Charity number- 245430
THE STOCK EXCHANGE BENEVOLENT FUND
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

THE STOCK EXCHANGE BENEVOLENT FUND
CONTENTS
Page
Rgference and administrative details of the Charity. its Trustoes and advisers
Trustees. report
Independent audltorfs report on the flnanclal statements
9-12
statement of financial activities
13
Balance Sheet
14
Statement of Cash flov
15
Notes to the financial statements
16-33

THE STOCK EXCHANGE BENEVOLENT FUND
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2020
Trustees
Patrick J A Burgess, Chairman
Julian Palfreyman, Deputy Chairman
Christopher Holdsworth-Hunt, Trustee
Richard Killingbeck, Trustee
Michael R l Lilwall, Trustee
Jamie G Matheson, Trustee
Gerald C Mordaunt, Trustee (Resigned 31 December 20191
Geoffrey Mark Powell, Trustee
Andrew H Scott, Trustee
David M Scot( Trustee
Charity registered
number
245430
Principal office
10 Patemosler Squa
St Paul's
London
EC4M 7DX
Committee for the year
2020
Patrick J A Burgess, Chairman
Shaun M Alison
Nicholas W Bagshawe
Chatlie Bridge
Robert R B Bruce (Resigned 31 December 20201
Joanna Bunkham
Colin G Climie
Spencer Crooks
Sarah Danes
Andrew M Impey
David M Leslie
Timothy R Macdonald
David J Macnamara
Philip C Nathan, MBE
Richard Noel
Julian S Pawreyman
David M F Scott
Desmond A Shine
Daniel J Southgate
David H Thorpe (Resigned 31 December 20201
Mark A Vaughan
Secretary
Robert G Chambers
Asslstant secretary
Jennifer M Golan
Independent audltor
MHA Maclnlyre Hudson
Chartered Accountants
Victoria Court
17-21 Ashford Road
Maidstone
Kent
ME14 5DA
Page 1

THE STOCK EXCHANGE BENEVOLENT FUND
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
{CONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
Bankers
Bank of Scotland
PO Box 1984
Andover
SP10 9GZ
Sollcltors
Ashfords LLP
1 New Fetter Lane
London
EC2R 7AF
Investment Managers
OLIM Limited
1 Benjamin Street
Farringdon
London
EC1M SQL
Page 2

THE STOCK EXCHANGE BENEVOLENT FUND
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their annual report together with the audited financial ststemenls of the Charity for the 1
January 2020 to 31 December 2020.
Oblectlves and actlvltles
a. Pollcles and oblectlves
The principal objects of the Benevolent Fund during the year are the relief of cases of need or distress among
former Members of the Stock Exchange and their dependents. Along with any charity which supports anyone
who was a member of or was directly employed by or worked for a member firm of any United Kingdom Stock
Exchange or their dependents.
11 shall be permissible lo provide for the relief of any such former members or their dependents by making
payments direct lo insts'lutions or schools that undertake to provide services for such persons.
The Trustees confirm that they have referred lo the guidance contained in the Charity Commission's general
guidance on public benefit when reviewing the Benevolent Fund's aims and objectives and in planning future
activities and selling the grant making policy for the year.
The Benevolent Fund carries out these objectives by..
Providing grants lo individuals in need, lo prevent or relieve poverty in the fomi of.
- Grants on a one or year basis
Donations to those requiring temporary help
Disregard payments
Emergency grants for one-off payments e.g. motor repairs and replacement of everyday equipment
Providing debt and money management advice lo those supported by the Fund.
Giving extra help to those that are also sick or with disabilities, such as medical equipment and carers.
b. Legacles and donatlons
The Fund received £1,00012019'. £Nill of donations and no legacies12019'. £Nill during the year.
c. Grant4naklng pollcles
The Fund has established its grant making policy to achieve its objects for the public benefit to help former
individual members of The Stock Exchange and their dependents in the prevention or relief of povety.
No actual limits are sel, bul applicants are treated on an individual basis depending on their needs and
requirements. More details on the grant making policy of the Fund can be found in ils Rules, which are available
from the Fund's office.
Page 3

THE STOCK EXCHANGE BENEVOLENT FUND
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
Strateglc report
Achlevements and performance
a. Revlew of actlvltles
The financial statements are found on pages 12 to 32. 1 would add to this that in the current climate, more than
ever, it is important that the Fund makes every effort lo keep administrative and office costs to a minimum,
thereby releasing money to aid the increasing costs faced by our beneficiaries. As a result 15 grants were
increased in 2020.
b. Materlal Investments pollcy
The investment policy is designed to fu￿11 the Trustees, policy of prudence with regard to the Maintenan￿ of
their reserves and their ability to meet the needs of current and future beneficiaries. As such, the objective is to
secure by responsible investment the maximum returns for both capital and income.
Flnanclal revlew
a. Key performance Indlcators
The result for the year is shown on page 12 and the position al the end of the year is shown on page 13. The
market value of the investments and investments classified as cash of the Fund on 31 December 2020 was as
follows..
General Fund
KD Cochrane Fund
Cecil Russell Nye Trust Fund
Louis Sanders Holiday Fund
24,066,886
546,182
11,435
9,640
Of these investments, 110/0 are in fixed interest stocks, 870/0 in equities and 20/0 in cash deposits.
Including income earned, investments decreased by 90/0 over the last 12 months which is not unreasonable
given the current market. Investment income decreased by 370k over the last 12 months, which was in line with
expectstions given the current market.
The objects of the separate endowment funds are listed in Note 2110 these accounts.
Page 4

