REGISTERED CHPRifY NUMBER: 222416 FINANCIAL STATEMEKrn FOR THE YEAR ENDED 31 DECEMBER 2023 FOR CHRISTWHIAN BENEVOLEiif FUND
CHRISTADELPHIAN BENEVOLEMT FUND CONTENTS OF THE FINAKIAL STATEMENTS FOR THE YE*A ENDED 31 DECEMBER 2023 Report of lh• Trust••$ 1 to 3 Ind•p•nd•nl Examlnèes Rep¢)rt Slal•menl of Flnan¢lal Athlths B•lance Sh••1 Not•s to Flnanclal Statemonts 7 kn 13 Detallod Slat•merrt of Fln•n¢lal ktlvltlos 14
CHRISTADELPHIAN BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present tsir r¢pLYl with Ihe 1181 ststements of th& charity for Ihe year end 31 De¢¢mber 2023. Th8 Iruslees have atJ(Wed ts wowsions of AcUnting and Reporting by Chariti8s'. Stalgmenl of Recommende(I PCe aptdic8ble to charibes wepariw their accwnls in accordance vAth the F¥iancial Repothg StaThlard apFthable in the UK fte of Ireland (FRS 1021 {effeciive 1 January 20191. OBJECTIVES AND ACTMTIES Obj•ctiv•$ and akns Th¢ trust was established lo refVe condilons of need. hardshlp or distress in the Chrisladelphian ¢ommunlty. The aims of ts trust are lo provlde grants. These aims enatle the trusl lo fv1fj16ts obj'ective5 for the year, being lo help Itb)$e members d the Christadelphian communty who are experiencing dlffi¢utt times. The Chayitys strategy is to usa Ihe of ChristadlMan ¢leSla5 to make ils work known to rnembors of the Christadelphkqn coMmlty. The ttclecias refer indivwjual cases to the tharty arNI pmide updates so that it can assess how successfiA it has been in fuKllng its aims. Th8 gants provhtsj duriry the TiCKl are the means by which the chY athievgs ris aims aThl obJVe$. Publ1¢ benefft Durlng the yaar th8 trust lulfilled 9 benefft aims by maintairwvJ its rewkr wanl making and has also made compa$$ionale grants to WKlivJuals. Thes8 syanls ¥e m membets of the Chrisladelphlan comMlty, membershy of whth is open to When planning gr1 maklNJ activities ar. fne Trlee$ haw th& Commission's guldance on pUL1C b8nefft. So¢l•l Investts The Charity no provNJes naw terest free k>ans to iThJi¥•knls. Grantmaklng The trust has a policy of Mak1 regular grants. In ath'e il rnakgs irrewl¥ compassicfflate grants to Indknduals on the basis of represenlations made by the ecd8sia of those inthvidua15 are members. Th658 grants are made lo assist m8mbers of the Chr15tad¢lphran COMMU in line wilh tho charity$ cjectives arKI aims. Volwbt•• The trustees grateful for CAJntrilxrfioTr m&le by jn1eers ift ass1 the trust to cary out its xllvltles. Because of thg difficulti88 in quantstyng OnoMiC vthe to the volunt8ers' tim8 their ¢Ctri1 has not been Induded in the statement of finan(xal actNibes. ACHIEVEMENT AND PERFORMANCE Charltable athlt The trustees are pl8ased to repcrft that charity was able lo Otin bts making grant making aclplities during the year t4)Ih in the Sha of regul¥ grants compass)nate grants made lo indivitha15. In doing SO the tharity has achieved the objectives sat as grwts ère made lo members of the Christadelphlan communty, memberst) of is (pen to a FINANCIAL REVIEW Fknancl•l poshlon The net surplus for aMJted to £87.051 aryj tho furMI balance Carried forward al 31 December 2023 is £2.973.691 The In1mIng resowees of the charity have recovered after been verSe1Y affected by the advent of the Cow¢19 pandèmic, renecting a return to V•wkty colecbons at Sunday meetings. Grants made by the ch1 wer8 also at an wKrea8ed knl.
