REGISTERED CHARITY NUMBER: 274190
THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Unaudited Financial Statements for the Year Ended 31 March 2021
Tudor John Limited Nightingale House 46-48 East Street Epsom Surrey KT17 1HQ
THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Contents of the Financial Statements for the year ended 31 March 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 13 |
| Detailed Statement of Financial Activities | 14 |
THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Report of the Trustees for the year ended 31 March 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
The Market Research Benevolent Association was established by a Declaration of Trust dated 1 August 1977.
The trustees have had due regard to the Charity Commission guidance on Public Benefit.
The objectives of the Association are the relief and assistance of necessitous persons who are or have been engaged in market research or related activities, and of the dependents of such persons. This constitutes a public benefit as defined in The Charities Act, being for the relief of those in need. Relief is mostly given in the form of grants and loans, although advice and counselling are also provided. This meets the requirements of Principle 1, being an identifiable benefit.
Relief is available to a section of the public, being those people and their dependents who work in or have worked in market research in the United Kingdom. Membership of The Market Research Society is not a necessary condition for assistance to be given. This meets Principle 2, being a benefit to the public.
Applications are invited by letter, through the web-site or by telephone. Most, but not all, applicants are visited by a MRBA Regional Manager who assesses the applicant's needs and who makes a recommendation to the Management Committee regarding the assistance that may be provided.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Induction and training of new trustees
The Trustees are the members of the Management Committee. Each Trustee holds office for as long as they are a member of the Management Committee.
Trustees are expected to keep up to date with appropriate legislation and practice.
Management Committee
The Management Committee consists of not more than six elected members who must be Life Governors, Governors or ordinary Members of the Association; up to three further members may be co-opted to the Committee. Elected members hold office for three years from the AGM at which they are elected, but are eligible for re-election. Members of the Management Committee give their time freely and no Trustee remuneration was paid in the year. Details of trustee expenses are given in Notes to the Financial Statements.
The Chairman is elected annually by the Management Committee from amongst its members, but is eligible for reelection.
The day-to-day management of the charity is the responsibility of the Treasurer (D. Scott), in consultation with the Chairman, and within staff job descriptions agreed by the Trustee Board.
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Report of the Trustees for the year ended 31 March 2021
Background to the year
The beginning of the financial year 2020/21 coincided almost exactly with the first lockdown imposed by HM Government as a result of the Covid-19 pandemic.
During late March and April of 2020, the number of enquiries received increased dramatically. However, once compensation schemes based on the government furlough scheme had been set up by employers, this fell back to more normal levels. Throughout the year, though, we awaited the end of the furlough scheme, anticipating that that would mean an increase in applicants. In the event the furlough scheme was extended several times and lasted for the whole of this financial year.
The lockdown and the pandemic have caused us to alter our operating arrangements in several ways. Firstly, all of our trustee and management committee meetings since March 2020 have been held by online video call. Also face to face interviews by Regional Managers with applicants have not been possible. These have been conducted by online video where possible or by telephone. Increasingly applications are initially made by email, with application forms completed and returned by email.
There have been benefits to these changes. Holding meetings online is a more efficient use of the trustees’ time and has allowed us to have shorter meetings more often. As cases arise, we are able to hold case meetings at short notice. The applicant therefore does not have to wait for the next management committee meeting for their case to be considered, which can be as long as six weeks. The use of video conferencing also means that the relevant Regional Managers can attend the cases meetings which was not previously possible. We therefore feel that we have improved the service that we are able to give to our applicants.
Investments
When the pandemic arose, we were in the process of transferring approximately half of our investments from UBS, who had resigned the account, to ESJ Financial Service who were able to offer a bespoke service for no increase in fee. With the uncertainty about the number and seriousness of applicants that we would see, particularly when furlough ended, we kept that money liquid and available at short notice and did not proceed with investing it through ESJ throughout this financial year. The investment with ESJ commenced in July 2021.
Thus, on the balance sheet investments are quoted as £440,596, which is comprised of £304,354 with CCLA and £136,242 held in cash and settlements pending.