THE STOCK EXCHANGE BENEVOLENT FUND
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
b. ReseNes pollcy
The Trustees have reviewed the reserves of the Charity. This review encompassed the nature of the major
income and expenditure streams, the need to match income and expenditure and the nature of the Charity's
reserves. The Charity's principle source of funds is the income from the investment portfolio. The Trustees also
considered the nature of the Charity's assets, which include the investment portfolio, investment property and
the assets used directly for charitable purposes.
Resulting from this review, the Trustees have come lo the conclusion that lo enable the Charity to continue lo
meet ils objectives, lo operate efficiently, to carry out ils future plans and lo provide a buffer for unexpected
costs, an unrestricted general reserve, of approximately £10,000,000 should currently be maintained. Any
charitable grants made and any costs relating lo the management and adminislralion of the Charity, should, as
far as possible, be funded by the income from the investments held by the Charity and by any donations or
legacies that may from lime lo time arise. No specific measures to encourage donations are envisaged at this
moment in lime. The nature of investments held will then be reviewed as necessary in order that their income
stream will cover future expenditure. Investment capital is spent lo meet the needs of beneficiaries if investment
income is insufficient.
The Charity also has endowment funds that are represented by investments. The purposes of these funds are
detsiled in Note 19 of the fi'nancial statements.
Structure, governance and management
a. Constltutlon
The Benevolent Fund was founded in 1801 and is an unincorporated Charity (Registered Charity No. 2454301.
The address of ils principal office is.. 10 Paternoster Square, St Paul's, London, EC4M 7DX.
A copy of the Rules can be seen at the office of the Fund. These are subject lo the revised governing document
adopted on 1 De￿mber 2015 and a minor rule change in 2018 to allow 10 rather than 7 trustees.
b. Methods of appolntment or electlon of Trustees
The names of the Trustees who have held offi.￿ during the year are listed on page 1.
Candidates for election lo the General Committee musl be nominated by two Fund members, entitled to vole,
and the nominations lodged with the Secretary at least four days before the day of election. Each Fund member
desiring to vole for such number of candidates as shall secure a Committee of not more than Ihity including the
Trustees in office.
At the first meeting after their election, the General Committee shall elect from amongst themselves, a
Chairman and one or more Deputy Chairman, who shall respectively hold office until the next general election.
The Trustees shall hold office until they retire at the age of 75 years, resign, die or are removed by resolution of
the other nine Iruslees. If the Trustees agree, the term of a Trustee who had reached the age of 75 years may
be extended for 12 months al a lime bul such extension may be made no more than five limes.
All Trustees give of their lime freely and no Iruslee remuneration was paid in the year. Details of any Trustee
expenses and related party transactions are disclosed in Note 12 and Note 27 to the accounts.
Page 5

THE STOCK EXCHANGE BENEVOLENT FUND
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
Structure, governance and management Icontlnuedl
c. Organlsatlonal structure and declslon-maklng pollcles
The Trustees are responsible for the overall governance and management of the Fund, including the
appointment of professional advisors and staff. holding periodic meetings as required. The awarding of grants lo
beneficiaries is vested by the Trustees lo the General Committee, the members of which are listed on page 1.
General Committee Meetings are held quarterly. The day to day management of the Fund offices is the
responsibility of the Secretsry and the Assistant Secretary who report directly lo the General Committee and
Trustees.
d. Pollcles adopted for the Inductlon and tralnlng of Trustees
All our Trustees have served in very senior positions in City companies," they are not therefore given further
formal training by the Fund. Any new information regarding Trusteeship published by the Charity Commission is
circulated lo the Trustees.
e. Rlsk management
The Trustees regularly review the major risks which the charity may be exposed lo and in particular those
relating to the operation and finances of the Fund. The Trustees are satisfied that maintaining the unrestricted
general reserves al the level staled in the reserves policy below will provide sufficient resources for the
foreseeable future.
Plans for future perlods
The Trustees detail the future plans for the Charity including ils aims and objectives and any activities planned
to achieve them.
Future developments
The Fund will continue to operate in accordance with the guidelines laid down in the Rules. These can be seen
at the office of the Fund.
The Trustees of the Stock Exchange Benevolent Fund agreed lo make an annual contribution of £100,000 to
the Stock Exchange Clerks Fund, reviewed every three years. This is towards the aim of the fund which is solely
for the relief of povety for its beneficiaries.
Page 6

