**REGISTERED CHARITY NUMBER: 214531**
**Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2020**
**for**
**The Savage Club Benevolent Fund**
ansteybond 1-2 Charterhouse Mews London EC1M 6BB
**The Savage Club Benevolent Fund**
**Contents of the Financial Statements for the year ended 31 December 2020**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 3|
|**Independent Examiner's Report**|4|
|**Statement of Financial Activities**|5|
|**Balance Sheet**|6|
|**Notes to the Financial Statements**|7 to 10|
|**Detailed Statement of Financial Activities**|11|
## **The Savage Club Benevolent Fund**
## **Report of the Trustees for the year ended 31 December 2020**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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**
## **Aims and Organisation**
The main objective of the fund as stated in the governing documents is "to assist members and ex-members and employees and former employees of the Savage Club and dependants of deceased members, ex-members, employees and former employees, who through misfortune require assistance, financial or otherwise.
The trustees and the other members of the management committee are advised by members of the Savage Club, of any eligible beneficiaries that are in need of financial assistance. Each case brought to the management committee's attentions is considered and where relevant a grant is approved. Information on whether financial assistance may be required is also provided by a "Watchman".
In determining how best to achieve the charity's objects, the trustees have had regard to the Charity Commission's guidance on public benefit.
## **ACHIEVEMENT AND PERFORMANCE**
## **Review of the Fund**
The net (outgoing)/incoming resources for the year of (£7,317), 2019: £2,083, arise from a continuing policy of managing resources to meet valid grant requests which vary from year to year. The realised (loss)/gain on investments of £8,028, 2019: £6,435, arise as a result of selling shares to protect future funding required to meet outgoing resources.
As grants are paid to meet financial needs of qualifying individuals as they arise, this cost will vary from year to year. Investments are made with a view to providing either capital growth so that they can be sold or income to meet net outgoing resources.
## **FINANCIAL REVIEW**
## **Trustees**
The trustees of the fund are as stated on the information page. A maximum of four trustees can be appointed and they receive no remuneration or expenses.
## **Reserves and risk policy**
The reserves held are maximised by investment to meet the varying levels of grants payable which are not covered by income from those investments. The investments made can at any time be affected by the fluctuations of the stock market and therefore it is essential to maintain a level of investment that provides an adequate flow of income.
The fluctuations in the stock market and the level of grants paid each year are considered to be the main risks facing the fund and the committee monitor these aspects of the fund to ensure it meets its future obligations.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Page 1
**The Savage Club Benevolent Fund**
## **Report of the Trustees for the year ended 31 December 2020**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
The governing document of the fund is dated 13th April 1898 and this has been amended by a deed of variation dated 1983.
## **Recruitment and appointment of new trustees**
Trustees are appointed after being invited by the chairman to act as trustee and are then formally approved at a committee meeting.
## **Governance structure**
The committee of management consists of four trustees together with no more than six other members of the Savage Club.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
214531
## **Principal address**
25 Princedale Road London W11 4NW
## **Trustees**
R Wensley Baker Trustee (resigned 31.3.20) D Brown Trustee J D Elliot Trustee C Barrett Trustee S Armstrong (appointed 31.3.20)
## **Independent Examiner**
ansteybond 1-2 Charterhouse Mews London EC1M 6BB
Page 2
## **The Savage Club Benevolent Fund**
## **Report of the Trustees for the year ended 31 December 2020**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions fo the trust deed 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................ E Midwinter, OBE - Chairman
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Trustee
Page 3
**Independent Examiner's Report to the Trustees of The Savage Club Benevolent Fund**
## **Independent examiner's report to the trustees of The Savage Club Benevolent Fund**
I report to the charity trustees on my examination of the accounts of The Savage Club Benevolent Fund (the Trust) for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
ansteybond 1-2 Charterhouse Mews London EC1M 6BB
Date: .............................................