CHRISTADELPHIAN BENevoLEiif FUND REPORT OF THE TRUSTEES FOR THE YEA ENOED 31 DECEMBER 2023 FINANCIAL REVIEW Invostment policy and obJ•ctlv•s In accordan¢8 with the tsusl dogd. the trustees ha th8 rTh8r to invest ) suth sto¢ks. shores, inve3tmenls and propety kn thè UK as tw see fft. The trt. in ¢onsuttation the ¢hariVs investment advisors, have a polw cl methum lemi ma11n rwxm8. R•swve8 pollty The resèrves held £3,1))3,883. The trustees have rev1wd the reserves of the charity. This revwj induded an assessment of the probable future of rKome and expenditure and the size and n8tur8 of the reseNes. The review 0c1Jed that il was Ikely that Ihere wouhj b8 sYeat8r demands on the ch¥ity th6 future and Ihat the slze ol the reser¥es onabl8 the truBtees to meet these calls on thg charity. They have also contiNed to provide publaty atx)ut ther grant making capaw to membeTS of the ChristadelFthlan mmunity.. FUTURE PLANS The trustees plan to carry on pro¥¥ling gts in a simil¥ to that of recert >$. STRUCTURE. GOVERNANCE AND MANAGEMEKr The trust is an unlncorFrfxatsd trust. cotituted a trust deed dated 14 October 1952. arnl is Regl8tered Charity wmber 222416. The trustees who seNed during yew are bel. Tr trL¢stees we aFpointeil by the Board of Trustees. The Irustees hohj ellig$ quartedy. where agyee Ihe trusfs overal strategy and area5 of liwty such as inveslmgnL grant makir#J, reserves and risk management. The dato• a(Iminthakn of gyants c. is carrMI ty Ihe Treasurw and Ihe Secretary. New trustees are provided wlth an YKluction pack Contai key infralK)n ab1 the charity. They ar8 o given infomiation published by the Charity Cc¥nmissh)n on the duties and rèspons•ilities of trustees. Tho trustetss have identified Ihe mai(x rth wthich the trust faces and estsbtshed proc•dtxes to manage trse rk%ks. REFERENCE AND )MINIsTRATIvE DEfAIL8 R•gl¥lered Charlty numb•r 222416 Prln¢lpal addr•ss Westhaven House Arleston Way S(41hull Wesl Midknds 4LH Trust••$ D P En$611 (Troasurerl J M Buck19r R Miles E 8riley P Bromag R Deedman {Asslstant se•) M Halslead {Sec*etary} M D Leinster Page 2
CHRISTADELPHIAN BENEVOLENT FUND REPORT OF THE TRVSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADIAINISTrATIVE DEfALS Ind•pend•nt Examin•r Morgan Davies FCA Prlme Chartered Antsnts 161 Nthau Slreet Birmingham 83 1SW Sollcltors Shakesp8are marne8 LLP No. 1 Colmore Squa Bimiingham Inv••tmonl Manag•r• Rathbone knvestmenl Managgmenl 8 Flnsbury Circu$ London EC2M 7AZ 8•nk•rJ C8f Bonk Ltd Barclays Ba Pk Ckjse Brothe Triodos Bank 25 King9 Hill Avern Leicestor 4thFk Deanery Road West Malli LE87 28B 10 Crv4ffl Pe Bristol Kent BS1 &AS ME19 4JQ EC2A 4 ApKed bYder of the board of tnJ5tees on ....2Skk ..4pkL20 l...... and sbjrwd on its behalf by. D P EMdi- Tnntso Page 3
