**Registered Charity No: 235584**
# **THE CHARTERED INSTITUTE OF MARKETING BENEVOLENT FUND**
**REPORT AND FINANCIAL STATEMENTS**
**YEAR ENDED 30 JUNE 2024**
**THE CHARTERED INSTITUTE OF MARKETING BENEVOLENT FUND**
## **Trustees Report**
The Trustees present their report and financial statements for the year ended 30 June 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the Charity's trust deed, the Charities Act 2011 and 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) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## **Objects of charity**
The charity was set up for the relief of hardship of members of The Chartered Institute of Marketing and their families and for the advancement of education.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities.
## **Grants**
The main activity of the charity is to provide hardship grants. Trustees are required to apply both the capital and income of the charity under the directions of the Board of the Benevolent Fund for the provision and payment of annuities grants or loans, who in the opinion of the Board are necessitous and deserving persons for the time being or have been members of the Institute or are wives, widows, husbands, widower, children, parent or other dependents of any such past or present members of the Institute.
## **Review of Activities and Financial Review for the year**
During the year the trustees reviewed a number of hardship cases and are pleased to report that the fund paid £65,449 (2023 - £4,419) to beneficiaries during the year. Gains from investments for the year was £55,592 (2023 - £30,444) and dividends for the year was £15,506 (2023 - £1,039), the net increase in funds for the year amounted to £109 (2023 - £25,665). The unrestricted fund at the end of the year was £723,498 (2023 - £723,389).
## **Governance**
The Chartered Institute of Marketing Benevolent Fund is a registered charity and is governed by a Trust Deed dated 6 April 1964, as amended 8 October 1992 for the change in the charity’s name.
The trust operates a self-perpetuating board, and all nominations that are recommended by the charity have to be ratified by the Board of Trustees of The Chartered Institute of Marketing. On appointment trustees attend an induction meeting.
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**THE CHARTERED INSTITUTE OF MARKETING BENEVOLENT FUND**
## **Trustees Report (continued)**
## **Investment powers, policy and performance**
The Trustees are responsible for and manage all the charity's investments and CCLA manage the charity's investments portfolio. During the year the CCLA investments made an unrealised gain of 8% (2023- 2%). CCLA provide quarterly investment reports and bi-annual fund performance updates to the Trustees.
## **Reserves Policy**
In line with the guidance issued by the Charity Commission the Trustees have reviewed the charity's needs for free reserves which are those unrestricted funds not invested in assets, designated for specific purposes or otherwise committed. The Trustees believe reserves of £723,498 are more than sufficient to cover three months running costs of £1,547); with the remainder being used to generate future income to ensure that the charity can run effectively. Reserves will be used to further the charity's object of the relief of hardship of the Chartered Institute's members and their families as and when such instances of hardship are brought to the attention of and evaluated by the Trustees.
## **Risk management**
The Trustees actively review the major risks which the charity faces on a regular basis. They
believe that maintaining free reserves at the levels stated above, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks, which they face and confirm that they have established systems to manage the significant risks.
## **Independent Examination of Accounts**
As the gross income of the trust is less than £25,000, the Trustees have opted, under The Charities Act 2011 (Accounts and Audit) Order 2015 (SI 2015 No.321), not to have an independent examination of the trust accounts.
## **Statement of Trustees' Responsibilities**
Law applicable to charities in England and Wales 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 surplus or deficit of the charity for that year. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP.
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on a going concern basis unless it is
- inappropriate
- to presume that the charity will continue.
## **THE CHARTERED INSTITUTE OF MARKETING BENEVOLENT FUND**
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## **Trustees Report (continued)**
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. 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.
## **Trustees**
Current Trustees are listed on the information page of this report.
Approved by the Board of Trustees of The Chartered Institute of Marketing Benevolent Fund 13 September 2024 and signed on its behalf by:
L Hopwood Chair
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**THE CHARTERED INSTITUTE OF MARKETING BENEVOLENT FUND**
## **Charity Information**
## **For the Year Ended 30 June 2024**
## **Trustees:**
L Hopwood – Chair J Hood G Reed
## **Principal Office:**
Moor Hall Cookham Maidenhead Berkshire SL6 9QH
## **Bankers:**
Santander UK plc 2 Triton Square Regents Place London NW1 3AN
## **Investment Managers:**
CCLA Investment Management One Angel Lane London EC4R 3AB
## **Registered Charity No:**
235584
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## **THE CHARTERED INSTITUTE OF MARKETING BENEVOLENT FUND**
## **Statement of Financial Activities**
## **For the Year Ended 30 June 2024**
|**Income:**
Donations
Interest receivable
Dividends receivable
**Total**
**Expenditure:**
Charitable activities
**Total expenditure**
**Net income before investment**
**gains and losses**
Realised gain/(loss) on sales of
investments
Unrealised gain/(loss) on investments
**Net movement in funds**
**Reconciliation of Funds**
**Total funds brought forward:**
**Total funds carried forward**|**Note**
2
3
4
4
5
5|**2024**
**£**
1,098
-
15,056
**16,154**
71,637
**71,637**
**(54,483)**
-
55,592
109
723,389
**723,498**|**2023**
**£**
5,848
-
1,039|
|---|---|---|---|
||||**6,887**|
||||11,665|
||||**11,665**|
||||**(4,778)**
18,934
11,510|
||||25,665
697,724|
||||**723,389**|
The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.
The notes on pages 7 to 10 form part of these statements.
