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2024-12-31-accounts

Charity number: 245430

THE STOCK EXCHANGE BENEVOLENT FUND

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

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 - 33

THE STOCK EXCHANGE BENEVOLENT FUND

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees Patrick J A Burgess
Julian S Palfreyman, Chairman
Richard Killingbeck
Michael R I Lilwall
Jamie G Matheson
Geoffrey Mark Powell (Resigned 1 October 2024)
Andrew H Scott (Resigned 1 October 2024)
David M F Scott
Andrew M Impey, Deputy Chairman
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 2024

Committee for the year Patrick J A Burgess, Chairman (resigned September 2024)
2024 Shaun M Allison
Nicholas W Bagshawe
Joanna Bunkham
Colin G Climie
Spencer O Crooks
Sarah Danes
Andrew M Impey (appointed Deputy Chairman September 2024)
David M Leslie
Timothy R Macdonald
David J Macnamara
Philip C Nathan, MBE
Julian S Palfreyman (appointed Chairman September 2024)
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 2024

The Trustees present their annual report together with the audited financial statements of the Charity for the year from 1 January 2024 to 31 December 2024.

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:

b. Legacies and donations

The Fund received donations of £3,145 (2023: £1,500) and legacies of £nil (2023: £nil) 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 2024

Achievements and performance

a. Review of activities

The financial statements are found on pages 13 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. The Charity expects to use all of the income generated in achieving its objective as well as capital as required.

Financial review

a. Key performance indicators

The result for the year are shown on page 13 and the position at the end of the year is shown on page 14.

Total income for the year was £772,538 (2023: £803,966) and expenditure totalled £1,143,364 (2023: £1,575,750) with a net gain on investments of £1,432,022 (2023: £108,071) resulting in a surplus for the year of £1,061,196 (2023: deficit of £663,713). Total funds carried forward total £24,935,532 (2023: £23,874,336) of which £661,250 (2023: £609,311) are endowment funds with the balance £24,274,282 (2023: £23,265,025) being unrestricted.

The market value of the investments and investments classified as cash of the Fund on 31 December 2024 was as follows:

as follows:
£
General Fund 24,140,288
KD Cochrane Fund 605,199
Cecil Russell Nye Trust Fund 12,674
Louis Sanders Holiday Fund 10,688

Of these investments, 8.7% are in fixed interest stocks, 83.3% in equity funds, 5.2% in infrastructure funds, 1.6% in closed ended property funds and 1.2% in cash deposits.

Investments have increased in value by 3.6% over the last 12 months. Investment income decreased by 4.4% 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 22 to these accounts.

Page 4

THE STOCK EXCHANGE BENEVOLENT FUND

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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.

The Trustees periodically review their reserves policy and have concluded 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 £15,000,000 (equivalent to ten years of our expenditure at present levels) should currently be maintained in addition to the three endowment funds. 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.

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 29 to the accounts.

Page 5

THE STOCK EXCHANGE BENEVOLENT FUND

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

Notes from the chairman

I would like to thank Alex Turnbull and James Petit of Rathbone Investment Management Limited and their 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 carrying out the audit of the Fund. 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 of the Fund. 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 said goodbye to Mark Powell 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 2024 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 again been increased this year to allow our beneficiaries to counter these pressures.

I look forward to another year of support for our Stock Exchange beneficiaries and their dependents.

