Company number 00492t15 Registered Chartty NumtEr'. 220817 The Carnaudmetalbox Benevolent Fund Limited (A company limited by guardntee) Financial statements 31 December 2021 The Carnaudmetalbox Benevolent Fund Limlted IA company limited by guarantrel Conterts Pages Counal 0fManageM￿￿$ rep)rt IndewThJent examinerfs reFrf( ststement offitwwl athibes Balanc* sheet Notes to the financaa5 stat￿nths 8-10 The Camaudmetalbox Benevolent Fund Limited IA company limited by guarnnteel Council of Managemenvs Tewtforthe ywended 31 2021 The Counal of Man&Jemenl. who aretrE trLtstees {aThl v*thoae also dited¢Nstrtt* WUTY)ses ofujmpany lawl oflhe charitable Reference and administrabve delaiLs of tt* thhrity, its tr￿ and advi5er5 Registered nante C8maudMetslbox FLThJ {also kThy•m as The CMB Be￿￿ent FutMI LThitedl RwS1e￿d Numbe Registered Charity Number. Registered Comp8ny NUmi￿r. 17 92051 RegiSte￿d Office D(fvvnsview Road Wantage Oxon OX129BP Membets ofthe Council ofmanagement A. Kaye F. Essen S. French Secretary E. Miller IReswJned 29 January 20211 J. Quinn IAptx)inted 29 January 2(r21) Bankers Catef Allen Private Bank 9 Nelson Streel Bradford BD15AN Inveslmentmarpasws Chase de Vere IFA Limited 4th Fl(K)r 20 Manvers Street Bath BA1 1JW IndependentE¥amine Heather Wheelhouse BOO LLP Bridgewater House Finzels Reath Bristol BS1 6BX Legal A(knsers Blake Morgan LLP Apex Plaza Forbury Road Reading RG1 1AX The Camaudmetalbox BenevoTent Fund Limited IA eomparty limited by guarantee) Council of Marwenf¥ rEportforthe yearended 31 De¢emt*r 2021 l¢ontinued) The tharity is a charita￿e cclnpany Imited ty guarar*ee. incxffp0￿Ied cffl 28 Fet￿ry 1951 {oJnpany registration number (IM92051) and withthe ChattyCunmissKrfEr53sa tharity on 12 Fel)ruary 1964(tharity registration number2208171. The financ3al statements comply vAlh wrra)t stattrtw requirwnents, the Memrandum and Artides ofAssoaation, applicab Accounting Standards and the StslerTaerrt of Re(y)mmend&Y PraG11￿ Accoun*ng Reporbng by Chafilies SORP FRS102 and the Companies Act 20(hS and the Chaiitses Ad 2011. en necessary, appotrTbnentlothe Cwnd ofmanagement i8 m* by the existing members ofthe Counul ofmanagemènt, wrf(h the approval of CROWN Packaging Manufathjring UK timited. whith is the main operating company ofthe CROWN UK Group. The members oftr* Counul ofmarwwnent areall ern￿oYeeS or retired employees ofcompanies within the CROWN UK Holdings Limited grwp. Training of all members orgoing aNI is UEKteJtsken ly)Ih at the meetings of the Courril of mar￿geMent and at sessions arranged by appropriate outside organisatsons. Deasions are m*le wrth the aFpfov81 ofthe 0fMana￿￿d verrfied by meetings ofthe lull Council of Management. Day.tfrday marogementofthe ch￿Ila￿A￿0￿npanY ts wt Swx¥arywlN) has awssto membws ofthè Counol of Managemènt at all tsmes. Risk manag8mentslatsm•nt The chariiable company is to iisks pertainiro to the manag￿17￿￿ of rts irwesbn*tt pothK). In this respect, thè Counal of Managen￿l has invested its fund5 using M&G Investrnerts, a rrfDfeswn81 irwestment house. In this and all otherasp&*. the c￿r￿al 0fmanw￿l tele4es that its systems are adequate