Charity registration number: 236986
The Sheffield Forgemasters Limited Benevolent Fund
Annual Report and Financial Statements
for the Year Ended 5 April 2024
The Sheffield Forgemasters Limited Benevolent Fund
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Statement of Trustees' Responsibilities | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 13 |
The Sheffield Forgemasters Limited Benevolent Fund
Reference and Administrative Details
Chairman Mr Gareth Barker Trustees Mr John Phillip Lovell Dr Graham Aubrey Honeyman CBE Mr Ian Robert Nicholls (Appointed 23 June 2025) Charity Registration Number 236986 Principal Office Brightside Lane Sheffield South Yorkshire S9 2RX Independent Examiner Thorntons Accountants Chartered Certified Accountant 176-178 Pontefract Road Cudworth Barnsley South Yorkshire S72 8BE
Page 1
The Sheffield Forgemasters Limited Benevolent Fund
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 5 April 2024.
Objectives and activities
The objects of the fund are to provide financial assistance or benefit by means of grants or donations to employees, former employees and dependants of these employees and former employees of the Sheffield Forgemasters Group of Companies and of Firth Brown Limited, Sheffield and its predecessor companies in Sheffield as defined in the Scheme and to any charitable institute or body which in the opinion of the Trustees is a suitable recipient upon such terms (as far as is possible) as to ensure that employees, former employees and dependants benefit from such grants and donations.
The Trustees have continued to publicise the objects of the Fund and no grants were approved during the year.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Structure, governance and management Financial instruments
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates.
The charity’s principal financial assets are bank balances, cash, and investments.
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses long-term investments. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
Page 2
The Sheffield Forgemasters Limited Benevolent Fund
Trustees' Report (continued)
The annual report was approved by the trustees of the charity on 9 April 2026 and signed on its behalf by:
~~.........................................~~ �.'-��.4$++���/0���� ����� /,� Mr John Phillip Lovell Trustee
Page 3
The Sheffield Forgemasters Limited Benevolent Fund
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 9 April 2026 and signed on its behalf by:
.........................................�.'-��.4$++���/0���� ����� /,� Mr John Phillip Lovell Trustee
Page 4
The Sheffield Forgemasters Limited Benevolent Fund
Independent Examiner's Report to the trustees of The Sheffield Forgemasters Limited Benevolent Fund
I report to the trustees on my examination of the accounts of The Sheffield Forgemasters Limited Benevolent Fund for the year ended 5 April 2024.
Responsibilities and basis of report
As the charity trustees of The Sheffield Forgemasters Limited Benevolent Fund 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 The Sheffield Forgemasters Limited Benevolent Fund'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:
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accounting records were not kept in respect of The Sheffield Forgemasters Limited Benevolent Fund as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting 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.
...................................... Mr Gavin Spencer Chartered Certified Accountant ACCA
176-178 Pontefract Road Cudworth Barnsley South Yorkshire S72 8BE
9 April 2026
Page 5
The Sheffield Forgemasters Limited Benevolent Fund
Statement of Financial Activities for the Year Ended 5 April 2024
| Note Income and Endowments from: Investment income 2 Other income Total income Expenditure on: Raising funds Charitable activities Total expenditure Gains/(losses) on investment assets Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 9 Note Income and Endowments from: Investment income 2 Total income Expenditure on: Raising funds Charitable activities Total expenditure Gains/(losses) on investment assets Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 9 |
Unrestricted funds £ 26,165 13,691 39,856 (6,335) (1,440) (7,775) 90,292 122,373 122,373 933,663 1,056,036 Unrestricted funds £ 18,655 18,655 (10,580) (1,440) (12,020) (64,311) (57,676) (57,676) 991,339 933,663 |
Total 2024 £ 26,165 13,691 |
|---|---|---|
| 39,856 | ||
| (6,335) (1,440) |
||
| (7,775) 90,292 |
||
| 122,373 | ||
| 122,373 933,663 |
||
| 1,056,036 | ||
| Total 2023 £ 18,655 |
||
| 18,655 | ||
| (10,580) (1,440) |
||
| (12,020) (64,311) |
||
| (57,676) | ||
| (57,676) 991,339 |
||
| 933,663 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 8 to 13 form an integral part of these financial statements. Page 6
The Sheffield Forgemasters Limited Benevolent Fund
(Registration number: 236986) Balance Sheet as at 5 April 2024
| Note Fixed assets Investments 7 Creditors: Amounts falling due within one year 8 Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 9 |
2024 £ 1,058,916 (2,880) 1,056,036 1,056,036 1,056,036 |
2023 £ 935,103 (1,440) |
|---|---|---|
| 933,663 | ||
| 933,663 | ||
| 933,663 |
The financial statements on pages 6 to 13 were approved by the trustees, and authorised for issue on 9 April 2026 and signed on their behalf by:
�.'-��.4$++���/0���� ����� /,� ~~.........................................~~ Mr John Phillip Lovell Trustee
The notes on pages 8 to 13 form an integral part of these financial statements. Page 7
The Sheffield Forgemasters Limited Benevolent Fund Notes to the Financial Statements for the Year Ended 5 April 2024
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
The Sheffield Forgemasters Limited Benevolent Fund meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been paid.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
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The Sheffield Forgemasters Limited Benevolent Fund
Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Financial instruments
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
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The Sheffield Forgemasters Limited Benevolent Fund
Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
2 Investment income
| Income from dividends; Dividends receivable from other listed investments Interest receivable and similar income; Other interest receivable Other investment income Total for 2024 Total for 2023 |
Unrestricted funds General £ 25,574 575 16 26,165 18,655 |
Total funds £ 25,574 575 16 |
|---|---|---|
| 26,165 | ||
| 18,655 |
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The Sheffield Forgemasters Limited Benevolent Fund
Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)
3 Expenditure on raising funds
a) Investment management costs
| Other investment management costs; Other portfolio management costs Total for 2024 Total for 2023 |
Unrestricted funds General £ 6,335 6,335 10,580 |
Total funds £ 6,335 |
|---|---|---|
| 6,335 | ||
| 10,580 |
4 Expenditure on charitable activities
| Governance costs Total for 2024 Total for 2023 |
Unrestricted funds General £ 1,440 1,440 1,440 |
Total funds £ 1,440 |
|---|---|---|
| 1,440 | ||
| 1,440 |
5 Analysis of governance and support costs
Governance costs
| Audit fees Other fees paid to auditors Total for 2024 Total for 2023 |
Unrestricted funds General £ 1,440 1,440 1,440 |
Total funds £ 1,440 |
|---|---|---|
| 1,440 | ||
| 1,440 |
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The Sheffield Forgemasters Limited Benevolent Fund
Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)
6 Taxation
The charity is a registered charity and is therefore exempt from taxation.
