**Charity number: 245430** **THE STOCK EXCHANGE BENEVOLENT FUND** **FINANCIAL STATEMENTS** **YEAR ENDED 31 DECEMBER 2023** **LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB** **THE STOCK EXCHANGE BENEVOLENT FUND** ## **CONTENTS** ||Page| |---|---| |**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1 - 2| |**Trustees' Report**|3 - 8| |**Independent Auditors' Report on the Financial Statements**|9 - 12| |**Statement of Financial Activities**|13| |**Balance Sheet**|14| |**Statement of Cash Flows**|15| |**Notes to the Financial Statements**|16 - 34| ## **THE STOCK EXCHANGE BENEVOLENT FUND** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** |**Trustees**|Patrick J A Burgess, Chairman| |---|---| ||Julian S Palfreyman, Deputy Chairman| ||Richard Killingbeck| ||Michael R I Lilwall| ||Jamie G Matheson| ||Geoffrey Mark Powell| ||Andrew H Scott| ||David M F Scott| ||Andrew M Impey| |**Charity registered**
**number**
245430
**Principal office**
Salisbury House
Office 787
London Wall
London
EC2M 5QQ
**Secretary**
Robert G Chambers
**Assistant Secretary**
Jennifer M Golan
**Independent auditors**
Lubbock Fine LLP
Chartered Accountants & Statutory Auditors
Paternoster House
65 St Paul's Churchyard
London
EC4M 8AB
**Bankers**
Bank of Scotland
PO Box 1984
Andover
SP10 9GZ
**Investment managers**
Rathbone Investment Management Ltd
30 Gresham Street
London
EC2V 7QN
**Solicitors**
Ashfords LLP
1 New Fetter Lane
London
EC2M 7AZ|| Page 1 ## **THE STOCK EXCHANGE BENEVOLENT FUND** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED)** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** |**Committee for the year**|Patrick J A Burgess, Chairman| |---|---| |**2023**|Shaun M Allison| ||Nicholas W Bagshawe| ||Joanna Bunkham| ||Colin G Climie| ||Spencer O Crooks| ||Sarah Danes| ||Andrew M Impey| ||David M Leslie| ||Timothy R Macdonald| ||David J Macnamara| ||Philip C Nathan, MBE| ||Richard Noel| ||Julian S Palfreyman| ||David M F Scott| ||Daniel J Southgate| ||Mark A Vaughan| Page 2 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **TRUSTEES' REPORT** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 January 2023 to 31 December 2023. ## **Objectives and activities** ## **a. Policies and objectives** 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, also working 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. It shall be permissible to provide for the relief of any such former members or their dependents by making payments direct to institutions or schools that undertake to provide services for such persons. The Trustees confirm that they have referred to 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 setting the grant making policy for the year. The Benevolent Fund carries out these objectives by: Providing grants to individuals in need, to prevent or relieve poverty in the form of: - Grants on a one or two 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 to those supported by the Fund. - Giving extra help to those that are also sick or with disabilities, such as medical equipment and carers. ## **b. Legacies and donations** The Fund received donations of £1,500 (2022: £nil) and legacies of £nil (2022: £312,256) during the year. ## **c. Grant-making policies** 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 poverty. No actual limits are set, but 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 its Rules, which are available from the Fund's office. Page 3 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **TRUSTEES' REPORT (CONTINUED)** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **Achievements and performance** ## **a. Review of activities** The financial statements are found on pages 12 to 33. ## **b. Material investments policy** The investment policy is designed to fulfil the Trustees' policy of prudence with regard to the maintenance 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. ## **Financial review** ## **a. Key performance indicators** The result for the year is shown on page 12 and the position at 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 2023 was as follows: |follows:|| |---|---| ||£| |General Fund|24,306,214| |KD Cochrane Fund|10,359| |Cecil Russell Nye Trust Fund|12,284| |Louis Sanders Holiday Fund|586,668| Of these investments, 10% are in fixed interest stocks, 77% in equity funds, 7% in infrastructure funds, 2% in closed ended property funds and 4% in cash deposits. Investments have decreased by 1.9% over the last 12 months. Investment income increased by 6.2% over the last 12 months, which was in line with expectations given the current market. The objects of the separate endowment funds are listed in Note 8 to these accounts. Page 4 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **TRUSTEES' REPORT (CONTINUED)** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **b. Reserves policy** 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 to the conclusion that to enable the Charity to continue to meet its objectives, to operate efficiently, to carry out its future plans and to 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 to the