INDEPENDENT EXAMINER7 REPORT TO THE TRUSTEES OF CHRISTADELPHIAN BENEVOLENT FUND Ind•p•nd•nt •xamlMrf8 r•port to th• In10•$ of Chrl•ta4Wil•n B•nwol•nl Fund I report lo the charity trustees on my examiwbon ol acccwnls of christadeIan Benevolent Fund Ithg Trust) f¢y the year erKled 31 Dember 2023. R•sponslbllltlo$ and basls of r•port As the charity Irustèes ofthe Twsl Y( ple reSpNts for try8rati of Iho accounts kn t0rd wEth Ihe requirements of the Charities knt 2011 Acr). I report in resFd of my examknalion of the Trusfs acco$ urried out under SeCt)n 145 of Act In carry7rKJ out my 9x1nalOn I have foll(rad al aptable DeK$ grth by th8 Charity Commiswn under Section 14515llb) of the Ad. Indwnd•nt •xamlngrfs slalomenl Since r tharitys gross income exceed8d £250.1KKI emirEr must be a member ol a Isted boty. I can confirrn that l am qualtfied to undwtske the examinaknn becwse I a member of the Inslitute ol Chartered Accounfants in Er¥Jland and Wales, is ¢Jne of the listed bodies. I have compl8ted my examinat. I confm) Ihat M fflaknl mattern have o)m6 to my attonti( In conne¢lion vAth the oxamlnalion givwy m8 cause to beliève in wy materlal respect.. accountM)g recor(ts were not kepl in respect of th8 Trust as reqinred by Seclion 130 of the Act: ow the accounts do not accord with th reo)rd$: thé accounts do not comKAy with the applicatrA9 re¢WWeMts cfficornirvJ the fom and content of acctsJnl$ sel wl in the Charities {ACunIS an(1 Reports) Regulath)ns 21x18 othw than any rewlrement that the accoLmts give a true ar fav v*w wli¢h ks Th)t a matter n$Ired as part of an independ1 examination. I have m con¢ems and have cor acn)s$ no other matters n c(Y4wcllc the examination lo vA)Ich attention shoukl be drayffl in this rwt in er to enable a prcygr wKJ8r8tWKling cl the acco) to bg Morgan Davies FCA Primg Chartered Accountants 161 Nevthall Street Bwmlngham B3 1SW 14.06.2024 Page 4
CHRISTADELPHIAN BENEVOLENT FUNO STATEMENT OF F114ANCIAL ACTivrriES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Totsl nds 2022 Total funds fuThJ funds INCOME AND ENDOWMENTS FROM Donalons aThJ legacies 2S4362 224.588 Invostment Income 81262 81.262 76,924 Total 335.624 301.512 EXPENDITURE ON Raislng funds 11447 11447 13,319 Charltabl• actlvltl•s Grants 350M71 350.871 295,102 Other 4,987 4987 5.036 Total 361.305 368,305 313.457 Net galnsl{thsesl Investnts 8&969 1398,837) NET INCOMEIIEXPENOMJREI 53288 (410,782) RECONCILIATION OF FUNDS Total fur$ brought forward 1884640 63.384 2,950.024 3,360.806 TOT FUNDS CARRIED FORWARD 1939.928 63.384 3.003,312 2.950.024 The notes form pwl of these finwKial statements
CHRISTADELPHIAN BENEVOLENT FUND BALANCE SHEET 31 DECEMBER 2023 2023 Totsl funds 2022 Totsl funds Unrestricted Restricted fimds FIXED ASSETS Investm•nts Investments Social invesknents 10 1632J13 11 2,632,313 2,529,519 924 2,631313 2.632,313 2.530,443 CURRENT ASSETS Dfrbtors Cash at ba 12 6.392 367.787 5,185 419.072 63.384 310.795 63.384 374179 424.257 CREDrroRS nouNs faliro du8 wilhin one ar 13 13.180) 13,180 {4.676) NET CURRENT ASSErs 307,615 370.999 419.581 TOTAL ASSETS LESS CURRENT LIABILThIES 39.928 63,384 3.003,312 2,950.024 NET ASSETS 2,939,928 63.384 3.003.312 2.950.024 FUNDS Unrestricted funds Restricled funds 14 1939.928 63J84 2.886.640 63.384 TOTAL FUNDS 3.003.312 2,950.024 Tho finandal ststemgnts V+we 4)proved by tho Board of Trt6¢S alrISed for issw on 2£1.. A I.4... aj were signed cffl its behal by. D P ErAel- Tts6 Haistd8d- Trultse p6
