88se( 1119 measured al fa5r value, unless It 18 Impractical to
measuie IhSs rellatly, In %thlch ¢ase the of the ￿eM to the donor should be used. The gain 18
re¢ognised as Income from donatlons and a coTh¢sponding amount is induded in Ihe appropriate
ffixed asset dass and dPpre￿atrd over the usefijl ectsnomlo life In 8c¢ordance wth the Chaii
accounting policleg.
On rec*lpt, donated professional Bervlw and fadlitlè$ 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
faCi￿tieS 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 8￿eVoltnt Fund
Notes to the Financial Statements
Forth• Year Ended 31 Dèc•mber2023
Accountlng polic5e5 Iconlinu8d)
13 Expenditure
EXpenth￿re 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 Underta￿n9 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 be￿een 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¢1￿0Th
eharges allocated on the po￿On 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$i less ifflpair￿ent. Investment gains
and 105ses. whether iealised or unreatssed. are cornbrtsed and presented as 'Galnsl(Losses} on
vestments. in Ihe Statement of Finand41 AL*vities.
2.7 Cash at b4nk and in h￿d
Cash al bank and In hand indude8 cash and short-temi hlghly liquid inveslmonts with a short maluiity
of three motths or les$ 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
Liabl￿ti￿ 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 e8timat*d reliabty.
Llablllljes are le￿gnISed 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 dIS￿u￿* 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 8ccOun￿ng 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 d￿cUssed 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* bene￿￿arleS
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 1n￿rred12022- £NILI.
Page 16

The Institute of qu4ryiTrg Benev.ol*nt Fvnd
Notss to th8 Financial Statements
Fortheyear Ended 31 December2023
11. Fixed 4$set Investments
Listed
Unlisl•d
nveslments Snv4stmènt3
TOL71
Cost or v45uatlon
At l January 2023
AflditionB
Disposals
Revalualon¥
1,118￿71
200,728
(218,932)
37,886
780
1.116,151
200,728
1248,932)
39,508
1,622
At 31 December 2023
1,135,053
2,402
1.137,456
Net book v41uo
At 31 December 2023
1,1351153
2A02
1.137,466
At 31 Oecember 2022
1,115,371
780
1.116,1SI
12, Cyedltors: Amounts falling due within one y
2023
2022
Actyu￿$
2,490
1,170
Page 17

The In￿l￿rte 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•￿e￿n 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 ￿l￿n 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 c￿￿￿9 the year, nor fire there any
oUtstsnd￿￿ balances owng btheen related parties and thtr Charity ot 31 De¢ember 2023.
Pag8 19