UNITE THE UNION BENEVOLENT FUND CHARITY NUMBER: 228567
REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
UNITE THE UNION BENEVOLENT FUND
YEAR TO 31 DECEMBER 2021
INDEX
- 1 - 2 Trustees’ Annual Report 3 Receipts and Payments Account 4 Statement of Assets and Liabilities 5 Independent Examiner’s Report
UNITE THE UNION BENEVOLENT FUND
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
Introduction
The Unite the Union Benevolent Fund was formed from the UNIFI Benevolent Fund in November 2007. The Fund is primarily for the benefit of members and staff of Unite the Union. The new Constitution and change of name were approved by the Charity Commission.
The receipts and payments account on page 3 and the statement of assets and liabilities on page 4 have been examined by the Independent Examiners, Francis Clark LLP.
Reference and administration details
Charity name: Unite the Union Benevolent Fund
Registered Charity number: 228567
Principal address: Transport House 128 Theobald's Road City of London WC1X 8TN
Bankers
Unity Trust Bank
Trustees
Mrs Margaret Hazell Mr Tim Harper (Chair) Mrs Carolyn Taylor Mr Stephen Skinner (Secretary)
Structure, Governance and Management
The Charity is governed by the Constitution and regulations dated December 1964 as amended 11 April 1979, 12 March 1991, 17 March 1998 and 15 November 2007.
Trustees are appointed and removed by the Joint Executive Committee (or any equivalent successor body). There were eleven meetings of the Trustees in 2021.
Objectives and activities
The objects of the Charity are:
-
A. To provide benefits to members or employees or ex-employees of Unite the Union or any successor union (hereinafter referred to as ‘the Union’) or their dependents, who may be in distressed circumstances.
-
B. To consider applications from the public whether members of the Union or not, at the discretion of the Fund.
-
C. To make monetary grants or donations or render other assistance to any institution or association which can also render benefits of assistance to distressed persons as more specifically referred to in clauses A or B above.
The main activity in relation to these objects is the payment of grants to beneficiaries.
- 1 -
UNITE THE UNION BENEVOLENT FUND
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
Public benefit
The Trustees have given due regard to public benefit when planning the charity’s activities, in accordance with the Charity Commission’s Guidance on Public Benefit.
The paragraphs on page 1 set out our activities, achievements and performance during the year, which are directly related to the objects and purposes for which the charity exists. The charity achieves its principal objects and purposes through providing financial help for people connected to Unite the Union who may be in distressed circumstances . These benefits are directly related to the aims of the charity and are fully compliant with the Charity Commission Guidance on Public Benefit.
Applicants
The number of applications has reduced between 2020 (512) and 2021 (561).
Financial review
Income to the Fund is derived from the Union’s Lottery and the charity’s investments supplemented by a small number of ad hoc donations. Receipts for the year totalled £228,175 (2020: £206,750) including £65,427 (2020: £56,979) in lottery donations.
Payments totalled £202,143 (2020: £235,791) of which £90,145 (2020: £146,554) was paid out in grants to beneficiaries and £105,075 (2020: £80,181) related to purchase of assets retained for investment purposes. Net receipts were £26,032 (2020: net payments (£29,041)).
The restricted funds balance of £54,657 is in respect of the Jack Laity bequest to the UNIFI Branch Bristol & Avon for the benefit of their members. UNIFI used this money to establish the Pauline Oritz Fund and spent £21k of the original bequest. The balance was held by AMICUS for seven years and was finally transferred into this charity in early 2012.
The Trustees are monitoring closely the impact that Covid 19 will have on the charity’s dividend income and believe the short to medium term impact on liquidity will not affect the ability of the charity to fulfil its aims and commitments.’
Reserves
The Funds’ Trustees are of the opinion that uncommitted reserves should be kept to a minimum. However, though the Benevolent Fund is anxious to fulfil this, it is still mindful to distribute all monies received only to the most deserving applicants.