CHRISTADELPHIAN 8ENEVOLEMT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNnNG POLICIES Bas1$ of prnparfng th• flnncial stat•m•nts Th8 financial statem8nts of th¢ ¢harity. 15 a b8nefft tity under FRS 102. have been prepared in acc(Ydants vthh the Charities SORP {FRS 1021 'Ac¢ounling and Reporting by Charilles.. Slalgmenl vf RecommerKled Praclice atvlcat4e lo chari&s FwariNJ their aoUnts in accordance the Financial Reporting Slandard applicable in the UK and Republic of IrelaNI (FRS 102) {effeclive 1 January 2019)., Financial Stand¥d 102 Tr Financaal Reportirwj Standard applicabte in the UK and ReputAic cl and th8 Chariis Act 2011. Tho financial statements have been prepared u10r the historical cost conventth. with the excèpkn of inveslm8nts wNch are Included at market value, as modllled by the revaluation ol certain assèts. In¢ome Al IntA)rne 15 reCogrSed in the stateme ol FkwKo1 Aclivils orte Ihe cha has enbdèmert to Ihe funds. it 1$ problg that the •Kcne be recei# 8nd Ihe amcthl ¢an be measured reliably. Expendlthrn Ll8blttios aro Tecognised as eynditure as soon as th8r8 is a legal (Y constructive obligation committirrfJ ts Charfty to that èXP8nditLW8. it [Kol8 that a transfer of eccffjomic bènefits will be reqred in setuement and the amount of oblgalk)n can be measwed reliabty. Expenditurg Is accounted for on an xcruals basis and has been Classified uThJer headiros that aggregate all cost related to the calegory. Where costs cannot te 11ctIyattfbUted to Partlr headings they have been Grants offefed su'ect to conditions vhmch have Ml been m81 * the end dalo are noted as ommilmenl but not as expwditirn. Other expeTrthre is inded on Ihe accwals basis. Govèrnan¢o sts Govom8nce $ts In¢de all costs Ihe Mrtalty of Ihe charity rts Gompli8nce with rfjgulathon and good prackn. Th8se costs costs related to the [rependent axamin81M)n and Otr sundry experKlibJe. &)elal Invg$lm•nts These are initialty vahjed at the paKI. 7Ailh the C 8nKnmt USted in subsequent )¢ars to rellect rep8yments and and sted il rcesSaryf0r aNwnpaTh8nL Taxatlon Irr¢¢overafAe VAT Is chty to ts cateyy ofexFwthire whth it was IrKurred. Tax recovered Irom voluntsry re( gift aKI is recowised. wtherè material. whgn the relaled 1me is receivatl8 aNI 15 ated to the rate lo Wthh the lfv>)mè r¢lates. Fund aecountlng Urfftstricled fund5 can use(1 n acc(dwK8 ilh the ¢hwitatlg {41¥e5 at th8 discrelion of the trustees. Flx•d assot Investmènts Investments &e a forni of bas financial instrument KI are initialty recognised at their transactKM) valu& and Subsequent measured at thwr faw Ykn as at the balwKe sheet date using the closing quoled market pricg. Tho statement cl financial &Ir¥i$ ndudes the net gains aTrJ hisses arising on revaluation arKI th5posa15 Ihe s. Voluntoers Because of the difftulbes in quantifyrfry economic 4?e lo Ihe ynteerS. time ntrIbUtIOn ha$ not been in¢lLFded in the slatemenl of financial aclNitM. Page 7 ¢tIled...
CHRISTADELPHIAN BEIIEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS - ¢onlInd FOR THE YEPR ENDED 31 DECEMBER 2023 DONATIONS AMD LEGACIES 2023 2022 Ecclesial daOrs Other Donalions Grft Aid Legacies 141.$37 56.023 178,576 28,558 4.369 13.085 $0.958 254,362 224.588 INVESTMENT INCOME 2023 2022 Dmdends on quoted inbwtrwrt Int8rest on Cash Oeposlls 66.168 15,094 70.291 6.633 81.262 76.924 RA181NG FUNDS Inv•slm•nt manag•m•nt costs 2023 2022 Portfolio m*Mg•ml 12,447 13.319 of actlvili8s (see note 6) Grants 350.871 GRANTS PAYABLE 2022 Grants 350,871 295,102 Page 8 conlinue(l...
