REGISTERED CHARITY NUMBER: 222416
Report of the Trustees and
Financial Statements
for the Year Ended 31 December 2020
for
CHRISTADELPHIAN BENEVOLENT FUND
CHRISTADELPHIAN 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 13 |
CHRISTADELPHIAN 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
Objectives and aims
The trust was established to relieve conditions of need, hardship or distress in the Christadelphian community. The aims of the trust are to provide grants. These aims enable the trust to fulfil its objectives for the year, being to help those members of the Christadelphian community who are experiencing difficult times. The charity's strategy is to use the network of Christadelphian ecclesias to make its work known to members of the Christadelphian community. The ecclecias will refer individual cases to the charity and provide updates so that it can assess how successful it has been in fulfilling its aims. The grants provided during the period are the means by which the charity achieves its aims and objectives.
Public benefit
During the year the trust fulfilled its public benefit aims by maintaining its regular grant making and has also made compassionate grants to individuals. These grants are made to members of the Christadelphian community, membership of which is open to all.
When planning grant making activities for the year, the trustees have considered the Commission's guidance on public benefit.
Social investments
The charity no longer provides interest free loans to individuals.
Grantmaking
The trust has a policy of making regular grants. In addition it makes irregular compassionate grants to individuals on the basis of representations made by the ecclesia of which those individuals are members. These grants are made to assist members of the Christadelphian Community in line with the charity's objectives and aims.
Volunteers
The trustees are grateful for the contribution made by volunteers in assisting the trust to carry out its activities. Because of the difficulties in quantifying economic value to the volunteers' time their contribution has not been included in the statement of financial activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees are pleased to report that the charity was able to continue its making grant making activities during the year both in the shape of regular grants and compassionate grants made to individuals. In doing so the charity has achieved the objectives set as these grants are made to members of the Christadelphian community, membership of which is open to all.
FINANCIAL REVIEW
Financial position
The net surplus for the year amounted to £14,746 and the fund balance carried forward at 31 December 2020 is £3,054,362.
The incoming resources of the charity have been adversely affected by the advent of the Covid-19 pandemic, with investment income being particularly impacted. Grants made by the charity were also at a reduced level.
Investment policy and objectives
In accordance with the trust deed, the trustees have the power to invest in such stocks, shares, investments and property in the UK as they see fit. The trustees, in consultation with the charity's investment advisors, have a policy of medium term growth and maintainable income.
Page 1
CHRISTADELPHIAN BENEVOLENT FUND
Report of the Trustees for the year ended 31 December 2020
FINANCIAL REVIEW
Reserves policy
The reserves held are £3,054,362. The trustees have reviewed the reserves of the charity. This review included an assessment of the probable future levels of income and expenditure and the size and nature of the reserves. The review concluded that it was likely that there would be greater demands on the charity in the future and that the size of the reserves would enable the trustees to meet these calls on the charity. They have also continued to provide publicity about their grant making capacity to members of the Christadelphian community..
FUTURE PLANS
The trustees plan to carry on providing grants in a manner similar to that of recent years.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The trust is an unincorporated trust, constituted under a trust deed dated 14 October 1952, and is Registered Charity number 222416.
The trustees who served during the year are shown below. The trustees are appointed by the Board of Trustees. The trustees hold meetings quarterly, where they agree the trust's overall strategy and areas of activity such as investment, grant making, reserves and risk management.
The day-to-day administration of grants etc. is carried out by the Treasurer and the Secretary.
New trustees are provided with an induction pack which contains key information about the charity. They are also given information published by the Charity Commission on the duties and responsibilities of trustees.