The investments with CCLA increased from £244,893 on 1[st] April 2020 to £304,354 on 31[st] March 2021. This increase of 24% is in large part due to the fall in stock values seen at the start of the pandemic in 2020 and their subsequent revival. The CCLA investments are invested for growth rather than income and dividends are not taken. Whilst this is less than the increase in the FTSE250 index, which increased 54% over the same period, the CCLA portfolio did not see the collapse that that index saw in 2020 and has outperformed the FTSE250 over the period of the last two years.
Income
Income in 2020/2021 was £33,385, slightly up from £31,748 in the previous year. This was despite the decrease in investment income from £3,759 to £532, and down from £8,188 the previous year.
Income from membership and corporate sponsors at £15,769 was comparable to £16,027 in the previous year. Some of our corporate patrons gave donations in addition to their subscription and donations overall increased from £4,710 to £8,331. We are grateful to all our members and corporate patrons, friends and all sponsors who continue to support the MRBA through all these activities.
Other events, including the annual auction, raised £9,203 (£7,252 in 2019/20).
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Report of the Trustees for the year ended 31 March 2021
Outgoings
In all a total of £61,989 was given in assistance during the year, comprising £52,551 in new grants, loans and bursaries, with a further £9,438 of loans turned into grants. This is the highest amount ever given by the MRBA and the first time that this figure has exceeded £50,000 since 2010, when it peaked following the financial collapse of 2008.
Grants to hardship cases totalled £33,683 (up from £27,941 the previous year) and grants awarded via MRBA Skills totalled £17,400. The figure for grants includes £9,438 of loans which were converted into grants where there was no prospect of the loan being repaid. In addition, five new loans were granted totalling £13,066. In the previous year two loans totalling £4,983 were granted. The increase in the current year was due to assistance to people during the current year who had a good prospect of being able to return to work.
Loans outstanding at 1st April 2021 amounted to £15,714 down from £18,181 a year previously. A total of £6,395 was received in loan repayments.
Overall, the total funds carried forward on 1[st] April 2021 were £454,004, almost unchanged from £454,237 a year previously. This is despite our balance between income from donations and charitable activities and expenditure being minus £59,694, which was offset by the gain in the investment portfolio of £59,461.
Overall expenditure was £93,529, of which £72,463 was on charitable expenditure, that is grants, loans, bursaries, the management of those, and marketing. The comparable figures for the previous year were £76,711 and £57,976 respectively. After gains on the value of investments, this leaves a net deficit of £42,597 (compared to £30,408 the previous year).
MRBA Skills
In the second full year of MRBA Skills, our initiative to provide bursaries to people studying for the MRS Certificate but who would have financial difficulty doing so without support, we provided assistance to 10 applicants totalling £15,240. This represents real progress from the previous year when bursaries given totalled £9,643. We are very pleased with this programme which has met our expectations and we are working to ensure that it continues to do so.
This initiative has been masterminded by Virginia Monk and Mike Wooderson, who have both put a tremendous amount of work into the design and administration of the scheme to make it so successful. We are now considering ways in which the programme can be extended to other appropriate qualifications.
Trustees’ thanks
Each of the trustees fulfils an important role in the operation of the MRBA, but there are people other than trustees who support the charity and without whom it would not run as it does.
We give a big thanks as always to Linda Henshall, for all her work with the annual auction, which remains our largest individual fund-raising event of the year, particularly this year when so many other activities were curtailed.
Claire Harris manages the sponsors programme, which this year has generated around half of our income, and has been the main income generator for some years.
Virginia Monk and Mike Wooderson manage the MRBA Skills programme and Mike also looks after our technical and IT requirements.
Gill Welch is our expert on benefits and has an important role advising on cases and how they can best be helped. And Jane Frost provides an important liaison with the Market Research Society, to whom we owe a great deal for publicity and communication particularly with potential applicants.
From the 2020 AGM, Marian Stringer stood down as National Cases Manager after more than 25 years, and as a member of the Management Committee for nearly 40 years. The MRBA is of course extremely grateful to the major contribution that Marian has made in that time, without which the many cases could not have been helped. We also thank Mary Williams who worked as Marian's volunteer assistant since 2008, who stood down at the same time, and whose help has been gratefully appreciated by all of the management committee.
The role of national cases co-ordination has been taken on by our administrator, Danielle Scott. Technology, and specifically the increase in video conferencing, has meant that the Regional Managers have been able to become more directly involved in the assessment of cases, which has also helped to improve the speed with which we are able to make decisions about cases and implement assistance.