management and administration 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 time to time arise. No specific measures to encourage donations are currently envisaged. The nature of investments held are reviewed as necessary. Investment capital is spent to 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 detailed in Note 22 of the financial statements. ## **Structure, governance and management** ## **a. Constitution** The Benevolent Fund was founded in 1801 and is an unincorporated Charity (Registered Charity No. 245430). The address of its principal office is: Salisbury House, Office 787, London Wall, London, EC2M 5QQ. A copy of the Rules can be seen at the office of the Fund. These are subject to the revised governing document adopted on 1 December 2015 and a minor rule change in 2018 to allow 10 rather than 7 trustees. ## **b. Methods of appointment or election of Trustees** The names of the Trustees who have held office during the year are listed on page 1. New trustees are elected by the current trustees. Candidates for election to the General Committee must be nominated by two Fund members, entitled to vote, and the nominations lodged with the Secretary at least four days before the day of election. Each Fund member desiring to vote for such number of candidates as shall secure a Committee of not more than thirty 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 trustees. If the Trustees agree, the term of a Trustee who had reached the age of 75 years may be extended for 12 months at a time but such extension may be made no more than five times. All Trustees give of their time freely and no trustee 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 (CONTINUED)** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **Structure, governance and management (continued)** ## **c. Organisational structure and decision-making policies** 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 to beneficiaries is vested by the Trustees to 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 Secretary and the Assistant Secretary who report directly to the General Committee and Trustees. ## **d. Policies adopted for the induction and training of Trustees** All our Trustees have served in 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 to the Trustees. ## **e. Risk management** The Trustees regularly review the major risks which the Charity may be exposed to and in particular those relating to the operation and finances of the Fund. The Trustees are satisfied that maintaining the unrestricted general reserves at the level stated in the reserves policy below will provide sufficient resources for the foreseeable future. ## **f. Remuneration** Remuneration to staff is agreed by the Chairman and Deputy Chairman in consultation with the Trustees, and after agreement is presented to the Committee. ## **Plans for future periods** The Trustees detail the future plans for the Charity including its 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 to make an annual contribution of £130,000 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 poverty for its beneficiaries. Page 6 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **TRUSTEES' REPORT (CONTINUED)** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **Notes from the chairman** I would like to thank Alex Turnbull of Rathbone Investment Management Limited and his team for their service and their management of our investment portfolio in challenging market conditions. I would also like to thank Hazra Patel and her team from Lubbock Fine LLP for replacing our previous auditors. They have audited the accounts with due care and in an efficient and professional manner. I would 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. The Fund is indebted to the contributions made by our trustees and members of the committee. We are saying goodbye to Andrew Scott as a trustee of the Fund after many years of invaluable service and we wish him well for the future. Beneficiary numbers have remained broadly constant through 2023 as deaths have coincided with new cases. The cost of living crisis brought on by inflationary increases in energy prices, food and services have meant that average grants have been increased again this year to allow our beneficiaries to counter these pressures. I look forward to another year of support for our Stock Exchange members and their dependents. Page 7 THE STOCK EXCHANGE BENEVOLENT FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OECEMBER 2023 Statsm•nt of Trusts•s' r•$poMlblllties Thè Trusi8es are responsible for preparing the TnJsts8s' Report and the fffj8nei81 $18temenls in accordanc& wllh applicab18 law and United KingthJn A£ccMJnllng St8ndard3 {United KiThJdom G8neralty Accepted Accounllng Praclicel. Tha law appllcablg lo ch8rilies kn England & Wales requires tha Trust80s lo prgp8re fin8nci81 stslemenls for 8ach financlal year which give a irue and fair view of th& stale of affairs of the Charity and of its incomlng resourcos and applicatoon of resourc8s. induding Its kncome and 8xp8ThJilure, for that period. In prgparing the8e