Page 7

THE STOCK EXCHANGE BENEVOLEPU FUIID TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Stat8m•nt of Truste•s' rnsponslbllitl•s The Trusteès are responsible for PTepariThJ the Truslees. R8POrt and the finanaal statements in accordance with applicable Law and United ￿ng(lYn Acry)un1ing andards {United Kingdom Generally Accepted Accounting Practice). The kw applicat4e to dwi11￿ in En918nd & W31B5 tequires the Trustees to prepare finano815t818ments for each financk81 whith give a true arKI frdir wew of Ihe slate of affairs of Ihe Chaiity and of it5 incoming rtsources and application of resour￿5, induding its income and eXpendI￿re. for that ￿nIX1. In pr8p8ring these financial statsrnerts, the Trustees are requwed lo: select suilable 8w£Junbng and then appty Ihem o)rtsistenty. obsaNe the methods and pnncipks of the Charibes SORP IFRS 102): make judgmgnts and wxjnting ests"mètes that a￿ ￿$0￿at￿e and pnJdenL' state whether ap￿icab￿ UK Ac£outhg Standards IFRS 1021 ha￿ beon fo￿￿d. subject to any merial departures disdosed and explained in the finanaal statements., prgpare the finatKial statements the g)ing basis unlèss it is inappropriat& to preSUn￿ Ihat the Charty wll conlinue in business. The Trustees are reswnsiNe for keeping adequate a(xx)unting records that are sufficient to show and explain the Chaitys transactiorv6 and di8dose with r8asonable ac(JJfacy at any time the financial tx)sition of the Charity and enable them to ensure that fifi8ncial statemenis wnpty with the Chartti85 Act 2011. the Chttrfty IAc(x)unts and Reports) Regulations 2(K)8 and the W0v￿onS of lh8 Trust deed. They a￿ also ￿S￿%)nSIble for saleguardiThJ the assets of the Charity arKI h8fKX for t8kFng ￿Sonable steps for the prevention and detedion of fraud and other ilregularities. D15ck>$ur• of inforniatlon to audlto Each ot the pers￿5 who 8re TnK%tsos atthe tnne ths Tnjstees. ReiKrt 15 8W)ID￿l has confim)ed that.. so far as Ihat Trustee is avrdre. Ih8r8 Kg no relevrt athjit informaticm of whith thg tharitys 8uditOT5 ar8 unavRre, and thAt Truste8 has tak8t) the sleps that to have been taken 85 8 Trust•e in ordèr to ￿ awa￿ of any relevant audit informalion and to establish that the charitys a¥Jditors a￿ aware of that infomialion. Audito The auditors. Lubbock Flne LLP, have irKlicated Iheir ryllingn•ss to Ctmttlnue in office. The de￿gnated Trustees wil KfOPOSg a molion reappoirtsng the auditors al a rTwting ofth8 Trustees. Arrf)rovgd byordarofth6 membets ofthe board OfT￿￿ arKI signwj LM) their b&haWty. Jullan S Palfr•yman Chairman Date.. 17 June 2025

THE STOCK EXCHANGE BENEVOLENT FUND

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE STOCK EXCHANGE BENEVOLENT FUND

FOR THE YEAR ENDED 31 DECEMBER 2024

OPINION

We have audited the inancial statements of The Stock Exchange Benevolent Fund (the 'charity') for the year ended 31 December 2024 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:

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 2024

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:

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 2024

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:

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:

Page 11

THE STOCK EXCHANGE BENEVOLENT FUND

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE STOCK EXCHANGE BENEVOLENT FUND (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the inancial statements 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 inancial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the inancial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

USE OF OUR REPORT

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to 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.

Lubbock Fine LLP

Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB

Date: ����������

Lubbock Fine LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 12

THE STOCK EXCHANGE BENEVOLENT FUND

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

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 on investments
Net gains on investments
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Endowment
funds
2024
£
-
16,109
16,109
2,952
-
2,952
13,157
38,782
51,939
609,311
51,939
661,250		 Unrestricted
funds
2024
£
3,145
753,284
756,429
115,942
1,024,470
1,140,412
(383,983)
1,393,240
1,009,257
23,265,025
1,009,257
24,274,282		 Total
funds
2024
£
3,145
769,393
772,538
118,894
1,024,470
1,143,364
(370,826)
1,432,022
1,061,196
23,874,336
1,061,196
24,935,532		 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

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 16 to 33 form part of these financial statements.