to address any risks to whith tharrtab￿ (xxnpany is expo￿1. The outbrwdk of cov1￿19, the consequent SkNAICA￿ in ecA￿￿M￿ thity and the impacl on gkkjal stod( markets had an a￿erse impad on the cx)mwVs inves1ts￿ during 2(r20. Some partpl rethjvery of the ttjmpatys irwèstments took place during 2021 but noi to pre-covid leve15. The Tnjstees oxb.nue to dosdy moniior the ongcing effeca of the pandernic on the )mp8nls ￿sh Iknw 8nd wrll t8ke mthgalirwJ acim as requw The CamaudMetaliKJX Ber￿dent Fund ￿.￿lIe(l ¢kns there to be a material ￿r￿ertaInty im￿ting their abilty to continue as a going ttx1￿m. Public ￿nefft The Courril of Management Fove referray to the guIdar￿e contained Én the CharTty Commission's guklar￿ on public benefft when rev￿￿r0 their aims and in plarmÉng Ihtirfijhjre a*vrt The primary Obi￿t oflhe (tsIilab￿ (xxnpaw. as stsled in ts govemvu lkKx￿, is: IA) To rel￿Ve povety anKM¥J employees arKI eX-￿Pk>yees of Metsl Box arKI of ts sub$Kliary (ThipanEs from "me lolime ar¥J thewives. Mdcw5, hl￿ands. W1¢*￿Ver5. chiklren and parents ofsuch persons and such other persons as Ihe Council of sh￿1 in their aJs(Aute dis(xetion u)n&der to be dependent on suth To rdieve la) any indmduals or groLPS of YKfNhlLsa15 IMTrJ withn ap[￿￿MateIY 25 miles of any past. wesent firture Metal Box fathy cf offKe." aThl (b) any group or groL￿s of indNithJaLs defined ty refere￿ to their regular attendance at any ￿h0o1 giluated wilhin aKwrrimately 25 miles of any past, present orfubJre Metal 8ox factory OT office.. wth a pref￿￿ to in(fvKttJals or grcws 0findr4idL￿whO tsll vrithin sWT8gratrt) IA) lil above. IBI To furxl. arKI eihJ(3tKxwI equwKrwL f*" ths arK1 trainirKJ, and to proTh￿te, recognise and Ici The Camaudmetslbox Bèftè¥olent Fund Limited IA company limited by guaTrnteel Council of Manag￿rn￿$ ff¢FWtforthp year￿￿￿ 31 DeCem1￿r 2021 (contin￿d) The statement of fin8Th￿al adniibes foi the year is set (Krt on page 6 of the fironcial slatements. A summary of the financial resutts and the work of the charity is set out belthv. Total income for the year £40.549. In athlTbcn to its aw•Jal Ir￿eSt￿l ir£ome of £7.917 the ¢thaTity receNed a onwff (lonab"on friwn the MB Edu¢atN)n & Ger*Tal Tnjst of £32.632. This frAk￿yed a deo'sion by the trustees of the MB Edu(2tion & General Trust to wnd up the Trust and tts transfer ils temanirw assets to a charty wth ymaar obj.ects to its own. Income has exceeded expenditure during the year by £35.356 arKI the balanct of the UnrÈstri(*Èd Fund. after *thunting forthè unreali8ed gain on investments of £12.772 {ar¥J any realised gains on irNestrEnts of £nill, has acc4)Trfingty in¢Jpased by£48,128 frc¥n £205.769 at 1 January 2￿1 to £253.897 at 31 DeLwber2021. PeTK*Jic21 grants are made for varying rwyxts a￿ re¥w￿d annualty. Lump sum payrrwts are also made where appropri*e. However. theie were TK) requests T￿ed ts grants or on&off payments during the year ended 31 December 2Lf21. The cour￿￿1 of Management inteThts to make efforts during 2022 to ensure that all remaining Metal BoxlCMBICrown UK pensioner grujps arefU￿ awae ofthe exkslerte ofthe dwity. Grants to SGhoots A grant of £1.