THE STOCK EXCHANGE BENEVOLENT FUND
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
Notes from the Chalmian
I would like to thank OLIM Limited for their seNice and their management of our investment portfolio in difficult
market conditions. From January 2021 the management of the investment portfolio will be dealt with by
Rathbones
I would also like to thank Duncan Cochrane-Dyet and his team al MHA Maclnlyre Hudson for auditing the
accounts. I would also like to thank Jaswant Golan for his invaluable support on the security and IT side.
I would like to thank Robert Chambers and Jennifer Golan for their continued work in administering the Fund.
MHA Maclntyre Hudson offer themselves for re-election.
A copy of the Rules can be seen at the Fund's office.
Remuneration to staff is agreed by the Chairman and Deputy Chairman in consultation with the Trustees, and
after agreement is presented lo the Committee.
ststement of Trustees. responslbllltles
The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice).
The law applicable to charities in England & Wales requires the Trustees lo prepare financial statements for
each financial year which give a true and fair view of the slate of affairs of the Fund and of its incoming
resources and application of resources. including ils income and expenditure, for that period. In preparing these
fi'nancial statements, the Trustees are required lo..
select suitable accounting policies and then apply them consistently,
observe the methods and principles of the Charities SORP IFRS 1021.,
make judgements and accounting estimates that are reasonable and prudent.,
slate whether applicable UK Accounting Standards {FRS 1021 have been followed, subject lo any
material departures disclosed and explained in the financial statements,.
prepare the financial statements on the going COn￿M basis unless it is inappropriate to presume that the
Fund will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Fund's transactions and disclose with reasonable accuracy at any time the financial position of the Fund and
enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts
and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for
safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of
fraud and other Irregularities.
Disclosure of information to auditor
Each of the persons who are Trustees al the time when this Trustees, report is approved has confirmed that..
so far as that Trustee is aware, there is no relevant audit information of which the Fund's auditor is
unaware, and
that Trustee has taken all the steps that ought lo have been taken as a Trustee in order to be aware of
any relevant audit information and to establish that the charity's auditor is aware of that informats'on.
Page 7

THE STOCK EXCHANGE BENEVOLENT FUND
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
Audltor
The auditor, MHA Maclntyre Hudson, has indicated his willingness to continue in offi￿. The designated
Trustees will propose a motion reappointing the auditor al a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by..
PJ A Burgess
Chairn￿n
Dale".
Page 8

THE STOCK EXCHANGE BENEVOLENT FUND
INDEPENOENT AUDITOR'S REPORT TO THE MEMBERS OF THE STOCK EXCHANGE BENEVOLENT
FUND
Opinion
We have audited the financial statements of The Stock Exchange Benevolent Fund (the 'charity'l for the year
ended 31 DeTrmber 2020 which comprise the Slalement of financial activities, the Balance sheet, the
Statement of cash flows and the related notes, including a summary of significant accounting policies. The
financial reporting framework that has been applied in their preparation Is applicable law and United Kingdom
Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland, (United Kingdom Generally AC￿pted Accounting practi￿).
The financial statements have been prepared In accordance with Accounting and Reporting by Charities
preparing their accounts in accordan￿ with the Financial Reporting Stsndards applicable In the UK and
Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of
Recommended Practice issued on 1 April 2005 which is referred to in the exlanl regulations bul has been
withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally
Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements..
give a true and fair view of the slate of the charity's affairs as al 31 De￿mber 2020 and of its incoming
resources and application of resources for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice," and
have been p￿pared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable
law. OLJr responsibilities under those standards are further described in the Auditor's responsibilities for the audit
of the financial statements section of our report. We are independent of the charity in accordance with the
ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. including
the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going Concern
In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of
aceounling in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uneertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charity's ability lo continue as a
going concern for a period of al least twelve months from when the financial statements are aulhorised for
issue.
Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the
relevant sections of this report.
Page g

THE STOCK EXCHANGE BENEVOLENT FUND
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STOCK EXCHANGE BENEVOLENT
FUND ICONTINUEDI
Other information
The Trustees are responsible for the other information. The other information comprises the information
included in the Annual report, other than the financial statements and our Auditor's report thereon. Our opinion
on the financial statements does not cover the other infomiation and we do not express any form of assurance
onclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsislenl with the financial statements or our
knowledge obtained in the audit or otherwise appears lo be materially misstsled. If we Identify such material
inconsistencies or apparent material misstslements, we are required to detemiine whether there is a material
misstatement in the financial statements or a material misslalement of the other Information. If, based on the
work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that facL
We have nothing to report in this regard.
Mattors on which wg are requirgd to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports)
Regulations 2008 requires us to report to you if, in our opinion.
the information given in the Trustees, report is inconsistent in any material respect wlh the financial
slalements., or
sufficient accounting records have not been kept., or
the financial statements are not in agreement with the accounting records and returns., or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees, responsibilities statement, the Trustees are responsible for the
preparation of the financial statements which give a true and fair view, and for such internal control as the
Trustees determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue
as a going concern, disclosing, as applicable, matters related to going con￿rn and using the going concern
basis of accoLJnting unless the Trustees either intend to liquidate the charity or to cease operations, or have no
realistic alternative but lo do so.
Page10