Page 4
## **The Savage Club Benevolent Fund**
## **Statement of Financial Activities for the year ended 31 December 2020**
|2020
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
12,416
Investment income
2
22,073
**Total**
34,489
**EXPENDITURE ON**
**Raising funds**
Investment management costs
3
2,015
2,015
**Charitable activities**
Governance
-
Finance
-
Grants to individuals
29,861
Other
9,930
**Total**
41,806
Net gains/(losses) on investments
(42,251)
**NET INCOME/(EXPENDITURE)**
(49,568)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
498,980
**TOTAL FUNDS CARRIED FORWARD**
449,412|2019
Total
funds
£
412
27,066
27,478
2,198
2,198
1,501
60
12,174
9,461
25,394
53,815
55,899
443,081
498,980|
|---|---|
The notes form part of these financial statements
Page 5
## **The Savage Club Benevolent Fund**
## **Balance Sheet**
## **31 December 2020**
|2020
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Investments
6
420,020
**CURRENT ASSETS**
Debtors
7
840
Cash at bank
30,052
30,892
**CREDITORS**
Amounts falling due within one year
8
(1,500)
**NET CURRENT ASSETS**
29,392
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
449,412
**NET ASSETS**
449,412
**FUNDS**
9
Unrestricted funds
449,412
**TOTAL FUNDS**
449,412|2019
Total
funds
£
442,406
840
57,234
58,074
(1,500)
56,574
498,980
498,980
498,980
498,980|
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Trustee
The notes form part of these financial statements
Page 6
**The Savage Club Benevolent Fund**
## **Notes to the Financial Statements for the year ended 31 December 2020**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2. INVESTMENT INCOME**
|Other fixed asset invest - FII
**3.**
**INVESTMENT MANAGEMENT COSTS**
Portfolio management|2020
£
22,073
2020
£
2,015|2019
£
27,066|
|---|---|---|
|||2019
£
2,198|
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
continued...
Page 7
## **The Savage Club Benevolent Fund**
## **Notes to the Financial Statements - continued for the year ended 31 December 2020**
## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
**Raising funds**
Investment management costs
**Charitable activities**
Governance
Finance
Grants to individuals
Other
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**
**6.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 January 2020
Additions
Disposals
Revaluations
At 31 December 2020
**NET BOOK VALUE**
At 31 December 2020
At 31 December 2019|Unrestricted
Fund
2020
£
12,416
22,073
34,489
2,015
2,015
-
-
29,861
9,930
41,806
(42,251)
(49,568)
498,980
449,412|Unrestricted
Fund
2019
£
412
27,066
27,478
2,198
2,198
1,501
60
12,174
9,461
25,394
53,815
55,899
443,081
498,980
Listed
investments
£
442,406
33,864
(5,971)
(50,279)
420,020
420,020
442,406|
|---|---|---|
There were no investment assets outside the UK.
continued...
Page 8
**The Savage Club Benevolent Fund**
## **Notes to the Financial Statements - continued for the year ended 31 December 2020**
|**7.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**9.**
**MOVEMENT IN FUNDS**
At 1.1.20
£
**Unrestricted funds**
General fund
498,980
**TOTAL FUNDS**
498,980
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
34,489
(41,806)
**TOTAL FUNDS**
34,489
(41,806)|2020
2019
£
£
840
840
2020
2019
£
£
1,500
1,500
Net
movement
At
in funds
31.12.20
£
£
(49,568)
449,412
(49,568)
449,412
Gains and
Movement
losses
in funds
£
£
(42,251)
(49,568)
(42,251)
(49,568)|
|---|---|
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.1.19
£
443,081
443,081|Net
movement
in funds
£
55,899
55,899|At
31.12.19
£
498,980|
|---|---|---|---|
||||498,980|
continued...
Page 9
**The Savage Club Benevolent Fund**
## **Notes to the Financial Statements - continued for the year ended 31 December 2020**
## **9. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|27,478|(25,394)|53,815|55,899|
|**TOTAL FUNDS**|27,478|(25,394)|53,815|55,899|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.1.19
£
443,081
443,081|Net
movement
in funds
£
6,331
6,331|At
31.12.20
£
449,412
449,412|
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|61,967|(67,200)|11,564|6,331|
|**TOTAL FUNDS**|61,967|(67,200)|11,564|6,331|
## **10. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2020.
Page 10
**The Savage Club Benevolent Fund**
## **Detailed Statement of Financial Activities for the year ended 31 December 2020**
||2020|2019|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Gifts|1|-|
|Donations|12,415|412|
||12,416|412|
|**Investment income**|||
|Other fixed asset invest - FII|22,073|27,066|
|**Total incoming resources**|34,489|27,478|
|**EXPENDITURE**|||
|**Investment management costs**|||
|Portfolio management|2,015|2,198|
|**Charitable activities**|||
|Grants to individuals|28,232|12,174|
|**Other**|||
|Administrative expenses|7,930|8,461|
|Watchmen expenses|2,000|1,000|
||9,930|9,461|
|**Support costs**|||
|**Finance**|||
|Bank charges|66|60|
|**Governance costs**|||
|Accountancy and legal fees|1,563|1,501|
|Total resources expended|41,806|25,394|
|**Net (expenditure)/income before gains and**|||
|**losses**|(7,317)|2,084|
|**Realised recognised gains and losses**|||
|Realised gains/(losses) on fixed asset investments|(42,251)|53,815|
|**Net (expenditure)/income**|(49,568)|55,899|
This page does not form part of the statutory financial statements
Page 11