(MX) m*le to St Nictrth Primary Sthool in Challcw (Wantage) during the year ended 310ecember 2021 Plans for fu￿￿ peri¢*Js The Trustees telieve that thefe are sUffK1e￿ fundsto needs oftr*lTrdiboro1 benefKiarts lemployees. ex*mpbyeesl as well as some limited Sl￿￿ ￿ed￿ational prowdrrrn. The Counal of ManagerrEnt ccntinL*S to wilh ils relaled fadcKEs 3ThJ ÈEnsioner ass(x?ths lo #Jenlfy tradibonal benefiGK4ries. Financial review ReservespolKy The Counal ofmanageiwt reviewsthe Funds level of reseNes attr* end ofeath txlendaryear. We aim to hold sufficient rash funds in our bank acLount to meet any tharrtable thThl]ons aThY administrative ca)sts that are anti0pat￿ during the coming 12- onth period. We also to rnaintain our investej fvnds at a thal will generate a regU￿r annual income to broadly meet the orvJoing predthd Outg￿￿J$ of Ihe Benevolent FuThJ. We believe Ihat the overall fvnd value at 31st December 2021 1£253,69T) VAII generate sufficient irb*me to n￿1 our ex[￿rted eXrvMth￿re tsthe foreseeab￿ future. InVestmentpdKyandolyec￿S Investment powers are govemed by the MemcfaThlum and ￿tiC￿e$ of Ass(Kiation, whKth pemiit the funds to be irwested in the manner shovm in the finamal 5taterT*wts. diredor5thstees irrterml that ts real value of thatitable company's invesknents ￿Man￿ained andenhan(£d overthe k)ThJ terTn by irNestrnent in 8 b818r￿1 (xxnprising equth.es and bonds. In order lo meet these obFciwes, Ihe directorsnrustees seek professional advi￿ from a suitabty qualrfied investment adviser. The brief to the thser slates that they seled a balar￿j itwesbr*nt relum from Ricome aThJ c£ÈJkl, with moderate risk. Restriction on distribution The memOrar￿Um of AsscKiation prohibits the dithbubon oftt* in(xfft and of the charitable cclnpany to the members. Upon dissoltrtion or winding up of the thartlable Ix>rnpany Ihe assets shall be gwen or transfewred to some stmilar institution or Institutws that Iwe obj'eds sinibrto the ¢trwit* CoMp￿y. The Camaudmètalbox Benèvolent FurKI Limrted IA wmpany limited by guarantee) Council of MarW9￿erfs reportforttE year erKled 31 December 2021 (Contin￿d) Tax status The ¢haritabk cAmpany is a wister&J ￿ty, and as sjch ts entslkd to lax exempknLWts on irKome arKI gain5, property aP￿led for its Charitab￿ pur￿. Council of Managemenvs respornibilities in le$￿￿t of PfEparati¢Jn of fin￿￿1￿1 slatements The CthJn(il of Manag￿￿At (vhK) are al￿ di￿015 of The Carnaudmetaltox Benevolent Fund for the purposes of company lawl are responsiblef0rp￿Paringthe Counulofmana￿￿￿S Re￿I3nd1hefinan[j￿I stslemerts in a(XVdan￿Wrth appli(xble law and regu1atKx￿. Company law requires the Cound of ManagerrEnt to Wep0￿ the ffinaniial stsiemenlsfor ead) finana81 year. Underthat law the diredors have de(tsd lo prepare the financial statements in accordan￿ with United lfjngdom General￿ A￿pted Accounting Practi￿ (Untted KiThJdom Accujnting StaThJards aThl bwl. Urmler (xxnpany knythe QxJn(xl of Management must not approve the financi￿ statemènts Unl￿ they ￿ 5alisfied that they gNe a true aTrJ fair view of the statsment of affairs of the dwitabte u)mpany and the profft or k6s of ts chalila￿e