THE STOCK EXCHANGE BENEVOLENT FUND
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STOCK EXCHANGE BENEVOLENT
FUND ICONTINUEDI
Auditor's responsibilities for the audit of the financial ststements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with
the Act and relevant regulations made or having effect Ihereunder.
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an Auditor's report that Includes our
opinion. Reasonable assurance is a high level of assuran￿, bul is not a guarantee that an audit Conducted in
accordance with ISAS IUKI will always delect a material misstslemenl when Il exists. Misstatements can arise
from fraud or error and are considered material If, individually or in the aggregate, they could reasonably be
expected lo influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are Instances of non-complian￿ with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to delecl material misstatements In respect of
irregularitie5, Including fraud. The extent lo which our procedures are capable of delecling Irr￿UlaritieS,
including fraud is detailed below..
Reviewing minutes of meetings of those charged with governance",
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws
and regulations.,
Performing audit work over the risk of management override of controls, including lesling of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business and reviewing accounting estimates for bias., and
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading lo a material misstalemenl in the financial ststemenls or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instanTrs of non-compliance.
The risk Is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentslion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at.. www.frc.o
.uklauditorsres
onsibilities. This description forms part of our
Audilorfs report.
Page11

THE STOCK EXCHANGE BENEVOLENT FUND
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STOCK EXCHANGE BENEVOLENT
FUND ICONTINUEDI
Use of our report
This report is made solely to the charitys Iruslees, as a body, in accordan￿ with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the
harity's Iruslees those matters we are required to stsle to them in an Audilorfs report and for no other purpose.
To the fullest exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the
charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Signed..
Dated.. 18 August 2021
Duncan Cochrane•Dyet Bsc BFP FCA
MHA Maclntyre Hudson
Chartered Accountants
Maidstone
United Kingdom
Page12

THE STOCK EXCHANGE BENEVOLENT FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
Endowment Unrestricted
funds
funds
2020
2020
Total
funds
2020
Total
funds
2019
Note
Income and endowments from:
Donations and legacies
Investments
30,891
587.846
30,891
596.944
9.098
947,557
Total income and endowments
Expendlture on:
Raising funds
Charitable activities
9,098
618.737
627.835
947,557
2,565
2.450
137,370
920.217
139,935
922.667
202,098
1,004,2T2
Total expenditure
5,015
1,057,587
1,062,602
1,206,370
Net incomel{expenditurel before net
{lossesllgains on investments
Net Ilossesllgains on investments
4.083
(438.8501
(434.7671
11,905,226) 11,905,226)
(258,813)
3,269,895
Net incomel{expenditurel
Transfers between funds
Net movement in funds before other
recognised gains
Other recognised gains:
Gains on revaluation of fixed assets
4,083
5,056
12,344,076) 12,339,993)
{5,0561
3,011,082
21
9.139
12,349.1321 12,339.9931
3,011,082
100,000
Ngt movement in funds
Reconciliation of funds:
Totsl funds brought forward
Net movement in funds
9.139
12,349.1321 12,339.9931
3,111.082
558,118
9,139
26,416,018
26,974,136
12,349,132) 12,339,993)
23, 863,054
3,111,082
Total funds carried forward
567.257
24,066.886
24.634.143
26,974,136
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 16 10 33 form part of these financial statements.
Page13

THE STOCK EXCHANGE BENEVOLENT FUND
BALANCE SHEET
AS AT 310ECEMBER 2020
2020
2019
Note
Fixed assets
Tangible assets
Investments
Investment property
13
570
23,262.845
485.000
25, 126, 783
485,000
14
23,748,415
25,611,783
Current assets
Debtors
16
96.173
711.627
356,261
70,882
1,230, 669
481, 509
Investments
Cash al bank and in hand
17
1.164.061
1, 783,060
Creditors.. amounts falling due within one
year
18
156.3331
(59, 707)
Net current assets
1,107,728
1, 723,353
Total assets less current liabilities
24,856.143
27,335, 136
Provisions for liabilities
1222,000)
(361,000)
Net assets excluding pension asset
24,634,143
26,974, 136
Total net assets
24,634.143
26,974, 736
Charlty funds
Endowment funds
Reslricled funds
Unrestricted funds
21
21
21
567.257
558,718
24,066,886
26,416,018
Total funds
24,634,143
26,974, 136
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by..
Patrick J A Burg955
Chalrtnan
Date..
Jullan Palfreyman
Deputy Chainnan
The nolas on pag¢s 16 to 33 form part of these finanGial ststements.
Page 14