CHRISTADELPHIWI BENEVOLEpif FUND NOTES TO THE ANWICL STATEMENTS -contInl FOR THE YEPA ENDED 31 DECEMBER 2023 GRAMTS PAYABLE . cortlnuod Thg totsl grants pad lo irnlNhJu ¢JdrYJ y8ar TKa5 as foy. 2023 2022 Annual holKlay sdrne Bible School- Bren Bible School- Christadglphian Bible School- Swanwck Christma5 tnty Fuel aid Indfvldual grants Iranian refLyees Residenllal care costs Reswte Care Urgent help sc* Water aid 10.700 21.542 4.485 6.714 2.635 3,877 53,616 1,000 6.0 89.051 58.144 25.888 22.150 1S954 4,199 59,076 15.875 15,143 77.456 128.425 350.871 295,102 SUPPORT COSTS Other resources expwKled 063 Support Costs, incknded kn Ihe 81?. aTe as fkY. Gorn¢• ¢0s18 2023 Other resourcès expended 2022 Total advllies Sundries Indapendent exam1Tl)n 703 2.155 2,881 4063 5,036 continued...
CHRISTADELPHIAN BENEVOLEpif FUND NOTES TO THE HNANCWL STATEMENT8-¢ontlnl FOR THE YE*A ENDED 31 DECEMBER 2023 OTHER 2023 2022 Ba debt spOrt costs 924 5.036 4.987 5.036 TRLISTEES. REvNERATK AND BENEFrrs Thor8 were no trustees. remerakn or other for Ihe erKled 31 December 2023 nor for the year ended 31 Decarnber 2022. Tru¥to0s' •xp•ns•s Two trustees (2022: 3) Iw¥e been rrimtwrsthy or rwxfved expens8$ dur#ig the year £452 (2022.. £396}. 10. FIXED ASSEf INVESTMENTS Llsted Investments MARKET VALUE At 1 January 2023 Additions Disposals Rovaatio 2.529.519 376.501 1344,0621 70,355 At 31 D¥ember 223 2,632.313 NET BOOK VALUE At 31 December 2023 2,fJ32.313 At 31 December 2022 2,S29.519 InlmInts at mwknt valué ¢•ryrW." 2023 2022 UK investrnents Overseas Investments 1.635,758 1.553.569 996,556 975.950 2.632,314 2.529.S19 There is one thdUal hcqdings wthkh at Ihe baance sheet datè excttd 5% of the market Wdlu8. Brovm P4lwsory Funds- 5.4% There were no ThliM(kJal hc4(ty exceeded 5% n the PTevi0 ypar. Page 10 continued...
CHRISTADELPHIAN BENEVOLEMT FUMD NOTES TO THE FIPIANCIAL STATEMENTS- conlknwd FOR THE YE1 ENDED 31 DECEMBER 2023 10. FIXED ASSET INVESTMENTS- contlnu•d Cost or valuakn a131 December 2023 is by. Lhted Invo$tment Vaall¢ li 2023 70,355 1561.958 1632.313 Inv•stm•nts at mafvt valu• 1#d. 2023 2022 Equlties Fixed interest securities Pr(perty & infrastructure fun(ts 2,150.05T 1.980,042 191.955 223.631 290.302 325.846 2,632,314 2,529.519 11. SOCIAL INVESTMENTS Programm8 related investmgnts Loans lo Individuals MARKET VJLUE At 1 January 2023 Other movements 924 {924) At 31 Oec8mber 2023 NET BOOK VAUIE At 31 December 2023 At 31 Deomber 2022 924 The bans m•Je to iidMdu* ate wrterest freè. Al amounts repa)kn withln (m8 ywr. Page 11 c(mtinued...