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Report of the Trustees for the year ended 31 March 2021
Trustees’ thanks (continued)
Following the retirement of Rossanne Lee-Bertram who had been our marketing consultant for 12 years, consultancy Keen As Mustard were appointed to handle our marketing from October 2020. This relationship has been managed by our trustee Jenni Perry (previously Roberton) together with Linda Henshall. KaM have done a lot of work for us on social media and introduced several awareness-raising and fund-raising initiatives, particularly around the Christmas period.
As ever, we are immensely indebted to various industry organisations - MRS, IQCS, AQR and ICG – for their support in spreading the word and distributing our material and our message.
All of this is supported by our secretary/administrator, Danielle Scott, who as well as taking on the national cases co-ordination role, provides constant support, ensuring that everything runs smoothly.
Future plans
At the time of writing, we are still waiting to see the full impact of the end of the Government’s furlough scheme, when we fear that many people, who have effectively been paid by the Government for the last 15 months or more, will discover that they do not have a job to return to. We have already seen indications of this through several cases that have already presented themselves, but we anticipate that we could shortly see an increase.
We are also looking to build on the success of the MRBA Skills offer by extending it to cover a range of qualifications.
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Report of the Trustees for the year ended 31 March 2021
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 274190
Principal address 11 Tremayne Walk Camberley Surrey GU15 1AH
Trustees I Brace Mrs L R Henshall Ms C R Harris Ms J Frost J Perry V E Monk Mrs M Stringer (resigned 24.9.20) M L Wooderson G Welch
Independent Examiner Tudor John Limited Nightingale House 46-48 East Street Epsom Surrey KT17 1HQ
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ I Brace - Trustee
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Independent Examiner's Report to the Trustees of The Market Research Benevolent Association
Independent examiner's report to the trustees of The Market Research Benevolent Association
I report to the charity trustees on my examination of the accounts of The Market Research Benevolent Association (the Trust) for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Hazel Day BSc (Hons) FCA DChA Tudor John Limited Nightingale House 46-48 East Street Epsom Surrey KT17 1HQ
Date: .............................................
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Statement of Financial Activities for the year ended 31 March 2021
| 2021 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 8,331 Charitable activities Charitable activity 15,769 Other trading activities 2 9,203 Investment income 3 532 Total 33,835 EXPENDITURE ON Raising funds 4 - Charitable activities Charitable activity 93,529 Total 93,529 Net gains on investments 59,461 NET INCOME/(EXPENDITURE) (233) RECONCILIATION OF FUNDS Total funds brought forward 454,237 TOTAL FUNDS CARRIED FORWARD 454,004 |
2020 Total funds £ 4,710 16,027 7,252 3,759 31,748 478 76,233 76,711 2,366 (42,597) 496,834 454,237 |
|---|---|
The notes form part of these financial statements
Page 7
THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Balance Sheet 31 March 2021
| 2021 Unrestricted funds Notes £ FIXED ASSETS Investments 8 440,596 CURRENT ASSETS Debtors 9 14,722 Cash at bank 2,114 16,836 CREDITORS Amounts falling due within one year 10 (3,428) NET CURRENT ASSETS 13,408 TOTAL ASSETS LESS CURRENT LIABILITIES 454,004 NET ASSETS 454,004 FUNDS 11 Unrestricted funds 454,004 TOTAL FUNDS 454,004 |
2020 Total funds £ 430,973 18,122 7,034 25,156 (1,892) 23,264 454,237 454,237 454,237 454,237 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. I Brace - Trustee
The notes form part of these financial statements
Page 8
THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Notes to the Financial Statements for the year ended 31 March 2021
1. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
INCOME
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
EXPENDITURE
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
TAXATION
The charity is exempt from tax on its charitable activities.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
GRANTS
Grants payable are charged in the year when the offer is conveyed to the recipient.
INVESTMENT INCOME
Dividends, loan stock interest and associated tax credits are included in the Statement of Financial Activities when receivable.
FIXED ASSET INVESTMENT
Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
continued...