THE STOCK EXCHANGE BENEVOLENT FUND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2020
As ￿$tated
2019
2020
Cash flows from operating activities
Net cash used in operating activities
1602,2901
(305, 712)
Cash flows from investing activities
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
17121
1.523.122
1, 971,561
(1.564,4101 (1, 043, 107)
Net cash (used Inllprovlded by Investlng actlvltles
142,0001
928,454
Ngt cash providod by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents al the beginning of the year
1644,2901
1,712,178
622.742
1, 089,436
Cash and cash oquivalents atthe gnd of thg ygar
1.067.888
1,712,178
The notes on pages 16 10 33 form part of these financial statements
Page15

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
General information
The Charity is registered in England and Wales as an unincorporated charity-
The financial statements are presented in sterling which is the functional currency of the company and
rounded to the nearest £1.
Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021
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 IFRS 1021 leffeclive 1 January 20151, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011.
The financial ststemenls have been prepared to give a 'true and fairf view and have departed from
the Charities IAccounts and Reports) Regulations 2008 only lo the extent required to provide a 'true
and fai¢ view. This departure has involved following the Charities SORP IFRS 1021 published on 18
July 2014 rather than the Accounting and Reporting by Charities. Statement of Recommended
Practs.￿ effective from 1 April 2005 which has since been withdrawn.
The Stock Exchange Benevolent Fund meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise
ststed in the relevant accounting policy.
2.2 Going concern
The financial statements have been prepared on a going concern basis. The Trustees have
considered relevant information, including the annual budget, forecast future cash flows and the
impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing
economic shutdown has had a significant impact on the company's operations as the Stock
Exchange Benevolent Fund receives it's income in the form of dividends from stock market
investments and the amount of income received is likely to decline. In response lo the COVID-19
pandemic, the Trustees have performed a robust analysis of forecast future cash flows taking into
account the potential impact on the business of possible future scenarios arising from the impact of
COVID-19. This analysis also considers the effectiveness of available measures lo assist in
miligaling the impact
Based on these assessments and having regard to the resources available to the entity, the
Trustees have concluded that there is no material uncertainly and that they can continue to adopt
the going concern basis in preparing the annual report and accounts.
Page16

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Accounting policies {continuedl
2.3 Incomg
All income Is recognised once the Charity has entillemenl lo the Income, it is probable that the
income will be received and the amount of income receivable can be measured reliably.
The recognition of Income from legacies Is dependent on establishing entitlement, the probability of
receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of
entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left lo
them Ilhrough knowledge of the existence of a valid wll and the death of the benefaclorl and the
executor is satisfied that the property in question will not be required to satisfy claims in the estate.
Receipt of a legacy must be recognised when it is probable that il will be received and the fair value
of the amount receivable, which will generally be the expected cash amount lo be distributed to the
Charity, can be reliably measured.
Income lax recoverable in relation to investment income is recognised at the lime the investment
income Is re￿1Vable.
2.4 Expendituro
Expenditure is recognised once there is a legal or constructive obligation lo transfer economic
benefit to a third party, 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 classified by
activity. The costs of each activity are made up of the total of direct costs and shared costs,
including support costs inVo￿ed in undertaking each activity. Direct costs attributable lo a single
activity are allocated directly to that activity. Shared costs which contribute to more than one activity
and support costs which are not attributable to a single activity are apportioned be￿een those
activities on a basis consistent with the use of resources. Central staff costs are allocated on the
basis of lime spent, and depreciation charges allocated on the portion of the asset's use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its
charitable purposes and includes costs of all fundraising activities events and non-charilable trading.
Expenditure on charitable acb"vilies is incurred on directly undertaking the activities which further the
Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the
offer is conditional, such grants being recognised as expenditure when the conditions allaching are
fulfilled. Grants offered subject to conditions which have not been mel al the year end are noted as a
commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is inclLJded when receivable and the amoLJnt can be measured
reliably by the Charity, this is normally upon notification of the interest paid or payable by the
institution with whom the funds are deposited.
Page17