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**THE CHARTERED INSTITUTE OF MARKETING BENEVOLENT FUND**
## **Balance Sheet as at 30 June 2024**
|**Fixed assets:**
Investments
Total fixed assets
**Current assets:**
Cash at bank and in hand
Total current assets
**Total net assets**
**The funds of the charity:**
Unrestricted funds
**Total charity funds**|**Note**
4
5|**2024**
**£**
711,157
**711,157**
12,341
12,342
**723,498**
723,498
**723,498**|**2023**
**£**
710,565|
|---|---|---|---|
||||**710,565**|
||||12,824|
||||12,824|
|||||
||||**723,389**|
||||723,389|
||||**723,389**|
The notes on pages 7 to 10 form part of these statements.
The accounts were approved by the Board of Trustees and authorised for issue on 13 September 2024 and were signed on its behalf by:
13 September 2024 Chair
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**THE CHARTERED INSTITUTE OF MARKETING BENEVOLENT FUND**
## **Notes to the accounts**
## **For the Year Ended 30 June 2024**
## **1 Accounting Policies**
## (a) **Basis of preparation**
The financial statements have been prepared under the historical cost convention with the exception of investments, which are included at mid-market value, and in accordance with the 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) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The charity is a public benefit entity.
## (b) **Donations**
Donations and similar income are accounted for on a receivable basis.
In kind donations are recognised in the statement of financial activities as income and expenditure at an amount equal to that incurred by the third party.
## (c) **Income**
All other income is accounted for on an accruals basis.
## (d) **Expenditure**
Resources expended are included in the Statement of Financial Activities on an accruals
basis, inclusive of any VAT which cannot be recovered.
## (e) **Grants payable**
Grants payable are charged in the year in which they are conveyed to the recipient, except in those cases where the offer is conditional, such grants being recognised as
expenditure when the conditions are fulfilled.
## (f) **Restricted funds**
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Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.
## (g) **Unrestricted funds**
Unrestricted funds are donations and other income receivable or generated for the objects
of the charity without further specified purpose and are available as general funds.
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**THE CHARTERED INSTITUTE OF MARKETING BENEVOLENT FUND**
## **Notes to the accounts**
## **For the Year Ended 30 June 2024**
(h
## ) **Realised/unrealised gains and losses**
Realised and unrealised gains and losses on the investments are recognised in the accounts.
## (i) **Investments**
Listed investments are stated at mid-market value. Realised and unrealised gains and
losses in investment assets are dealt with in the Statement of Financial Activities.
Dividends and interest earned from investment portfolio are accumulated directly by the investment fund managers and are re-invested.
## **2 Income**
|Donations:
- Branches and Members
Interest receivable
Dividends receivable
**3**
**Expenditure on charitable activities**
Grants payable
Bank charges
Data protection|**2024**
**£**
1,098
-
16,056
**16,154**
**2024**
**£**
65,449
97
40|**2023**
**£**
5,848
-
1,039|
|---|---|---|
|||**6,887**|
|||**2023**
**£**
4,419
30
40|
9
|Insurance
Website
Legal and Professional
Governance costs:
- Independent examiners fees|197
289
5,565
-
**71,637**|197
186
6,793
-|
|---|---|---|
|||**11,665**|
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## **THE CHARTERED INSTITUTE OF MARKETING BENEVOLENT FUND**
## **Notes to the accounts (continued)**
## **For the Year Ended 30 June 2024**
|**4**|**Investments**
St James’s Place
Market value as at 1 July 2022
Interest and dividends accumulated
Sales
Realised gain/(loss) on sales
Net unrealised (loss)
Market value as at 30 June 2023
Cost as at 30 June 2023
CCLA
Purchased from sale of St James’s Place
Investments
Cash withdrawal
Realised gain on sales
Net unrealised gain
Market value as at 30 June 2023
United Kingdom|**2024**
**£**
-
-
-
-
-
**-**
**-**
**2024**
**£**
710,565
(55,000)
-
55,592
**711,157**
-|**2023**
**£**
689,082
1,039
(708,945)
18,824
-|
|---|---|---|---|
||||**-**|
||||**-**|
||||**2023**
**£**
708,945
(10,000)
110
11,510|
||||**710,565**|
||||-|
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|COIF Charities Investment Fund
St James's Place – Equity Unit Trusts
St James’s Place - Bonds|**-**
711,157
-
-
**711,157**|**-**|
|---|---|---|
|||710,565
-
-|
|||**710,565**|
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## **THE CHARTERED INSTITUTE OF MARKETING BENEVOLENT FUND**
## **Notes to the accounts (continued)**
## **For the Year Ended 30 June 2024**
## **5 Total funds**
|Funds as at 1 July 2023
Unrestricted
Funds as at 30 June 2024
Funds as at 1 July 2022
Unrestricted
Funds as at 30 June 2023|**1 July**
**Movement**
**30 June**
**in year**
723,389
109
723,498|
|---|---|
||**723,389**
**109**
**723,498**|
||697,724
25,665
723,389|
||**697,724**
**25,665**
**723,389**|
## **6 Trustees' emoluments and expenses**
The Trustees volunteer their time freely and none of them received any remuneration for their services to the fund.
## **7 Related party transactions**
During the year Places for People, of which Greg Reed is a director, provided £4,200 of services to the charity.
## **8 Going concern**
The charity has substantial investments which can be realised into cash at short notice
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should the need arise, and so the trustees are satisfied that the fund is a going concern.
## **9 Taxation**
The charity is not subject to income or corporation tax and does not need to be registered for VAT.
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