The trustees have identified the major risks which the trust faces and established procedures to manage those risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
222416
Principal address
Westhaven House Arleston Way Solihull West Midlands B90 4LH
Trustees
D P Ensell Treasurer J M Buckler R Miles E Briley P Bromage R Deedman Assistant secretary M Halstead Secretary M D Leinster
Page 2
CHRISTADELPHIAN BENEVOLENT FUND
Report of the Trustees for the year ended 31 December 2020
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
I T Bidmead Institute of Chartered Accountants in England and Wales Stanley Yule Chartered Accountants Waterside House Waterside Business Park 1649 Pershore Road Birmingham West Midlands B30 3DR
Solicitors
Shakespeare Martineau LLP No. 1 Colmore Square Birmingham B4 6AA
Investment Managers
Rathbone Investment Management 8 Finsbury Circus London EC2M 7AZ
Bankers
Caf Bank Ltd Barclays Bank Plc Close Brothers Triodos Bank 25 Kings Hill Avenue Leicester 4th Floor Deanery Road West Malling LE87 2BB 10 Crown Place Bristol Kent London BS1 5AS ME19 4JQ EC2A 4FT
Approved by order of the board of trustees on 22 April 2021 and signed on its behalf by:
D P Ensell - Trustee
M Halstead - Trustee
Page 3
Independent Examiner's Report to the Trustees of Christadelphian Benevolent Fund
Independent examiner's report to the trustees of Christadelphian Benevolent Fund
I report to the charity trustees on my examination of the accounts of Christadelphian 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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
I T Bidmead Institute of Chartered Accountants in England and Wales Stanley Yule Chartered Accountants Waterside House Waterside Business Park 1649 Pershore Road Birmingham West Midlands B30 3DR
22 April 2021
Page 4
CHRISTADELPHIAN BENEVOLENT FUND
Statement of Financial Activities for the year ended 31 December 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Grants Other 8 Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 89,574 67,821 157,395 11,671 178,799 2,756 193,226 49,337 13,506 3,039,616 3,053,122 |
Restricted fund £ 8,992 - 8,992 - 7,752 - 7,752 - 1,240 - 1,240 |
2020 Total funds £ 98,566 67,821 166,387 11,671 186,551 2,756 200,978 49,337 14,746 3,039,616 3,054,362 |
2019 Total funds £ 210,219 104,757 314,976 3,940 224,238 4,581 232,759 352,028 434,245 2,605,371 3,039,616 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
CHRISTADELPHIAN BENEVOLENT FUND
Balance Sheet 31 December 2020
| Notes FIXED ASSETS Investments Investments 10 Social investments 11 CURRENT ASSETS Debtors 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 2,610,729 924 2,611,653 3,786 441,759 445,545 (4,076) 441,469 3,053,122 3,053,122 |
Restricted fund £ - - - 150 1,090 1,240 - 1,240 1,240 1,240 |
2020 Total funds £ 2,610,729 924 2,611,653 3,936 442,849 446,785 (4,076) 442,709 3,054,362 3,054,362 3,053,122 1,240 3,054,362 |
2019 Total funds £ 2,585,850 1,274 2,587,124 890 455,678 456,568 (4,076) 452,492 3,039,616 3,039,616 3,039,616 - 3,039,616 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 22 April 2021 and were signed on its behalf by:
D P Ensell - Trustee
M Halstead - Trustee
The notes form part of these financial statements
Page 6
CHRISTADELPHIAN 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.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Other expenditure is included on the accruals basis.
Governance costs
Governance costs include all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the independent examination and other sundry expenditure.
Social investments
These are initially valued at the amount paid, with the carrying amount adjusted in subsequent years to reflect repayments and adjusted if necessary for any impairment.
Taxation
The charity is exempt from tax on its charitable activities.
Irrecoverable VAT is charged to the category of expenditure for which it was incurred.
Tax recovered from voluntary income received under gift aid is recognised, where material, when the related income is receivable and is allocated to the income category to which the income relates.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Volunteers
Because of the difficulties in quantifying economic value to the volunteers' time their contribution has not been included in the statement of financial activities.
continued...
Page 7
CHRISTADELPHIAN BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31 December 2020
2. DONATIONS AND LEGACIES
| Ecclesial donations Other Donations Gift Aid Legacies 3. INVESTMENT INCOME Dividends on quoted investment Interest on Cash Deposits 4. RAISING FUNDS Investment management costs Portfolio management 5. CHARITABLE ACTIVITIES COSTS Grants 6. GRANTS PAYABLE Grants |
|
|---|---|
continued...
