2020-12-31-accounts - The Shell Pensioners Benevolent Association

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							2020	2019
						Note
Income
Donations and legacies
Donations and legacies							72,560	219,431
Donation as contribution		for administration			costs		48,862	51,872
							121,422	271,303
Investment income (before capital		gains	/ losses)				109,940	102,948
Total income							231,362	374,251
Expenditure
Expenditure on charitable activities
Grants							175,020	152,950
Administration and other		costs					48,862	51,872
Total expenditure							223,882	204,822
Net income before net gains and		losses
on investments							7,480	169,429
Net (losses) / gains on revaluation ofinvestments							(164,423)	212,757
Net movement in funds							(156,943)	382,186
Reconciliation offunds
Total funds brought forward							3,238,015	2,855,829
Total funds carried forward							3,081,072	3,238,015
Statement ofCash Flows
							2020	2019
						Note
Net cash (used in) / provided	by	operating activities					(105,686)	480,727
Cash flow from investing activities
Investment income							109,940	102,948
Purchase ofinvestments								(558,000)
Net cash provided by/(used	in) investing			activities			109,940	(455,052)
Increase in cash and cash equivalents			in the year				4,254	25,675
Cash and cash equivalents at the beginning				ofthe year			119,903	94,228
Total cash and cash equivalents atthe			end ofthe		year		124,157	119,903

Balance Sheet a	s at 31 D	ecember
				2020	2019
			Note
Fixed assets
Investments			8	2,845,794	3,010,217
Long-term loans
Loans to SPA members	repayable	in more than one year		61,622	68,240
Current assets
Loans to SPA members	repayable	in less than one year		7,173	1,540
Accrued income				lp496	10,670
Other debtors				44,434	28,847
Cash and cash equivalents				124,157	119,903
				177,260	160,960
Current liabilities
Creditors falling due within one		year		3p604	1,402
Net current assets				173,656	159,558
Net assets				3,081'072	3,238,015
The funds ofthe Association
Unrestricted income funds				3,081,072	3,238,015
Total funds				3,081'072	3,238,015

	deposits ofless than 3months duration.	from the spouse ofaTrustee	nting toE12	0.
g)	Individual grants are included in the Statement ofFinancial
	Activities when they have been authorised by the Trustees
	and the costs necessitating the grant has been incurred	6. Reconciliation ofnet movement	in funds to	net cash
	by the pensioner. However, non-specific grants, such	(used in) / provided by operating	activities
	asChristmas grants, are included in the Statement of		2020	2019
	Financial Activities inthe year forwhich the grant ismade.
h)	Accommodation, office services and other administration	Net movement in funds	(156,943)	382,186
	costs, together with the employment costs ofthe Secretary,	Deduct investment income	(109,940)	(102,948)
	are contributed by Shell International Limited. An	Add / (deduct) net losses / (gains)
	estimate ofthe costofthese services is,in accordance with	on revaluation ofinvestments	164,423	(212,757)
	the Statement ofRecommended Practice, included in the	New loan	(5,955)	(4,000)
	Financial Statements as both adonation and an expense.	Loan repayments	6,940	40,350
	No cost isincluded in the Financial Statements for the Trustees, who give their services free, orfor the support by the Pensioner Programme Officers who make visits toShell pensioners to discuss their needs.	Shares received as alegacy (Increase) / decrease in debtors Increase / (decrease) in creditors Net cash (used in) / provided by	(6,413) 2,202	(363,105) 750,099 (9,098)
		operating activities	(105,686)	480,727
.	Donations and legacies 2020 2019
	Donations Legacies 36,475 36,085 48,174 171,257	7. Cash and cash equivalents	2020	2019
	Total 72,560 219,431	Interest-earning cash at banl&	98,544	35,352
		Other cash at bank	25,613	84,551
	Donations included unconditional donations from		124,157	119,903

Investments			2020	2019
Net (losses) /gains on investments
(realised and unrealised):
COIF Charities	Fixed Interest Fund		14,270	21,783
COIF Charities	Investment	Fund	27,942	65,757
COIF Charities	Global Equity
Income Fund			74,042	76,020
COIF Charities	Property Fund		(21,557)	(8,799)
MUG Charifund			(75,816)	39,786
Shares			(184,304)	16,272
Permanent Interest Bearing		Shares
(PIBS)			1,000	1,938
			(164,423)	212,757
The movement	in the market	value
during the year:
At 1January			3,010,217	1,876,355
Purchases at cost				558,000
Shares received	as alegacy			363,105
Net (losses) / gains			(164,423)	212,757
At 31December			2,845,794	3,010,217
The market value at 31December:
COIF Charities	Fixed Interest Fund		538,449	524,179
COIF Charities	Investment	Fund	478,854	450,912
COIF Charities	Global Equity
Income Fund			491,884	417,842
COIF Charities	Property Fund		386,055	407,612
MUG Charifund			361,179	436,995
Shares			557,123	741,427
Permanent Interest Bearing		Shares
(PIBS)			32,250	31,250
			2,845,794	3,010,217
Historic cost at 31December			2,555,418	2,555,418

Loans to SPA m	embers are unsecured	and intere	st free.
The change in the	number ofloans:	2020	2019
At 1January		23	29
Fully repaid		(3)	(7)
		20	22
New loan		1	1
At 31December		21	23
The movement in	the amount ofloans
during the year:
At 1January		88,243	124,593
Repayments		(6,940)	(40,350)
		81,303	84,243
New loan		5,955	4,000
At 31December		87,258	88,243
The outstanding	loans at
31December:
Undated loans repayable
in more than one	year	68,684	79,387
Dated loans repayable
in more than one	year	10,681	6,596
		79,365	85,983
Provision for bad	and
doubtful loans		(17,743)	(17,743)
Loans repayable	in more than
one year, net ofprovision		61,622	68,240
Undated loans repayable
in less than one year		6,141
Dated loans repayable
in less than one year		1,752	2,260
		7,893	2,260
Provision for bad
and doubtful loans		(720)	(720)
Loans repayable in less
than one year, net ofprovision		7,173	1,540

illustrat	e the trend of	the Association	in pursuance	ofits object.
								6thousands
								Net
	Investment			Surplus	Loans	Loans	Loans less	benevolence
	income	Donations	Grants	(deficit)	repaid	made	repayments	cash
2011	81.1	52.8	(113.3)	20.6	23.4	(26.3)	(2.9)	17.7
2012	90.8	54.4	(134.6)	10.6	27,1	(14.9)	12,2	22.8
2013	85.8	55.0	(131.8)	9.0	21.5	(14.6)	6,9	15.9
2014	79.9	54.5	(132.0)	2.4	18,6	(10.6)	8.0	10.4
2015	79,4	52.4	(155.1)	(23.3)	35,9	(28.8)	7,1	(16.2)
2016	81,4	47.2	(111.0)	17.6	24.0	(8.9)	15.1	32.7
2017	84.9	44.9	(152.0)	(22.2)	15.3	(3.6)	11.7	(10.5)
2018	83.1	46.5	(178.3)	(48.7)		(20.0)	4.4	(44.3)
2019	102.9	48.2	(153.0)	(19)	40.3	(4.0)	36.3
2020	109.9	36.5	(175.0)	(28.6)	6,9	(5.9)	1.0	(27.6)
	879.2	492.4	(1,436.1)	(64.5)	237.4	(137.6)	99.8	35.3