CHRISTADELPHIAN BENEVOLENT FUND NOTES TO THE FANCIAL STATEMENTS- c(xttlnu•d FOR THE YEAR ENDED 31 DECEMBER 2023 11 DEBTORS: AMOUNTS FALUNG DUE WITH14 ONE YEAR 2023 2022 Income Tax debtor ACryd Incom¢ 4.965 220 5,18S 13. CREDITORS: pMouKr8 F*LLWIG DUE IITfHIN OME YEAR 2023 2022 Other creditots Accrugd expenses 1.916 2.760 3,180 3.180 4.676 14. MOVEMENT IN FUNDS Net movem1 in Its At 31.12.23 A11.1.23 Unr•slrlct•d funds General fuTrJ 640 53.288 2,939.928 Restrlct•d fund5 Ring fenced donatrjn 63J84 63W4 TOTAL FUNDS 2,950,024 53,288 1003.312 Net movement in furKls, the ato¥e are as Inc(Kni Rèsourc8s Gains aKI Movement rgsources expended k)ssg$ in funds Unr•strlct•d funds General fwd 335.624 (M304 85,969 51288 TOTAL FUNDS 335,624 (3613 85.96 Page 12 continued...
CHRISTADELPHIAN BENEVOLENT FUND NOTES TO THE RNAMCIAL STATEMEIUS- ¢onllnu•d FOR THE YEAR ENDED 31 DECEMBER 2023 14. PAOVEMENT IN FUNDS - ¢¢%n• Comparatlv•$ for movemont In funds Net TransfvAs At 31.12.22 At 1.122 li funds funds Unr•strlcl•d lunds Goneral fund 3.360.656 {468,1S1) 15.8651 2.886.640 R•strfct•d funds Iranian Refwees Ring fenced dona 150 16.01S} 63,384 150 57.369 5.865 63,384 TOTAL FUNDS 3.360. (410.7821 2.950,024 comparati It movement in funds. inckkled in Ihe abtrrfè we as folNs: IncomwMJ Resources re8our¢es expended Gains and 10sses Moveme in funds Unrnstrl¢t•d funds General rK1 238.143 {307.45n 1398.8371 1468,151) R•slrl¢t•d fvnds Iranian Refug8es Ring fenced donation {15} 16.(KKI) (6,015) 63,384 {6,(KK)I 57,369 TOTAL FUNDS 11,512 {313.457) (398.83T) (410,7821 Purpo•• ot r•strkl•d fund• These rglato to fund$ that the Tn¢88S ha¥e been askgd to for the benefft of a mombor whos8 home ocdesia has ¢105ed. 15. RELATED PARTY DISCLOSURES There were rK* related party twsactw)ns for the 31 DewnbeT 2023. Pwje 13
CHRISTADELPHIAN BENEVOLENT FUND DETAILED STATEMENT OF FWANCIAL AcfMTIES FOR THE YEAR EMDEO 31 DECEMBER 2023 2023 2022 4COME ENfiOWMENTS Dona¢lons Wl•8 Ecclesial donalKJns Other Donati¢ Gift AKI Legacios 141.537 56.023 178.576 28.558 4.369 13.085 254,362 224.588 Imi•slm•nt In¢om• Diwdends on quoted rbvesknlent Interest cffl Cash Deposits 66.168 15,lJ94 70.291 6.633 81262 76,924 T¢Aal Incomlng r•sourw& 335.624 301.512 EXPENDITURE Invgstm•nt m*9•m•t Portfolo management 11447 13,319 Ch•rftabl• acllvllle• Grants to indivKluals 350.871 295,102 Oth•r Bad debt 924 Support costs Governance costs Sunthes Indepondgnt examinathn 703 3A60 2.155 2.881 4063 5.036 Total resLwrces expended 368,305 313.457 N•t •xp•ndliur• b•lor• galns and Iosms (32,681) 111.945) RMlls•d recognl8od 9•kn8 and losses Reallsed gaiislllosses) on fLxed asset Investments 15.514 33,636 N•t {¢xpendllurpylncom• <17.167) 21.691 Thls page do8s not lorm pwl ofthe Staluw ffinancial slatements Page 14