financial statemenls. the Truste6s are required to.. s818Ct suRablg 8ccountlng polid88 and th8n appty th8m conslstonty. obs8rv9 the methods and principles of the Charitias SORP IFRS 1021., make judgments and accounting estimates Ihal are reAson8ble arKI prudwl; state whether applicable UK Accounling Siandards IFRS 1021 have been followed, sublecl lo any mated81 departur8s ¢Ji$clo$ed and explained in the financial stalem8nts: prepare the flnandal slalements on Ihe going concom basls unlgss It18 Inappropriate lo pr88Ume that tha Charfty will conlSnue in businèss. Tha Tru81898 8fg mpon8ibl8 for keeping a18quat8 ac¢ountlrKJ records Ihal are suffident to show and 8xplaln th8 Charitys transactions and dis¢lose vAlh r0880n8ble accuracy al any lime th& financial posillon of the Gharlly and enable them lo ènsure that thè finan¢i8J statements compty *Mth tho Charilios A¢1 2011, Ihe Charfty (Accounts and Reports) Regulauons 2C4)8 and lh8 provlslons of th8 Trust deed. They are also responslble for Safeguarding the assels ol the Chgrlty gnd hen¢e for laknng reasonable steps for the prevanllon and d8lectlon of fraud and other IrregularSlles. DlscloL¥uro of Inlormatlon to •udltor• Each ol the persons who are Tru$io9$ al tlme Wh￿ this Trustees, R8port Is approvod h98 confirmèd that.. 80 far as that Trnstae Is aware. Ihere 18 no rèlevant audh Infommdon ol whlch tho ¢harity8 auditor8 ar unaware, and that Trustee has taken all tho slops that ¢￿3h1 io have been tAkon 8$ o TN$lg0 In or(ler io be aware ol any relevanl audil lnfomi8ti￿ and to eSta￿lsh Ihal lh8 charllls auditors org aw8re of Ihal Infomiallon. Audltor8 Th8 aud6tor8, Lubb(Kk Flne LLP, have indicalad thelr I￿]￿n9n?￿S to C￿ntInUe in office. The d8slgn8t&d Tru818e8 will proFwe a motion Teappdntlng tho 8udit¢)rs al a meeting of the Trustees. Approved by order ol Ihe mernbo￿ of th8 board of Tntstees aThJ signed on thelr behalf by. Patrick J A 8urgess Chairman Date.. . Ao24- ## **THE STOCK EXCHANGE BENEVOLENT FUND** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE STOCK EXCHANGE BENEVOLENT FUND** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **OPINION** We have audited the inancial statements of The Stock Exchange Benevolent Fund (the 'charity') for the year ended 31 December 2023 which comprise the Statement 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 Accepted Accounting Practice). In our opinion the inancial statements: - give a true and fair view of the state of the charity's affairs as at 31 December 2023 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 prepared in accordance with the requirements of the Charities Act 2011. ## **BASIS FOR OPINION** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the inancial 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 inancial 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 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 9 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE STOCK EXCHANGE BENEVOLENT FUND (CONTINUED)** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **OTHER INFORMATION** The other information comprises the information included in the Annual Report other than the inancial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the inancial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the inancial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the inancial statements themselves. 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 fact. We have nothing to report in this regard. ## **MATTERS ON WHICH WE ARE REQUIRED 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 with the inancial statements; or - sufficient accounting records have not been kept; or - the inancial 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 inancial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of inancial statements that are free from material misstatement, whether due to fraud or error. In preparing the inancial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 10 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE STOCK EXCHANGE BENEVOLENT FUND (CONTINUED)** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS** 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 thereunder. Our objectives are to obtain reasonable assurance about whether the inancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these inancial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following: - The nature of the sector and the impact of the cost of living crisis on financial and operating performance and policies; - Enquiries of management, including obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and - the internal controls established to mitigate risks related to fraud or non-compliance of laws and regulations; and - Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes staff who have extensive experience of working with charities in similar sectors and this experience was relevant to the discussion about where fraud risks might arise. We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Charities Act and Charities SORP 2019. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty. These included health and safety regulations and environmental regulations. As a result of these procedures, we considered the particular areas that were susceptible to misstatement due to fraud were in respect of income recognition, management override and unrecognised grant commitments. Our procedures to respond to risks identified included the following: - Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - Enquiring of management concerning actual and potential litigation and claims; - Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; Page 11 THE STOCK EXCHANGE BENEVOLENT FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE STOCK EXCHANGE BENEVOLENT FUND ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Reading minutes of meetings of those charged governa￿.. Review income on 8 sample basis io supporting documentation induding investment reports., Review on a sample basi8 of grant awards I corresp*￿]denCe with beneficjaries lo verify completenass of grant commilments.. In 8ddressing the risk ol fraud through management override of controls, testing the appropriateness of Journal entries and other 8djustments-, assessing vhjelher the jud98mènts made in making accounting estimates are indicativa of a potential bias,. and evaluating the rationale of any significant tr8nsadions Ihal are unusual or outside the nomial cKyJrse of Iha ch8riW$ oparntions. Because of the Inherent limitations of an audit. thtsre is 8 risk thal will not detect all irregulariti6s, including those leading lo 8 matèrial misslalemenl in the in8nck41 statements or non-compliance wlh regulation. This risk incrèases the more that c(Mnpliance wth a or regulation 18 removed from the events and transactions refl¥cled in the inancial statements. as we wll be less likety lo become aware of instances of non-compliance. The risk is also greater regarding irregularil￿S occurring due lo fraud rather than error, as fraud involves inl8nlion81 ¢onc•almenl, forgery, ¢ollu8ion, c4nlss￿n or misrepresentation. A lurthar description ol RSF4)n$ibillt￿s for the audit ol the Inand81 $tatèm&nts is ktated on the Financlal Reporting Council'8 website al.. vmv.frc or .ukl Th1$ d8￿riptiOn fomis part of our Auditors, Report. USE OF OUR REPORT This report 13 mad& solely to the charills Iruslees, as ¥ b￿Ay. in acLordance with Part 4 of the Charities (Accounts and Reports) R￿ulationS 2008. Ovr audit work h88 bè8n undertaken so that we might slatè to the charity's trustees those matt8rs we are required to stale lo Ihtrm in an Auditors, Report and for no other purposo. To tha fullest exlenl perrnilted by law, we do not accept w assume responsibilily lo anyone other than the charity and its trustees. as a body, for our 8udit w￿, for this report, or lor tho opinions we have formed. Lubbock Flne LLP Charter8d Accounlanls & Slalulory Audit Paternoster House 85 Sl Paul'8 Churchyard London EC4M 8AB Date.. 1<1 ￿¢(¢￿66￿ Lubb¢xk Fine LLP 8r¢ eligible to act as auditors in lemK4 of $8ction 1212 ofthe Companies Act 2006. Page 12 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** |**Note**
**Income and endowments from:**
Donations and legacies
4
Investments
5
**Total income and endowments**
**Expenditure on:**
Raising funds
6
Charitable activities
7
**Total expenditure**
**Net income/(expenditure) before net**
**gains/(losses) on investments**
Net gains/(losses) on investments
13
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Endowment**
**funds**
**2023**
**£**
-
16,282
16,282
2,467
-
2,467
13,815
13,082
26,897
582,414
26,897
609,311|**Unrestricted**
**funds**
**2023**
**£**
1,500
786,184
787,684
111,001
1,462,282
1,573,283
(785,599)
94,989
(690,610)
23,955,635
(690,610)
23,265,025|**Total**
**funds**
**2023**
**£**
1,500
802,466
803,966
113,468
1,462,282
1,575,750
(771,784)
108,071
(663,713)
24,538,049
(663,713)
23,874,336|**As restated**
**Total**
**funds**
**2022**
**£**
312,256
755,278
1,067,534
119,127
1,101,926
1,221,053
(153,519)
(2,411,678)
(2,565,197)
27,103,246
(2,565,197)
24,538,049| |---|---|---|---|---| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 to 34 form part of these financial statements. Page 13 THE STOCK EXCHANGE BENEVOLENT FUND BALANCE SHEET AS AT 31 DECEMBER 2023 A8 restatod 2022 2023 Nots Flxed a88et8 Tangible assets Investment property Investments 14 15 16 4,762 525,IMJ 22,839.059 5,712 485,000 23.857,174 23,368.821 24,347,886 Curronl a88•ts Deb¢oT8 Inve8lments Cash al bank and In hand 17 18 375.979 1,085,985 326,979 388.934 529.903 277.398 1,788,943 1,196.235 Cr8dllors'. amounls laming duo wilhln one year 19 {858,6151 1784,0721 N•t curr•nt a8S•t# 930.328 412.163 Total a•$•ts l••$ current Ilabllltles 24,299.149 24,760.049 Creditors., arnounts falling duè aftèr mo than ong ￿or Provlslons for11obllllie8 {236,27TI 188.5361 21 1222.0001 Tatal net ass￿3 23,874,336 24.538,049 Charlty fund* Endowment funds Rgslrlcled funds Unrestricted funds 22 22 609,311 582.414 23,265,025 23.955.635 Total lund$ 23,874,336 24,538.049 The ffnancial stal6m8nts wore approv8(l and aulhorised for issug by th8 TnJsto85 and sluned on their behalf by.. Patriek J A Burge88 Chairman Dale.. tl-vs. &02Ltr The notes ￿ paggs 16 to 34 fi¥m part ofthese flnandal stat8menls. Page 14 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **STATEMENT OF CASH FLOWS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** |**Note**