Page 13

THE STOCK EXCHANGE BENEV¢XENT FUMD BALANCE SHEEr AS AT 31 DECEMBER 2024 2024 2023 Fixgd assots T8ngibl8 assets Investsnent prcy Investments 14 4.762 525,000 22,839,059 15 16 525.OLKI 24,447.131 24,975,981 23,368,821 Curr•nt assèts 17 375.979 1.085.985 326.979 Investments 18 342,859 Cash at bank and in hand 1.U29.188 1,788,943 Creditors.. an￿nts falllng thje vhthln on& 19 1800.6121 {858,6151 Not eurv•nt ass•ts 228.576 930,328 Total ass•ts less c￿n￿rt Ilabllltl•g 25.204.557 24.299.149 Credttors.. amounts faHing due ats m than one year Provisions for It8tMIIti8S 1115.1181 I153.￿7) 1236,2771 I188.5￿} 21 Total nèt ass•ts 24.935.532 23,874,336 Cha￿ty fub)ds En(ly•rnentfvnds Restricted funds Unr8Strict8d lunds 661250 609,311 24.274.282 23.265.025 Total funds 24.935.532 23,874,336 The firsancial statements were apyoved and auiknsed for issue bythe Tnjstees and signeLI ￿ their behalf by.. Julran S Palfr•yman Chaimian Date.. 17 June 2025 The notes on pages 16 to 33 fomi oflhese fin￿la1 slateme￿. Pag8 14

THE STOCK EXCHANGE BENEVOLENT FUND

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 (used in)/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		 2024
£
(561,021)
(877)
4,570,111
(4,744,715)
(175,481)
(736,502)
1,412,964
676,462		 2023
£
(384,806)
(711)
3,984,077
(2,992,897)
990,469
605,663
807,301
1,412,964

The notes on pages 16 to 33 form part of these financial statements

Page 15

THE STOCK EXCHANGE BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

THE STOCK EXCHANGE BENEVOLENT FUND

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:

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 2024

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 2024

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
2024
£
Donations
3,145
Unrestricted
funds
2023
£
Donations
1,500		 Total
funds
2024
£
3,145
Total
funds
2023
£
1,500

Page 19

THE STOCK EXCHANGE BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5. INVESTMENT INCOME

Rents received
Dividends - UK equities
Dividends - Overseas equities
Interest - UK fixed interest equities
Interest on cash deposits
Rents received
Dividends - UK Equities
Dividends - Overseas equities
Interest - UK fixed interest equities
Interest on cash deposits		 Endowment
funds
2024
Unrestricted
funds
2024
£
£
-
8,316
15,485
566,984
-
165,221
-
12,763
624
-
16,109
753,284
Endowment
funds
2023
Unrestricted
funds
2023
£
£
-
8,316
15,624
629,710
-
137,003
-
11,155
658
-
16,282
786,184		 Total
funds
2024
£
8,316
582,469
165,221
12,763
624
769,393
Total
funds
2023
£
8,316
645,334
137,003
11,155
658
802,466

6. INVESTMENT MANAGEMENT COSTS

Investment management fees
Investment management fees		 Endowment
funds
2024
Unrestricted
funds
2024
£
£
2,952
115,942
Endowment
funds
2023
Unrestricted
funds
2023
£
£
2,467
111,001		 Total
funds
2024
£
118,894
Total
funds
2023
£
113,468

Page 20

THE STOCK EXCHANGE BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Unrestricted
funds
2024
£
Support costs
337,423
Grants payable
687,047
1,024,470
Unrestricted
funds
2023
£
Support costs
325,899
Grants payable
1,136,383
1,462,282		 Total
2024
£
337,423
687,047
1,024,470
Total
2023
£
325,899
1,136,383
1,462,282

Summary by expenditure type

Support costs
Grants payable
Support costs
Grants payable		 Staff costs
2024
Depreciation
2024
£
£
171,239
1,789
-
-
171,239
1,789
Staff costs
2023
Depreciation
2023
£
£
172,210
1,661
-
-
172,210
1,661		 Other costs
2024
£
164,395
687,047
851,442
Other costs
2023
£
152,028
1,136,383
1,288,411		 Total
2024
£
337,423
687,047
1,024,470
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 2024