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Accounting policies {continuedl
2.6 Tangible fixgd assgts and depreciation
Tangible fixed assets costing £NIL or more are capilalised and recognised when future economic
benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model,
tangible fixed assets are measured at cost less accumulated depreciation and any accumulated
impairment losses. All costs incurred to bring a tangible fixed asset into ils Intended working
condition should be included in the measurement of cost.
Depreciation Is charged so as to allocate the cost of tangible fixed assets less their residual value
over their estimated useful lives,
Depreciation is provided on the following basis..
Office equipment
Held over 5 years
2.7 Invgstment Property
Where investment property has been purchased, they are initially recognised at cost. After
recognition, investment propety is revalued to the estimated market value.
2.8 Invgstments
Fixed asset investments are a form of financial instrument and are inilialty recognised al their
transaction cost and subsequently measured at fair value al the Balance sheet date, unless the
value cannot be measured reliably in which case Il Is measured at cost less impairment. Investment
gains and 105ses, whether realised or unrealised, are combined and presented as 'GainsllLossesl
on investments, in the Statement of financial aclivilies.
2.9 Debtors
Trade and other debtors are recognised at the selllemenl amount after any trade discount offered.
Prepayments are valued at the amount prepaid nel of any trade discounts due.
2.10 Cash at bank and in hand
Cash at bank and in hand Includes cash and short-term highly liquid Investments with a short
maturity of three months or less from the dale of acquisition or opening of the deposit or similar
account.
2.11 Liabilities
Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past
event, il is probable that a transfer of economic benefit will be required in selllemenl, and the
amount of the settlement can be estimated reliably.
Liabilities are recognised al the amoLJnt that the Charity anticipates it will pay to settle the debt or the
amount il has received as advanced payments for the goods or services it must provide.
Page18

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Accounting policies {continuedl
2.12 Financial instrumonts
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial
inslrumenls. Basic financial instruments are initially recognised at transaction value and
subsequendy measured al their settlement value with the exception of bank loans which are
subsequently measured at amortised cost using the effective interest method.
2.13 Pensions
The Charity conlribules to personal pension plans of the employees and the pension charge
represents the amounts payable by the Charity to the plans in respect of the year.
The Charity also has a commitment to former employees to pay unfunded pensions. Provisions for
these liabilities are set out in note 18.
2.14 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Charity and which have not been designated for other
purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Incomg from donations and legacigs
Unrestricted
funds
2020
Total
funds
2020
Total
funds
2019
t)onations
Legacies
1,000
29,891
1,000
29.891
Total 2020
30,891
30,891
Page19

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Investment income
Endovmient Unrgstricted
funds
funds
2020
2020
Total
funds
2020
Investment income - local investment properties
Investment income - local listed investments
Investment income - fO￿Ign listed investments
Investment income other local unlisted
Investment income - local cash
7,716
457,160
61,611
60,831
528
7.716
466,194
61,611
60.831
592
9,034
64
Total 2020
9,098
587,846
596,944
Endowment Unrestricted
funds
funds
2019
2079
Total
funds
2019
Investment income - local investment properties
Investment income - local listed investments
Investment income - ft)reign listed investments
Investment income other local unlisted
Investment income - local cash
7,716
785,365
T5,65T
64,587
2,670
7,716
796,618
75.657
64,587
2,979
11,253
309
Total 2019
11.562
935, 995
947.557
Page 20

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Investment managomont costs
Endovmient Unrgstricted
funds
funds
2020
2020
Total
funds
2020
Investment management fees
2,565
137,370
139.935
Endowmenl Unrestricted
funds
funds
2019
2079
Total
funds
2019
Investment management fees
2, 7T1
199,327
202,098
Page21

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Support costs
Total
funds
2020
Activities
2020
Postage, printing and stationary
Expenses visiting beneficiaries
Bank charges
Discount charge on pension provision
Private health insurance - cuThenl employees
Private health insurance - former employees
Governance costs (Note 71
Wages and salaries
Social security costs
Pension costs- current employees
Office equipment depreciation
1,614
951
1.614
951
312
312
{97,1121
10,175
18,776
32,758
120,304
11,844
11,729
142
197.1121
10.175
18,776
32,758
120.304
11.844
11,729
142
Total 2020
111,493
111,493
Total
funds
2019
Activities
2019
Postage. printing and stationary
Expenses visiting beneficiaries
Bank charyes
Discount charge on pension provision
Private health insurance - current employees
Private health insurance - former employees
Governance costs (Note 71
Wages and salaries
Social security costs
Pension costs- current employees
Office equipment depreciation
1,181
3, 903
353
(48,618)
9,381
31,620
35,112
120,420
12,349
11,722
450
1.181
3,903
353
(46,618)
9.381
31,620
35,112
120,420
12,349
71,722
450
Total 2019
179,873
179,873
Page 22