7 Fixed asset investments
| 7 Fixed asset investments | ||||
|---|---|---|---|---|
| Other investments Analysis of other investments Listed investments £ Cost or Valuation At 6 April 2023 501,126 Revaluation 54,994 Additions 439,464 Disposals (348,502) At 5 April 2024 647,082 Net book value At 5 April 2024 647,082 At 5 April 2023 501,126 8 Creditors: amounts falling due within one year Accruals |
2024 £ 1,058,916 Unlisted investments £ 433,977 3,284 289,016 (314,443) 411,834 411,834 433,977 2024 £ 2,880 |
2023 £ 935,103 |
||
| Total £ 935,103 58,278 728,480 (662,945) 1,058,916 1,058,916 935,103 2023 £ 1,440 |
||||
| 411,834 | ||||
| 411,834 | ||||
| 433,977 | ||||
| 2024 £ 2,880 |
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The Sheffield Forgemasters Limited Benevolent Fund
Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)
9 Funds
| 9 Funds | |||
|---|---|---|---|
| Unrestricted funds General Unrestricted funds General 10Analysis of net assets between funds Fixed asset investments Current liabilities Total net assets Fixed asset investments Current liabilities Total net assets |
Balance at 6 April 2023 £ 933,663 Balance at 6 April 2022 £ 991,339 |
Resources expended £ 122,373 Resources expended £ (57,676) Unrestricted funds General £ 1,058,916 (2,880) 1,056,036 Unrestricted funds General £ 935,103 (1,440) 933,663 |
Balance at 5 April 2024 £ 1,056,036 |
| Balance at 5 April 2023 £ 933,663 |
|||
| Total funds at 5 April 2024 £ 1,058,916 (2,880) |
|||
| 1,056,036 | |||
| Total funds at 5 April 2023 £ 935,103 (1,440) |
|||
| 933,663 |
Page 13
The Sheffield Forgemasters Limited Benevolent Fund
Statement of Financial Activities by fund for the Year Ended 5 April 2024
| Total | Total | |
|---|---|---|
| Unrestricted | Unrestricted | |
| Funds | Funds | |
| 2024 | 2023 | |
| £ | £ | |
| Income and Endowments from: | ||
| Investment income | 26,165 | 18,655 |
| Other income | 13,691 | - |
| Total income | 39,856 | 18,655 |
| Expenditure on: | ||
| Raising funds | (6,335) | (10,580) |
| Charitable activities | (1,440) | (1,440) |
| Total expenditure | (7,775) | (12,020) |
| Gains/(losses) on investment assets | 90,292 | (64,311) |
| Net income/(expenditure) | 122,373 | (57,676) |
| Net movement in funds | 122,373 | (57,676) |
| Reconciliation of funds | ||
| Total funds brought forward | 933,663 | 991,339 |
| Total funds carried forward | 1,056,036 | 933,663 |
This page does not form part of the statutory financial statements. Page 14
The Sheffield Forgemasters Limited Benevolent Fund
Detailed Statement of Financial Activities for the Year Ended 5 April 2024
| Income and Endowments from: Investment income (analysed below) Other income (analysed below) Total income Expenditure on: Raising funds (analysed below) Charitable activities (analysed below) Total expenditure Gains/(losses) on investment assets (analysed below) Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Total 2024 £ 26,165 13,691 39,856 (6,335) (1,440) (7,775) 90,292 122,373 122,373 933,663 1,056,036 |
Total 2023 £ 18,655 - |
|---|---|---|
| 18,655 | ||
| (10,580) (1,440) |
||
| (12,020) (64,311) |
||
| (57,676) | ||
| (57,676) 991,339 |
||
| 933,663 |
This page does not form part of the statutory financial statements. Page 15
The Sheffield Forgemasters Limited Benevolent Fund
Detailed Statement of Financial Activities for the Year Ended 5 April 2024 (continued)
| Investment income - Interest receivable Investment income - Dividends received Investment income - Realised currency gains Investment company fee compensation Portfolio management costs Accountancy fees Gains/(losses) on investment assets Realised currency gains/(losses) Unrealised currency gains/(losses) Realised profit/(loss) on sale of investments Unrealised gain/(loss) on investments |
Total 2024 £ 575 25,574 16 26,165 13,691 13,691 (6,335) (6,335) (1,440) (1,440) 27 (12) 31,999 58,278 90,292 |
Total 2023 £ 587 18,068 - |
|---|---|---|
| 18,655 | ||
| - | ||
| - | ||
| (10,580) | ||
| (10,580) | ||
| (1,440) | ||
| (1,440) | ||
| - 5 (38,415) (25,901) |
||
| (64,311) |
This page does not form part of the statutory financial statements. Page 16