ccffipany for that perw)d. In preparing these finanoal Statem￿th& C￿r￿fi 0fmanè3￿[￿￿ are required to.. Sde(* suitable arthe year by viriue Of se(*on 477, and that rK) member membws have req￿tell an audrt PUW5uant to Se￿￿ 476 cllhe Act. The direciorsftrustees a(knthvledge their reS[X￿1tx1trs for. ensuring that the thar[tab￿ company keeps ad&]uate ￿ntIng comFdy with ￿tIOn 386 oflhe Ad,. and (11) preparing finanoal statementswhKth give a true and fairvie4vofthe state of affairs of the tharitable company as at the end of the finatKiJ year and of ib ￿ for the ffinan(ial year in xCOrdan￿ the requirements of wtions 394 and 395, and otherwse compty with the TeqLlrem￿ts of the Ad rdattyw to fjnancial statements, so far as ap￿1¢able to the ¢haritaNe o)mpany. These finarKyal statements have been in aX0rd￿ Vlilh the ￿)31 provtsKffls tr small 0￿￿pan￿S L¢nder Part 15 of the Companies Act 2￿. These finanaal 5tste￿￿nts were ￿rOYed bl of Mawemenl aThJ auknrised ts L$SL￿ on 2611 A￿11 2U22 and are $1gned on Iheir behaW by-. 2fv.L+. ZZ. Kaye The notes on pages 8 to 10 fonn part of these fina￿la1 statements The Camaudmètalbox Benevolent Fund Limited IA Gornpany limited by guarantee) Notes to the finan¢ial slalpments-yearended 31 December 2021 A¢¢ounting policies la) Genernl infomiation The CamaudMetaltrJ)x Benevdent Fund Umited i% a wistered I*￿1￿ty, nutnber 220817 and a wmpany limited by guarantee, number (M)492051. in EtNJland aml Wales. The aJdre5s of its registered offKE is Downsview Road, Wantsge, Oxon, OX12 9BP. The CamaudMetaltrx)x Benevd￿ FurKI Limrted is a entity. The )Snamal staten*nts are ￿MIr￿ts stethry 1£) arKI rounded tothe rwresl Fwjund {£1. Ibl Basis of accounting The finanTral statemerts of the tharilable company have been prepared In accordan￿ with Accounting and Reporting by Charities.. Statement of Re(x)mmended Pra(JiGe appli(3ble to thartties preparing their accounts in 3c(xJrdance wtth Financial Rewriiry Standards appliCa￿e in the UK and RepU￿1C of Ireland (FRS 1021 (effective 1 January 2019}- Ichariiies SORP {FRS 102)). the Finanoal Reporting Standard appli(3ble in the UK and Republi of I￿land IFRS 1(Y2) and the Companies Act 2￿￿. The preparatiort of financial statements in C(mn￿lan(￿ wrth FRS 102 requires the use of cettsin (xitsGal ac(x)unting estimates. It also requires management to exercise It￿gement in apptying the charitable ￿mpanY$ accounting )liaes. Estimates and judgements are continualty ev8lu3ted by the Council of Management based on historicAI experience and other fadoTs ifmjuding ex1￿£*ab.0nS of ftthre events that are belEved to be reasonable under the (yrcwMstan￿s. The TTuslees Gorffitm that at the lirne of approviro Ihe finarK4al statements, whilst there is some uncertainty there are material uncertainties regarding the Charity's ability to continue in operational existence for the foreseeable fulure. In arriving at thiscondusion, the Trustees have taken a(yJ)unt of ¢xIrt￿t ar￿j ath"pated financial performance in the currenl econom￿ condthns and rts reseNes ￿$it￿n. In March 2022 the Chaity hal appmtin8tdy £46.IXKJ of ¢ash av8ii8ble. The tnjslees have prepared a stress