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Govornance costs
Unrgstricted
funds
2020
Total
funds
2020
Office insuran
Sundry expenses
Committee meetings
Legal and professional charges
Audit and accountancy fees
Luncheon expenses
1,271
436
1.271
436
4,225
6,490
19,721
615
4,225
6.490
19.721
615
Total 2020
32,758
32.758
Unrestricted
funds
2019
Total
funds
2019
Office insurance
945
945
Sundry expenses
Committee meetings
Legal and professional charges
Audit and accountancy fees
Trustee meetings
Luncheon expenses
1, 956
13,234
3, 731
12,583
1, 057
1, 606
1.956
73,234
3,731
12,583
1.057
1,606
Total 2019
35,112
35,112
Anatysis of grants
Grants to
Individuals
2020
Total
funds
2020
Regular grants
Capped and emergency grants
Welfare organisations
Clerks fund
547,354
106,140
2,000
100,000
547.354
106,140
2,000
100,000
Total 2020
755,494
755,494
Page 23

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Anatysis of grants {continuedl
Grants to
Individuals
2039
Total
funds
2019
Regular grants
Capped and emergency grants
Welfare organisations
Clerks fund
594, 150
134,196
3, 190
loo,000
594, 750
134, 196
3,190
100.000
Total 2019
831,536
831,536
Anatysis of expenditure on charitable activities
Summary by fund type
Endowment Unrestricted
funds
funds
2020
2020
Total
funds
2020
Direct costs
2,450
712,077
106,140
2,000
100,000
714.527
106,140
2.000
100,000
Capped and emergency grants
Grants made lo welfare organisalions
Grants made lo Clerks Funds
2,450
920,217
922,667
Unrestricted
funds
2019
Total
funds
2019
Direct costs
Capped and emergency grants
Grants made lo welfare organisalions
Grants made lo Clerks Funds
766,886
134, 196
3, 190
fOO,000
766,886
134, 196
3,190
loo,000
1,004,272
1,004,272
Page 24

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
10.
Auditor's romuneration
2020
2019
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
16,840
9,928
Fees payable lo the Charity's auditor in respect of..
Taxation compliance SerVi￿S
Other fi'nancial services
360
2,521
2,655
11. Stsff costs
2020
2019
Wages and salaries
Social security costs
Contribution lo defined contribution pension schemes
120,304
11,844
11.729
120,420
12.349
11,722
143,877
144,491
The average number of persons employed by the Charity during the year was as follows..
2020
No.
2019
No.
Average number of employees
The number of employees whose employee benefits lexcluding employer pension costs) exceeded
£60,000 was:
2020
No.
2019
No.
In the band £60,001- £70,000
The totsl amount of employee benefits received by key management personnel is £132,148 12019..
£132,768). The charity considers its key management personnel comprise the Secretary and Assistant
Secretsry.
12.
Trustees. remuneratlon and expenses
During the year, no Trustees received any remuneration or other benefits {2019- £NIL).
During the year ended 31 December 2020, no Trustee expenses have been incurred (2019- £NIL).
Page 25

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
13.
Tangiblg fixed assgts
Office
equipment
Cost or valuation
At 1 January 2020
Additions
5,262
712
At 31 December 2020
5,974
Dgprgciation
At 1 January 2020
Charge for the year
5.262
142
At 31 December 2020
5,404
Net book value
At 31 December 2020
570
At 31 December2019
14. Investment propgrty
Long term
leasehold
Investment
property
Valuation
At 1 January 2020
485,000
At 31 December 2020
485,000
The 2020 valuation has been estimated by the Trustees to bring in line with local propety prices.
Page 26

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
15.
Fixed assgt investments
Listed
Investments
Cost or valuation
At 1 January 2020
Additions
Disp05als
Revaluations
25,126,783
1,564,410
11.523.122)
11.905.226)
At 31 December 2020
23,262,845
Net book value
At 31 December 2020
23,262.845
At 31 December2019
25, 726, 783
16. Debtors
2020
2019
Due within one year
Other debtors
Accrued income
Prepayments
86
38.395
57,692
10,329
60,553
96,173
70,882
17.
Current asset investments
2020
2019
Investments - cash deposits
711,627
1,230, 669
Page 27

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
18.
Creditors: Amounts falling due within one year
2020
2019
Trade creditors
Other laxalion and social security
other creditors
Accruals and deferred income
2,055
5, 722
1,446
50,484
5,390
50,943
56,333
59, 707
19.
Provisions
Unfunded
Retirement
Pension
At 1 January 2020
Amounts used
Discounted adjustments
361.000
{41,8881
{97,1121
222.000
This provision comprises the unfunded pension liability for three ex employees.
20. Prloryear adjustments
The Statement of cash flows comparative figures have been restated to show the correct movements in
cash in 2019. Notes 23 and 24 have also been restated as a result of this. There is no impact on the
Statement of financial activities or the Statement of financial position.
Page 28