8. ANALYSIS OF GRANTS

Grants to
Institutions
2024
Grants to
Individuals
2024
£
£
Grants payable
8,839
678,208
Grants to
Institutions
2023
Grants to
Individuals
2023
£
£
Regular grants
366,277
770,106
The Charity has made the following material grants to institutions during the year:
2024
£
Name of institution
The Stock Exchange Clerks Fund
8,839
8,839
Analysis of grants to individuals
2024
£
Regular grants
584,823
Capped and emergency grants
88,033
Welfare organisations
5,352
678,208		 Total
funds
2024
£
687,047
Total
funds
2023
£
1,136,383
2023
£
366,277
366,277
2023
£
674,459
92,997
2,650
770,106

Page 22

THE STOCK EXCHANGE BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Support costs
Grants payable
Support costs
Grants payable		 Grant
funding of
activities
2024
£
-
687,047
687,047
Grant
funding of
activities
2023
£
-
1,136,383
1,136,383		 Support
costs
2024
£
337,423
-
337,423
Support
costs
2023
£
325,899
-
325,899		 Total
funds
2024
£
337,423
687,047
1,024,470
Total
funds
2023
£
325,899
1,136,383
1,462,282

Page 23

THE STOCK EXCHANGE BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9. ANALYSIS OF EXPENDITURE BY ACTIVITIES (continued)

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
Luncheon expenses
Mobile phones
Bad debt write off
Governance costs
Staff costs
Depreciation
Private health insurance
Expenses visiting beneficiaries
Postage, printing and stationery
New office expenses
Bank charges
Differences on foreign exchange
Mobile phones
Governance costs		 Activities
2024
£
171,239
1,789
69,235
1,854
1,296
32,602
265
7,340
602
329
14,261
36,611
337,423
Activities
2023
£
172,210
1,661
72,687
2,846
1,059
32,323
375
4,138
395
38,205
325,899		 Total
funds
2024
£
171,239
1,789
69,235
1,854
1,296
32,602
265
7,340
602
329
14,261
36,611
337,423
Total
funds
2023
£
172,210
1,661
72,687
2,846
1,059
32,323
375
4,138
395
38,205
325,899

Page 24

THE STOCK EXCHANGE BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10. AUDITORS' REMUNERATION

2024 2023
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 14,250 14,250
Fees payable to the Charity's auditor in respect of:
Other financial services 7,387 2,923

11. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
141,498
14,890
14,851
171,239		 2023
£
144,614
15,304
12,292
172,210

The average number of persons employed by the Charity during the year was as follows:

2024 2023
No. No.
Employees 2 2

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
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 £166,592 (2023 - £171,665).

12. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL).

Page 25

THE STOCK EXCHANGE BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13. NET GAINS/(LOSSES) ON INVESTMENTS

Realised gains on investments
Unrealised losses on investments
Realised gains on investment property		 2024
£
709,789
723,679
-
1,433,468		 2023
£
95,006
(26,935)
40,000
108,071

14. TANGIBLE FIXED ASSETS

Cost or valuation
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Fixtures and
fittings
£
5,504
-
5,504
2,202
1,101
3,303
2,201
3,302		 Office
equipment
£
8,159
877
9,036
6,699
688
7,387
1,649
1,460		 Total
£
13,663
877
14,540
8,901
1,789
10,690
3,850
4,762

Page 26

THE STOCK EXCHANGE BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15. INVESTMENT PROPERTY

Valuation
At 1 January 2024
At 31 December 2023		 Long term
leasehold
investment
property
£
525,000
525,000

The investment property was revalued as at 31 December 2024 by the Trustees on an open market basis.