Declaration
Approved by the Trustees on 16 November 2022 and signed on their behalf by:
Stephen Skinner Tim Harper Trustee and Secretary Chair
- 2 -
UNITE THE UNION BENEVOLENT FUND
RECEIPTS AND PAYMENTS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total Funds | |
| £ | £ | £ | £ | |
| RECEIPTS | ||||
| Income Receipts: | ||||
| Sundry Donations (including Lottery) | 66,992 | - | 66,992 | 76,674 |
| Bank Interest | 1 | - | 1 | 151 |
| Dividends | 137,523 | - | 137,523 | 35,793 |
| Investments Sold | 23,659 | - | 23,659 | 93,632 |
| Miscellaneous | - | - | - | 500 |
| __ | __ | __ | __ | |
| TOTAL RECEIPTS | 228,175 | - | 228,175 | 206,750 |
| PAYMENTS | ||||
| Direct Charitable Expenditure | ||||
| Grants to Beneficiaries | 90,145 | - | 90,145 | 146,553 |
| Other Expenditure | ||||
| Independent Examiner's Fees | 1,870 | - | 1,870 | 1,700 |
| Bank charges | 1,650 | - | 1,650 | 219 |
| Trustees’ Expenses | - | - | - | 202 |
| Additional Investment | 105,075 | - | 105,075 | 80,181 |
| Management Fees | 3,216 | - | 3,216 | 6,436 |
| Miscellaneous | 187 | - | 187 | 500 |
| __ | __ | __ | __ | |
| TOTAL PAYMENTS | 202,143 | - | 202,143 | 235,791 |
| __ | __ | __ | __ | |
| Net Receipts / (Payments) before transfers | 26,032 | 26,032 | (29,041) | |
| TRANSFERS BETWEEN FUNDS | - | - | - | - |
| __ | __ | __ | __ | |
| NET RECEIPTS/(PAYMENTS) FOR | ||||
| THE YEAR | 26,032 | - | 26,032 | (29,041) |
| CASH FUNDS BROUGHT FORWARD | (16,144) | 54,657 | 38,513 | 67,554 |
| __ | __ | __ | __ | |
| CASH FUNDS CARRIED FORWARD | 9,888 | 54,657 | 64,545 | 38,513 |
| __ | __ | __ | __ |
- 3 -
UNITE THE UNION BENEVOLENT FUND
STATEMENT OF ASSETS AND LIABILITIES
AS AT 31 DECEMBER 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Unrestricted Restricted | Total | Total Funds | ||
| £ | £ | £ | £ | |
| MONETARY ASSETS | ||||
| Bank and Cash Balances | ||||
| Cash in Bank | 6,888 | 54,657 | 61,545 | 35,513 |
| National Savings Deposit | ||||
| Income Bond | 3,000 | - | 3,000 | 3,000 |
| _ | _ | _ | _ | |
| 9,888 | 54,657 | 64,545 | 38,513 | |
| _ | _ | _ | _ | |
| LIABILITIES | ||||
| Independent Examiner’s Fees | (1,870) | - | (1,870) | (1,700) |
| NON-MONETARY ASSETS | ||||
| Held for Investment purposes (in the joint names | of the Trustees). | |||
| Investments: Managed Funds (market value) | ||||
| Redmayne Bentley Managed Fund | 658,853 | - | 658,853 | 636,087 |
| F & C Stewardship Managed Funds | 132,617 | - | 132,617 | 112,040 |
| _ | _ | _ | _ | |
| 791,470 | - | 791,470 | 748,127 | |
| _ | _ | _ | _ | |
| NET ASSETS |
799,488 | 54,657 | 854,145 | 784,940 |
| ======= | ======= | ======= | ======= |
The accounts on pages 3 to 4 were approved by the Trustees on 16 November 2022 and signed on their behalf by:
Stephen Skinner Tim Harper Trustee and Secretary Chair
- 4 -
UNITE THE UNION BENEVOLENT FUND INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31 DECEMBER 2021
Independent Examiner's Report to the Trustees of Unite the Union Benevolent Fund
I report to the trustees on my examination of the accounts of the Unite the Union Benevolent Fund (the Trust) for the year ended 31 December 2021.
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 2011 Act and in carrying out my examination I have followed all the 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.
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.
Anne-Marie Gates FCCA FCA A Partner of Francis Clark LLP Chartered Accountants
Date: 16 November 2022
Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW
- 5 -