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
21.
Statomont of funds
ststomont of funds- currgnt ygar
Balancg at
31
December
2020
Balancg at 1
January
2020
Transfers
inlout
Gainsl
{Los$esl
Incomo Expgnditurg
Unrestrlcted
funds
General Funds
all funds
26.416,018
618,737
11,057.5871
15,0561 11,905,226) 24,066,886
Endowment
funds
Louis Sanders
Holiday Fund
Cecil Russell
Nye Trust Fund
K D Cochrane
Fund
9.445
155
(41)
81
9.640
11,251
(49)
49
11,435
537,422
8,759
{4,9251
4,926
546,182
558.118
9,098
(5.0151
5.056
567.257
Total of funds
26.974.136
627,835 11,062.6021
11,905,226) 24,634.143
The Louis Sanders Holiday Fund contributes towards the cost of lemF)or8ry visits lo the seaside or
elsewhere for distressed persons qualified lo receive assistance from The Stock Exchange Benevolent
Fund.
The Cecil Russell Nye Trust Fund was created in memory of the18te Cecil Russell Nye, the income to be
applied for charitable purposes.
The K D Cochrane Fund assists aged Members and former Members of The Stock Exchange and their
wives.
Page 29

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
21.
Statomont of funds Icontinugdl
ststomont of funds - prior yoar
Balan￿ at
31
December
2019
Balance al
1 January
2019
Transfers
in/oul
Gainsl
(Losses)
Income Expenditure
Unrestrlcted
funds
General Funds
all funds
23,403,224
935,995 (1,203,599)
(89,497)
3,369,895 26,416,018
Endowment
funds
Louis Sanders
Holiday Fund
Cecil Russell
Nye Trust Fund
K D Cochmne
Fund
8, 121
156
(46J
1,214
9,445
8, 760
235
(56)
2,312
11,251
442,949
11,171
(2,669)
85,971
531,422
459,830
11,562
{2,7711
89,497
558,118
Total of funds
23.863,054
947,55T (1,206,3TO)
3,369,895 26,974, 136
Page 30

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
22.
Summary offunds
Summary offunds- curront year
Balancg at
31
December
2020
Balancg at 1
January
2020
Transfers
inlout
Gainsl
{Los$esl
Incomo Expgnditurg
General funds
Endowment
funds
26.416,018
618,737
11,057.5871
15,0561 11,905,226) 24,066,886
558,118
9,098
15,015
5,056
567,257
26.974.136
627,835 11,062.6021
11.905,2261 24,634.143
Summary offunds- prior year
Balan￿ at
31
December
2019
Balance al
7 January
2019
Transfers
in/oul
Gainsl
(Losses)
Income Expenditure
General funds
Endowment
funds
23,403,224
935, 995 {1,203,599)
(89,497)
3,369,895 26,476,018
459,830
11,562
(2, 771)
89,497
558,118
23.863,054
947.557
(f.206.310)
3.369.895 26,974, 736
23. Anatysis of net assets between funds
Anatysis of net assets between funds - current period
Endowment Unrestricted
funds
funds
2020
2020
Total
funds
2020
Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Provisions for liabilities and charges
570
570
567,257 22,695,588 23,262.845
485,000
485,000
1,164,061
1,164,061
{56,3331
156.3331
1222,0001
{222.0001
Total
567,257 24,066,886 24,634,143
Page 31

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
23.
Anatysis of n9t assots betwoen funds {continuedl
Anatysis of n9t assots betwoen funds - prior pgriod
Endowment UnrestriGted
funds
funds
2019
2019
Total
funds
2019
Fixed asset investments
Investment property
Current assets
558,118 24,568,665 25, 126,783
485,000
485,000
1,783,060
1, 783,060
159,7071
(59, 707)
1361,0001
(361.000)
Creditors due within one year
Provisions for liabilities and charges
Total
558,118 26,416,018 26, 974, 136
Re¢on¢iliation of net movement in funds to net cash flow from operating activities
As ￿stated
2019
2020
Net incomelexpenditure for the period las per Stslement of Financial
Acts'vitiesl
{2.339,9931
3,071,082
Adjustments for:
Depreciation charges
(Gainslllosses on investments
Decreasellincreasel in debtors
Increaselldecreasel in creditors
Decrease in provisions
142
450
1.905.226 (3,269,891)
116,6811
10,919
13,3741
38,728
141,8881
(97.000)
Net cash used in operating activities
1496,5681
(305, 712)
Page 32

THE STOCK EXCHANGE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
25.
Anatysis of cash and cash equivalgnts
As restated
2019
2020
Cash in hand
1,067,888
1,712,178
Total cash and eash equivalents
1,067,888
1,172,178
26. Anatysis of changes in net debt
At1
January
2020 Cash flows
At31
December
2020
Cash at bank and in hand
Liquid investments
481,509
1.230.669
{125,2481
1519,0421
356,261
711.627
1,712,178
{644,2901
1,067,888
27.
Rglated party transactions
During the year, payments were made to Jaswanl Golan, related by virtue of being the husband of
Jennifer Golan (Assistant Secrelaryl, amounting lo £2,450 12019.. £1,600). Al the year end, there was an
outstanding balance due of £1,50012019.' £Nill.
Page 33