**Cash flows from operating activities**
Net cash used in operating activities
25
**Cash flows from investing activities**
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 16 to 34 form part of these financial statements|**2023**
**£**
(384,806)
(711)
3,984,077
(2,992,897)
990,469
605,663
807,301
1,412,964|**As restated**
**2022**
**£**
(503,559)
(6,202)
3,967,219
(3,660,533)
300,484
(203,075)
1,010,376
807,301| |---|---|---| Page 15 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **1. GENERAL INFORMATION** The Stock Exchange Benevolent Fund is an unincorporated charity registered with the Charity Commission in England and Wales. Its registered address is Salisbury House, London Wall, London, EC2M 5QQ. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest £1. ## **2. ACCOUNTING POLICIES** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The Stock Exchange Benevolent Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Going concern** The financial statements have been prepared on a going concern basis. The Trustees have made this assessment based on the liquid investments held and strong cash position of the Charity. The Trustees have considered the impact of subsequent events in this decision. Based on these assessments and having regard to the resources available to the entity, the Trustees have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts. ## **2.3 Income** All income is recognised once the Charity has entitlement to 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 to them (through knowledge of the existence of a valid will and the death of the benefactor) 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 it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Dividend income is accounted for on the accruals basis. Rental income is accounted for on the accruals basis in line with the lease agreement. Page 16 **THE STOCK EXCHANGE BENEVOLENT FUND** **NOTES TO THE FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **2. ACCOUNTING POLICIES (CONTINUED)** ## **2.4 Interest receivable** 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 institution with whom the funds are deposited. ## **2.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to 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 involved in undertaking each activity. Direct costs attributable to 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 between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time 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-charitable trading. Expenditure on charitable activities 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 attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. ## **2.6 Tangible fixed assets and depreciation** Tangible fixed assets are capitalised 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 its 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, using the straight-line method. Depreciation is provided on the following bases: |Fixtures and fittings|- Over 5 years or 20% per annum| |---|---| |Office equipment|- Over 5 years or 20% per annum| ## **2.7 Investment property** Where investment property has been purchased, they are initially recognised at cost. After recognition, investment property is revalued to the estimated market value when the trustees are aware of indications of material changes in market value. Page 17 **THE STOCK EXCHANGE BENEVOLENT FUND** **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **2. ACCOUNTING POLICIES (CONTINUED)** ## **2.8 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities. ## **2.9 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net 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 date of acquisition or opening of the deposit or similar account. ## **2.11 Liabilities** Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. ## **2.12 Financial instruments** The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at 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 contributes 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 21. ## **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. Endowment 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. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each endowment fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 18 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **3. Critical accounting estimates and areas of judgment** Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. ## **Pension provision** The Charity has a commitment to former employees to pay unfunded pensions. The provision comprises the unfunded pension liability for two ex employees. Assumptions have been made regarding the former employees life expectancy and the impact of inflation over the long term. ## **4. INCOME FROM DONATIONS AND LEGACIES** |**Unrestricted**
**funds**
**2023**
**£**
Donations
1,500