16. FIXED ASSET INVESTMENTS

Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Listed
investments
£
22,839,059
4,744,715
(4,570,111)
1,433,468
24,447,131
24,447,131
22,839,059

17. DEBTORS

Due within one year
Other debtors
Prepayments and accrued income		 2024
£
2,495
350,231
352,726		 2023
£
-
375,979
375,979

Page 27

THE STOCK EXCHANGE BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18. CURRENT ASSET INVESTMENTS

2024 2023
£ £
Unlisted investments (liquid) 342,859 1,085,985

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Grants payable
Other taxation and social security
Other creditors
Accruals		 2024
£
740,489
6,780
853
52,490
800,612		 2023
£
804,912
11,025
467
42,211
858,615

20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Grants payable
21.
PROVISIONS
At 1 January 2024
Amounts used		 2024
£
115,118		 2023
£
236,277
Unfunded
retirement
provision
£
188,536
(34,629)
153,907

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 2024 and the payments are made in line with the pension plan with total payments made in the year of £34,629.

Page 28

THE STOCK EXCHANGE BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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
2024
£
23,265,025
10,359
12,284
586,668
609,311
23,874,336		 Income
£
756,429
274
325
15,510
16,109
772,538		 Expenditure
£
(1,140,412)
(50)
(60)
(2,842)
(2,952)
(1,143,364)		 Gains/
(Losses)
£
1,393,240
662
784
37,336
38,782
1,432,022		 Balance at
31
December
2024
£
24,274,282
11,245
13,333
636,672
661,250
24,935,532

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 2024

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
2023
£
23,955,635
Balance at
1 January
2023
£
9,899
11,741
560,774
582,414
24,538,049		 Income
£
787,684
Income
£
278
328
15,676
16,282
803,966		 Expenditure
£
(1,573,283)
Expenditure
£
(42)
(50)
(2,375)
(2,467)
(1,575,750)		 Gains/
(Losses)
£
94,989
Gains/
(Losses)
£
224
265
12,593
13,082
108,071		 Balance at
31
December
2023
£
23,265,025
Balance at
31
December
2023
£
10,359
12,284
586,668
609,311
23,874,336

23. SUMMARY OF FUNDS SUMMARY OF FUNDS - CURRENT YEAR

General funds
Endowment funds		 Balance at 1
January
2024
£
23,265,025
609,311
23,874,336		 Income
£
756,429
16,109
772,538		 Expenditure
£
(1,140,412)
(2,952)
(1,143,364)		 Gains/
(Losses)
£
1,393,240
38,782
1,432,022		 Balance at
31
December
2024
£
24,274,282
661,250
24,935,532

Page 30

THE STOCK EXCHANGE BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

23. SUMMARY OF FUNDS (CONTINUED)

SUMMARY OF FUNDS - PRIOR 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

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

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
2024
Unrestricted
funds
2024
£
£
-
3,850
661,250
23,785,881
-
525,000
-
1,029,188
-
(800,612)
-
(115,118)
-
(153,907)
661,250
24,274,282		 Total
funds
2024
£
3,850
24,447,131
525,000
1,029,188
(800,612
(115,118
(153,907
24,935,532

Page 31

THE STOCK EXCHANGE BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD

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

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 25. ACTIVITIES

Net income/expenditure for the period (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Gains/(losses) on investments
Gains/(losses) on investment property
Decrease in debtors
Increase/(decrease) in creditors
Increase/(decrease) in provisions
Net cash used in operating activities		 2024
£
1,061,196
1,789
(1,432,022)
-
23,253
(180,608)
(34,629)
(561,021)		 2023
£
(663,713)
1,661
26,935
(40,000)
12,955
310,820
(33,464)
(384,806)

Page 32

THE STOCK EXCHANGE BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

26. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash at bank and in hand
Liquid investments
Total cash and cash equivalents		 2024
£
333,603
342,859
676,462		 2023
£
326,979
1,085,985
1,412,964

27. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Liquid investments		 At 1
January
2024
£
326,979
1,085,985
1,412,964		 Cash flows
£
6,624
(743,126)
(736,502)		 At 31
December
2024
£
333,603
342,859
676,462

28. OPERATING LEASE COMMITMENTS

At 31 December 2024 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		 2024
£
20,200
5,050
25,250		 2023
£
4,916
-
4,916

29. RELATED PARTY TRANSACTIONS

During the year, Jaswant Golan the husband of Jennifer Golan (Assistant Secretary) provided IT support services to the charity totalling £880 (2023 - £1,482).

Page 33