test and this confirms that shoukl tK) further income be recA¥ed. because ofthe assets in the ￿rtfolIO, the charity is atrAe to meet Its li8btlitiès as they f811 due at a minimum until the end of 2022. A separate Èncoffle arKI ex￿￿[LUre a(uurrt h8s fKA been prepared a$ the figures comprising net expendrture for the year shown the St*ement of Finanual Ac#NIt￿ grve the information re(wired underthe Cornpanies Act 2006, together wtth details of other recognised gains and ￿&￿e$. lel Investments Investments are stated 8t market value. The movement in market vJue. shown in the Statemènt of Fin8n¢i81 Activities. is the dtfferefKe bth￿n the original cost and market value for investments acqLsired during the year and the differeTr￿ be￿leen opening and downg market va]ues of investments hekj for a fu11 year. Investment income is recognised on a recavable basFS based ￿ Wh￿ the payrrwt of the investmeni income is due. {dl Income AJI resourcx are ￿thIded in the SOFAkn the Charty ts legajty enbued lo the ￿1X)rne 8nd the 8mounl le} Grants payable lfj Taxation The charitat4e company is a wstered ¢tharity aThJ as SLKth ts entitsj to tax ￿eMPtionS on ir£ome and gains, pro￿rtY apKAied for Fts tharItab￿ txjrposes. Igl Financial InStr￿￿ents Finanaal instruments are classified aThl acc(xurted ts, awydiry to the SubStsr￿ of thè (x)ntra(*ual a￿angeMent, as èTther financial assets, finarKyal ba￿lIb&S or equty instnJmatt* An equty instrument is any ct)ntra(* Ihal evidences a residual inlerest in the assets of ts dJJrtalk cornpany aft￿ deduthng all of ts 1k8￿7￿]es. The Camaudmetslbox Benevolent Fund Limited IA ¢ompany limited by guarantee) Notes to the financial stat￿￿ts. Year end8d 31 t*cember 2021 {contin￿dI Judgemènts in applying accounling policies and key ¥oUr￿￿ of estimation urKertainty In Ihe appli<￿ of the trusfs acCOL￿￿￿j pc4Kies, Ihe Ttustees are required to makejudgexnents, estimates and assumpb.ons atmxrt the amuTrts of and liakn"lities that arp nol readily apparent from other sources. The estimates and ass(xiated a￿MptiOnS are based on historical experierte and otherfrdcttsts that are Considered lo be The estimates and undtyirvJ assumpl¥Ms are rewel￿ on an ongoiThJ baws. Revisions to a(xx)unt¢ng estimates a re(x)gnised in1he wicxy in whKth the estThnate is rfthe revision orty that wiod, or in the period ofthe revisK)n aThJ fiJture peri¢)ts rfthe revision affecls ix)th ¢wrrent &KI fuiure peiiLxJs. Investrierts are vaugj based w figures wailable publK* relatiro lo the c*anges in EM01￿￿ents averwJe ￿rrthty rmjmter crf pa*J employees IIE wwxl nil. No member ofthe CourKil 0fmanag￿l￿￿ recawl emrAoyee ￿nefft$ in ex(tss of£￿,(￿￿) The members of the Cound of Man&3ement r￿s¥e rwnUne1ati￿ in resixrt of their seNi(ts to the tharitabje cx)mpany. No expenses have teen ￿mt￿l[$¢d to the rTRmtH5 ofthe Coun(ii of Management. Net incomd{expendilu￿} This 15 slated after charging: 2021 2020 Accountancy fee Independent examiner fee 1,476 1,476 2021 2020 MaTkel value ￿ 1st January Additions at cost Less: disposals at carrying value Unwlised gainl{loss} on rnarket Wdlue 198.581 222,108 11772 123,52n Market value on 31 December 211,353 198,581 8naW ofthe i)vestrnents on 31 D￿ernber 2021 is asfoknys: Cost Mkt Value M&G Charibond 81.913 79,230 M&G Charthnd 100.160 132,123 182.073 211,353 The Camaudmetalbox Benevolent Fund Limrted IA company limtied by guardrrteel Notes tothe finaneial stst¢merts. Y￿Tended 31 December 2021 Itontirx*ll Creditor3: Amounts falllry due wfthin y 2021 2020 Crerfrtors- legal fees for 2021 Accruals. 