**Unrestricted**
**funds**
**2022**
**£**
Legacies
312,256|**Total**
**funds**
**2023**
**£**
1,500| |---|---| ||**Total**
**funds**
**2022**
**£**
312,256| ## **5. INVESTMENT INCOME** |Rents received
Dividends - UK equities
Dividends - Overseas equities
Interest - UK fixed interest equities
Interest on cash deposits|**Endowment**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
-
8,316
15,624
629,710
-
137,003
-
11,155
658
-
16,282
786,184|**Total**
**funds**
**2023**
**£**
8,316
645,334
137,003
11,155
658| |---|---|---| |||802,466| Page 19 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **5. INVESTMENT INCOME (continued)** |Rents received
Dividends - UK Equities
Dividends - Overseas equities
Interest - UK fixed interest equities
Interest on cash deposits|**Endowment**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
-
8,400
13,359
526,251
-
168,322
-
38,828
118
-
13,477
741,801|**Total**
**funds**
**2022**
**£**
8,400
539,610
168,322
38,828
118| |---|---|---| |||755,278| ## **6. INVESTMENT MANAGEMENT COSTS** |Investment management fees
Investment management fees|**Endowment**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
2,467
111,001
**Endowment**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
2,924
116,203|**Total**
**funds**
**2023**
**£**
113,468| |---|---|---| |||**Total**
**funds**
**2022**
**£**
119,127| Page 20 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES** ## **Summary by fund type** |**Unrestricted**
**funds**
**2023**
**£**
Support costs
325,899
Grants payable
1,136,383
1,462,282
**As restated**
**Unrestricted**
**funds**
**2022**
**£**
Support costs
296,888
Grants payable
805,038
1,101,926|**Total**
**2023**
**£**
325,899
1,136,383| |---|---| ||1,462,282| ||**As restated**
**Total**
**2022**
**£**
296,888
805,038| ||1,101,926| Refer to note 30 for details of the prior year adjustment ## **Summary by expenditure type** |Support costs
Grants payable|**Staff costs**
**2023**
**Depreciation**
**2023**
**£**
**£**
172,210
1,661
-
-
172,210
1,661|**Other costs**
**2023**
**£**
152,028
1,136,383
1,288,411|**Total**
**2023**
**£**
325,899
1,136,383| |---|---|---|---| ||||1,462,282| Page 21 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES (continued)** ## **Summary by expenditure type (continued)** |Support costs
Grants payable|**Staff costs**
**2022**
**Depreciation**
**2022**
**£**
**£**
153,138
1,538
-
-
153,138
1,538|**As restated**
**Other costs**
**2022**
**£**
142,212
805,038
947,250|**As restated**
**Total**
**2022**
**£**
296,888
805,038| |---|---|---|---| ||||1,101,926| ## **8. ANALYSIS OF GRANTS** |Regular grants
Capped and emergency grants
Welfare organisations
Clerks Fund|**Grants to**
**individuals**
**2023**
**£**
674,459
92,997
2,650
366,277
1,136,383|**As restated**
**Grants to**
**individuals**
**2022**
**£**
690,109
108,269
450
-| |---|---|---| |||798,828| Refer to note 30 for details of the prior year adjustment ## **9. ANALYSIS OF EXPENDITURE BY ACTIVITIES** |Support costs
Grants payable|**Grant**
**funding of**
**activities**
**2023**
**£**
-
1,136,383
1,136,383|**Support**
**costs**
**2023**
**£**
325,899
-
325,899|**Total**
**funds**
**2023**
**£**
325,899
1,136,383| |---|---|---|---| ||||1,462,282| Page 22 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **9. ANALYSIS OF EXPENDITURE BY ACTIVITIES (continued)** |Support costs
Grants payable
Refer to note 30 for details of the prior year adjustment|**As restated**
**Grant**
**funding of**
**activities**
**2022**
**£**
-
805,038
805,038|**Support**
**costs**
**2022**
**£**
296,888
-
296,888|**As restated**
**Total**
**funds**
**2022**
**£**
296,888
805,038| |---|---|---|---| ||||1,101,926| ||||| ## **ANALYSIS OF SUPPORT COSTS** |Staff costs
Depreciation
Private health insurance
Expenses visiting beneficiaries
Postage, printing and stationery
Office rental expense
Bank charges
Differences on foreign exchange
Mobile phones
Governance costs|**Activities**
**2023**
**£**
172,210
1,661
72,687
2,846
1,059
32,323
375
4,138
395
38,205
325,899|**Total**
**funds**
**2023**
**£**
172,210
1,661
72,687
2,846
1,059
32,323
375
4,138
395
38,205| |---|---|---| |||325,899| Page 23 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **9. ANALYSIS OF EXPENDITURE BY ACTIVITIES (continued)** ## **ANALYSIS OF SUPPORT COSTS (continued)** |Staff costs
Depreciation
Discount charge on pension provision
Private health insurance
Expenses visiting beneficiaries
Postage, printing and stationery
New office expenses
Bank charges
Differences on foreign exchange
Luncheon expenses
Mobile phones
Property expenses
Governance costs
**10.**
**AUDITORS' REMUNERATION**
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
Other financial services|**Activities**
**2022**
**£**
153,138
1,538
28,697
44,906
848
1,405
30,070
404
(3,048)
670
844
126
37,290
296,888
**2023**
**£**
14,250
2,923|**Total**
**funds**
**2022**
**£**
153,138
1,538
28,697
44,906
848
1,405
30,070
404
(3,048)
670
844
126
37,290
296,888
**2022**
**£**
10,235
5,145| |---|---|---| Page 24 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **11. STAFF COSTS** |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2023**