Page 8
CHRISTADELPHIAN BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31 December 2020
6. GRANTS PAYABLE - continued
The total grants paid to individuals during the year was as follows:
| Residential care costs Annual holiday scheme Fuel aid Water aid Block grants Individual grants Xmas bounty Urgent help scheme Iranian refugees |
2020 £ 80,476 26,258 21,018 12,189 290 10,978 2,865 24,725 7,752 186,551 |
2019 £ 88,896 41,234 19,325 11,025 24,137 36,126 3,495 - - 224,238 |
|---|---|---|
7. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Other resources expended | 2,756 |
Support costs, included in the above, are as follows:
Governance costs
| Governance costs | |||
|---|---|---|---|
| 2020 | 2019 | ||
| Other | |||
| resources | Total | ||
| expended | activities | ||
| £ | £ | ||
| Sundries | 255 | 1,349 | |
| Independent examination | 2,040 | 2,160 | |
| Trustees expenses | 461 | 592 | |
| Legal fees | - | 480 | |
| 2,756 | 4,581 | ||
| 8. | OTHER | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Support costs | 2,756 | 4,581 |
continued...
Page 9
CHRISTADELPHIAN BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31 December 2020
9. 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
The payments shown in note 7 above were made to two trustees for expenses incurred such as travel costs in attending meetings etc.
10. 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 Investments at market value comprised: UK investments Overseas investments |
31.12.20 £ 1,536,669 1,074,060 2,610,729 |
Listed investments £ 2,585,850 755,787 (829,458) 98,550 2,610,729 2,610,729 2,585,850 31.12.19 £ 1,943,717 642,133 2,585,850 |
|
|---|---|---|---|
The individual holdings which at the balance sheet date exceeded 5% of the market value of the portfolio are given below. There were no individual holdings which exceeded 5% in the previous year.
| Holding | Market Value |
|---|---|
| 31.12.20 | |
| £ | |
| Legg Mason Global Funds Clearbridge US Equity | 145,871 |
continued...
Page 10
CHRISTADELPHIAN BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31 December 2020
10. FIXED ASSET INVESTMENTS - continued
Investments at market value comprised:
| Equities Fixed interest securities Property & infrastructure funds |
31.12.20 £ 2,191,093 156,749 262,887 2,610,729 |
31.12.19 £ 2,158,213 202,705 224,932 2,585,850 |
|---|---|---|
11. SOCIAL INVESTMENTS
| MARKET VALUE At 1 January 2020 Repayments in year At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Programme related investments Loans to Individuals £ 1,274 (350) 924 924 1,274 |
|---|---|
The loans made to individuals are interest free. All amounts are repayable within one year.
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Income Tax debtor Accrued Income |
2020 £ 3,509 427 3,936 |
2019 £ 890 - 890 |
|---|---|---|
continued...
Page 11
CHRISTADELPHIAN BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31 December 2020
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors Accrued expenses |
2020 £ 1,916 2,160 4,076 |
2019 £ 1,916 2,160 |
|---|---|---|
| 4,076 |
14. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Iranian Refugees TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 157,395 Restricted funds Iranian Refugees 8,992 TOTAL FUNDS 166,387 |
At 1.1.20 £ 3,039,616 - 3,039,616 Resources expended £ (193,226) (7,752) (200,978) |
Net movement in funds £ 13,506 1,240 14,746 Gains and losses £ 49,337 - 49,337 |
At 31.12.20 £ 3,053,122 1,240 |
At 31.12.20 £ 3,053,122 1,240 |
|---|---|---|---|---|
| 3,054,362 | ||||
| Movement in funds £ 13,506 1,240 14,746 |
||||
| 14,746 |
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.19 £ 2,605,371 2,605,371 |
Net movement in funds £ 434,245 434,245 |
At 31.12.19 £ 3,039,616 |
|---|---|---|---|
| 3,039,616 |
continued...
Page 12
CHRISTADELPHIAN BENEVOLENT FUND
Notes to the Financial Statements - continued for the year ended 31 December 2020
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 314,976 314,976 |
Resources expended £ (232,759) (232,759) |
Gains and Movement losses in funds £ £ 352,028 434,245 352,028 434,245 |
Gains and Movement losses in funds £ £ 352,028 434,245 352,028 434,245 |
|---|---|---|---|---|
| 434,245 |
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
Page 13