8DO f 2,400 1.476 Totsl$ 3,000 3.336 During the year the tharrt*)￿ oxnpany recev&J other of £32.632 12020.. Niry from The MB Edu(3b"on and Coniinwt liability Dtjring 2010 the Benevolent Fund received nx)nies firxn The Thomas D￿￿1] Trust Fund. whith have been treated as restricted funds. The ca)nd￿ of the rec4pl required ttwt. Shou￿ there be TK) fvrther bentharies in terms offormer empk)yeÉs, ￿ Benevo￿ wouhj be reqLirgJ to Pdy baLaTh2 lothe CumLErtand Infitmary. A donation of £1(KK)was tr) North Curnt*ia NHS Foundal#Jn Tnjst on 8th Decemter2020therety releasing these reslrided fvnds. There 8te no lorbJer any restsid￿ fvnds rela#￿￿ wilhin the owall B¢nevoknt FurKI Limitèd liability The liability oleath ￿￿l￿ofthe (*arrtth ccffipany is limit&J to ts anvjunt of ncrt mc¥e than £1 per meM￿r. 10 ## **Certificate Of Completion** Envelope Id: 5F5736E01D3D440AB56C31D481FFFD9F Subject: Attachment for DocuSigning : THE CARNAUDMETALBOX BENEVOLENT FUND LIMITED Document Type: Other Assurance Report UK Companies House Number: 00492051 Source Envelope: Document Pages: 12 Signatures: 1 Certificate Pages: 1 Initials: 0 AutoNav: Enabled EnvelopeId Stamping: Disabled Time Zone: (UTC) Dublin, Edinburgh, Lisbon, London Status: Completed Envelope Originator: Georgina Cadwell BDO LLP 55 Baker Street Westminster, London W1U 7EU Georgina.Cadwell@bdo.co.uk IP Address: 163.116.162.119 ## **Record Tracking** Status: Original Holder: Georgina Cadwell Location: DocuSign 26 April 2022 | 12:50 Georgina.Cadwell@bdo.co.uk **Signer Events Signature Timestamp** Heather Wheelhouse Sent: 26 April 2022 | 12:52 Heather.Wheelhouse@bdo.co.uk Viewed: 26 April 2022 | 17:16 Partner Signed: 26 April 2022 | 17:17 BDO LLP Signature Adoption: Pre-selected Style Security Level: Email, Account Authentication (None) Signed by link sent to Heather.Wheelhouse@bdo.co.uk Using IP Address: 163.116.162.120 ## **Electronic Record and Signature Disclosure:** Not Offered via DocuSign |**In Person Signer Events**|**Signature**|**Timestamp**| |---|---|---| |**Editor Delivery Events**|**Status**|**Timestamp**| |**Agent Delivery Events**|**Status**|**Timestamp**| |**Intermediary Delivery Events**|**Status**|**Timestamp**| |**Certified Delivery Events**|**Status**|**Timestamp**| |**Carbon Copy Events**|**Status**|**Timestamp**| |**Witness Events**|**Signature**|**Timestamp**| |**Notary Events**|**Signature**|**Timestamp**| |**Envelope Summary Events**|**Status**|**Timestamps**| |Envelope Sent|Hashed/Encrypted|26 April 2022 | 12:52| |Certified Delivered|Security Checked|26 April 2022 | 17:16| |Signing Complete|Security Checked|26 April 2022 | 17:17| |Completed|Security Checked|26 April 2022 | 17:17| |**Payment Events**|**Status**|**Timestamps**|