**£**
144,614
15,304
12,292
172,210|**2022**
**£**
129,348
13,292
10,498| |---|---|---| |||| |||153,138| The average number of persons employed by the Charity during the year was as follows: ||**2023**|**2022**| |---|---|---| ||**No.**|**No.**| |Employees|2|2| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |||**2023**|**2022**| |---|---|---|---| |||**No.**|**No.**| |In the band £60,001|- £70,000|1|1| |In the band £80,001|- £90,000|-|1| |In the band £90,001|- £100,000|1|-| ## **Key management personnel remuneration** The key management personnel of the charity comprise of the Secretary and the Assistant Secretary whose remuneration totalled £171,665 (2022 - £152,287). ## **12. TRUSTEES' REMUNERATION AND EXPENSES** During the year, no Trustees received any remuneration or other benefits (2022 - £NIL). During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL). ## **13. NET GAINS/(LOSSES) ON INVESTMENTS** |Realised gains on investments
Unrealised losses on investments
Realised gains on investment property|**2023**
**£**
95,006
(26,935)
40,000
108,071|**2022**
**£**
-
(2,411,678)
-| |---|---|---| |||(2,411,678)| Page 25 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **14. TANGIBLE FIXED ASSETS** |**Cost or valuation**
At 1 January 2023
Additions
At 31 December 2023
**Depreciation**
At 1 January 2023
Charge for the year
At 31 December 2023
**Net book value**
At 31 December 2023
At 31 December 2022
**15.**
**INVESTMENT PROPERTY**
**Valuation**
At 1 January 2023
Surplus on revaluation
At 31 December 2023|**Fixtures and**
**fittings**
**£**
5,504
-
5,504
1,101
1,101
2,202
3,302
4,403|**Office**
**equipment**
**£**
7,448
711
8,159
6,139
560
6,699
1,460
1,309|**Total**
**£**
12,952
711| |---|---|---|---| ||||13,663| ||||7,240
1,661| ||||8,901| ||||4,762| ||||5,712| ||||**Long term**
**leasehold**
**investment**
**property**
**£**
485,000
40,000| ||||525,000| The investment property was revalued as at 31 December 2023 by the Trustees on an open market basis. Page 26 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **16. FIXED ASSET INVESTMENTS** |**Cost or valuation**
At 1 January 2023
Additions
Disposals
Revaluations
At 31 December 2023
**Net book value**
At 31 December 2023
At 31 December 2022
**17.**
**DEBTORS**
**Due within one year**
Other debtors
Prepayments and accrued income
Refer to note 30 for details of the prior year adjustment
**18.**
**CURRENT ASSET INVESTMENTS**
Unlisted investments (liquid)|**2023**
**£**
-
375,979
375,979
**2023**
**£**
1,085,985|**Listed**
**investments**
**£**
23,857,174
2,992,897
(3,984,077)
(26,935)
22,839,059
22,839,059
23,857,174
**As restated**
**2022**
**£**
15,000
373,934
388,934
**2022**
**£**
529,903| |---|---|---| Page 27 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Grants payable
Other taxation and social security
Other creditors
Accruals|**2023**
**£**
804,912
11,025
467
42,211
858,615|**As restated**
**2022**
**£**
730,208
5,907
357
47,600
784,072| |---|---|---| Refer to note 30 for details of the prior year adjustment ## **20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR** ||**2023**|**2022**| |---|---|---| ||**£**|**£**| |Grants payable|236,277|-| ## **21. PROVISIONS** |At 1 January 2023
Amounts used|**Unfunded**
**retirement**
**provision**
**£**
222,000
(33,464)| |---|---| ||| ||188,536| This provision comprises the unfunded pension liability for two ex employees. The total value of the provision is calculated based on the average life expectancy in the UK in 2023 and the payments are made in line with the pension plan with total payments made in the year of £33,464. Page 28 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **22. STATEMENT OF FUNDS** ## **STATEMENT OF FUNDS - CURRENT YEAR** |**Unrestricted funds**
General funds
**Endowment funds**
Louis Sanders Holiday Fund
Cecil Russell Nye Trust Fund
K D Cochrane Fund
**Total of funds**|**Balance at 1**
**January**
**2023**
**£**
23,955,635
9,899
11,741
560,774
582,414
24,538,049|**Income**
**£**
787,684
278
328
15,676
16,282
803,966|**Expenditure**
**£**
(1,573,283)
(42)
(50)
(2,375)
(2,467)
(1,575,750)|**Gains/**
**(Losses)**
**£**
94,989
224
265
12,593
13,082
108,071|**Balance at**
**31**
**December**
**2023**
**£**
23,265,025| |---|---|---|---|---|---| ||||||10,359
12,284
586,668| ||||||609,311| ||||||23,874,336| ## **Endowment funds** The Louis Sanders Holiday Fund contributes towards the cost of temporary visits to the seaside or elsewhere for distressed persons qualified to receive assistance from The Stock Exchange Benevolent Fund. The Cecil Russell Nye Trust Fund was created in memory of the late 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 2023** ## **22. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR** |**Unrestricted funds**
General Funds
**Endowment funds**
Louis Sanders Holiday Fund
Cecil Russell Nye Trust Fund
K D Cochrane Fund
**Total of funds**|**Balance at**
**1 January**
**2022**
**£**
26,494,249
**Balance at**
**1 January**
**2022**
**£**
11,180
13,255
632,922
657,357
27,151,606|**Income**
**£**
1,054,057
**Income**
**£**
230
272
12,975
13,477
1,067,534|**Expenditure**
**£**
(1,266,489)
**Expenditure**
**£**
(49)
(59)
(2,816)
(2,924)
(1,269,413)|**Gains/**
**(Losses)**
**£**
(2,326,182)
**Gains/**
**(Losses)**
**£**
(1,462)
(1,727)
(82,307)
(85,496)
(2,411,678)|**Balance at**
**31**
**December**
**2022**
**£**
23,955,635| |---|---|---|---|---|---| ||||||**Balance at**
**31**
**December**
**2022**
**£**
9,899
11,741
560,774| ||||||582,414| ||||||24,538,049| ## **23. SUMMARY OF FUNDS SUMMARY OF FUNDS - CURRENT YEAR** |General funds
Endowment funds|**Balance at 1**
**January**
**2023**
**£**
23,955,635
582,414
24,538,049|**Income**
**£**
787,684
16,282
803,966|**Expenditure**
**£**
(1,573,283)
(2,467)
(1,575,750)|**Gains/**
**(Losses)**
**£**
94,989
13,082
108,071|**Balance at**
**31**
**December**
**2023**
**£**
23,265,025
609,311| |---|---|---|---|---|---| ||||||23,874,336| Page 30 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **23. SUMMARY OF FUNDS (CONTINUED)** ## **SUMMARY OF FUNDS - PRIOR YEAR** |General funds
Endowment funds|**Balance at**
**1 January**
**2022**
**£**
26,494,249
657,357
27,151,606|**Income**
**£**
1,054,057
13,477
1,067,534|**Expenditure**
**£**
(1,266,489)
(2,924)
(1,269,413)|**Gains/**
**(Losses)**
**£**
(2,326,182)
(85,496)
(2,411,678)|**Balance at**
**31**
**December**
**2022**
**£**
23,955,635
582,414| |---|---|---|---|---|---| ||||||24,538,049| ## **24. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR** |Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
**Total**|**Endowment**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
-
4,762
609,311
22,229,748
-
525,000
-
1,788,943
-
(858,615)
-
(236,277)
-
(188,536)
609,311
23,265,025|**Total**
**funds**
**2023**
**£**
4,762
22,839,059
525,000
1,788,943
(858,615
(236,277
(188,536| |---|---|---| |||23,874,336| Page 31 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **24. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)** ## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR** ||**Endowment**|**Endowment**|**Endowment**|**Unrestricted**|**Unrestricted**|**Unrestricted**|**Total**| |---|---|---|---|---|---|---|---| |||**funds**|||**funds**||**funds**| |||**2022**|||**2022**||**2022**| |||**£**|||**£**||**£**| ||Tangible fixed assets|-|||5,712||5,712| ||Fixed asset investments|555,116|||23,302,058||23,857,174| ||Investment property|-|||485,000||485,000| ||Current assets|42,298|||1,153,937||1,196,235| ||Creditors due within one year|(15,000)|||(769,072)||(784,072)| ||Provisions for liabilities and charges|-|||(222,000)||(222,000)| ||**Total**|582,414|||23,955,635||24,538,049| ||**RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET**|**CASH FLOW**||**FROM OPERATING**|||| |**25.**|**ACTIVITIES**||||||| ||||||||**As restated**| ||||||**2023**||**2022**| ||||||**£**||**£**| ||Net expenditure for the year (as per Statement of Financial Activities)||||(663,713)||(2,565,197)| ||**Adjustments for:**||||||| ||Depreciation charges||||1,661||1,538| ||Gains on investments||||26,935||2,411,679| ||Gains/(losses) on investment property||||(40,000)||-| ||Decrease/(increase) in debtors||||12,955||(317,894)| ||Increase/(decrease) in creditors||||310,820||(31,685)| ||Increase/(decrease) in provisions||||(33,464)||(2,000)| ||**Net cash used in operating activities**||||(384,806)||(503,559)| Page 32 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **26. ANALYSIS OF CASH AND CASH EQUIVALENTS** |Cash at bank and in hand
Liquid investments
**Total cash and cash equivalents**|**2023**
**£**
326,979
1,085,985
1,412,964|**2022**
**£**
277,398
529,903| |---|---|---| |||| |||807,301| ## **27. ANALYSIS OF CHANGES IN NET DEBT** |Cash at bank and in hand
Liquid investments|**At 1**
**January**
**2023**
**£**
277,398
529,903
807,301|**Cash flows**
**£**
49,581
556,082
605,663|**At 31**
**December**
**2023**
**£**
326,979
1,085,985| |---|---|---|---| ||||1,412,964| ## **28. OPERATING LEASE COMMITMENTS** At 31 December 2023 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows: |Not later than 1 year
Later than 1 year and not later than 5 years|**2023**
**£**
4,916
-
4,916|**2022**
**£**
19,428
4,916| |---|---|---| |||24,344| ## **29. RELATED PARTY TRANSACTIONS** During the year, Jaswant Golan the husband of Jennifer Golan (Assistant Secretary) provided IT support services to the charity totalling £1,482 (2022 - £3,050). Page 33 **THE STOCK EXCHANGE BENEVOLENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **30. PRIOR YEAR ADJUSTMENT** A prior year adjustment has been made to reclassify a loan made to a beneficiary from expenses to a debtor balance as at 31 December 2022. The total impact of the adjustment for the year ended 31 December 2022 is an increase in debtors of £15,000 and a decrease in the deficit for the year of £15,000. A prior year adjustment has been made to recognise the award of grants payable as a commitment as at 31 December 2022. The total impact of the adjustment for the year ended 31 December 2022 is an increase in creditors of £730,208, a decrease in brought forward unrestricted funds of £763,208 and a decrease in the deficit for the year of £33,360. Page 34