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Notes to the Financial Statements - continued for the year ended 31 March 2021
| 2. | OTHER TRADING ACTIVITIES | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Fundraising events | 9,203 | 7,252 | |
| 3. | INVESTMENT INCOME | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Dividends and investment income | 532 | 3,759 | |
| 4. | RAISING FUNDS | ||
| INVESTMENT MANAGEMENT COSTS | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Investment advice | - | 478 |
- TRUSTEES' REMUNERATION AND BENEFITS
No emoluments were payable to any trustee for their services (2020: nil).
In the current year no honoraria were paid to trusteees (2020: £2,850 to 1 trustee).
TRUSTEES' EXPENSES
Travelling and office expenses of £384 were reimbursed to 2 trustees (2020: £475 to 3 trustees).
| 6. STAFF COSTS Wages and salaries The average monthly number of employees during the year was as follows: Charitable activities |
2021 £ 20,157 20,157 2021 1 |
2020 £ 19,231 19,231 2020 1 |
|---|---|---|
No employees received emoluments in excess of £60,000.
continued...
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Notes to the Financial Statements - continued for the year ended 31 March 2021
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |||||
|---|---|---|---|---|---|
| funds | |||||
| £ | |||||
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 4,710 | ||||
| Charitable activities | |||||
| Charitable activity | 16,027 | ||||
| Other trading activities | 7,252 | ||||
| Investment income | 3,759 | ||||
| Total | 31,748 | ||||
| EXPENDITURE ON | |||||
| Raising funds | 478 | ||||
| Charitable activities | |||||
| Charitable activity | 76,233 | ||||
| Total | 76,711 | ||||
| Net gains on investments | 2,366 | ||||
| NET INCOME/(EXPENDITURE) | (42,597) | ||||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 496,834 | ||||
| TOTAL FUNDS CARRIED FORWARD | 454,237 | ||||
| 8. | FIXED ASSET INVESTMENTS | ||||
| Cash and | |||||
| Listed | settlements | ||||
| investments | pending | Totals | |||
| £ | £ | £ | |||
| MARKET VALUE | |||||
| At 1 April 2020 | 244,893 | 186,080 | 430,973 | ||
| Additions | - | 162 | 162 | ||
| Disposals | - | (50,000) | (50,000) | ||
| Revaluations | 59,461 | - | 59,461 | ||
| At 31 March 2021 | 304,354 | 136,242 | 440,596 | ||
| NET BOOK VALUE | |||||
| At 31 March 2021 | 304,354 | 136,242 | 440,596 | ||
| At 31 March 2020 | 244,893 | 186,080 | 430,973 |
continued...
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Notes to the Financial Statements - continued for the year ended 31 March 2021
8. FIXED ASSET INVESTMENTS - continued
There were no investment assets outside the UK.
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
||
|---|---|---|
| Other debtors 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors |
2021 £ 14,722 2021 £ 928 2,500 3,428 |
2020 £ 18,122 2020 £ 692 1,200 1,892 |
11. MOVEMENT IN FUNDS
| Unrestricted funds General fund Convalescent TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 33,835 TOTAL FUNDS 33,835 |
At 1.4.20 £ 421,917 32,320 454,237 454,237 Resources expended £ (93,529) (93,529) |
Net movement At in funds 31.3.21 £ £ (233) 421,684 - 32,320 (233) 454,004 (233) 454,004 Gains and Movement losses in funds £ £ 59,461 (233) 59,461 (233) |
|---|---|---|
Net movement in funds, included in the above are as follows:
continued...
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Notes to the Financial Statements - continued
for the year ended 31 March 2021
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Convalescent TOTAL FUNDS |
At 1.4.19 £ 464,514 32,320 496,834 496,834 |
Net movement in funds £ (42,597) - (42,597) (42,597) |
At 31.3.20 £ 421,917 32,320 454,237 454,237 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 31,748 | (76,711) | 2,366 | (42,597) |
| TOTAL FUNDS | 31,748 | (76,711) | 2,366 | (42,597) |
Unrestricted general funds - These are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Convalescent fund - Unrestricted funds which have been designated by the Trustees specifically for convalescent assistance.
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the year ended 31 March 2021 | ||
| 2021 | 2020 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 8,331 | 4,710 |
| Other trading activities | ||
| Fundraising events | 9,203 | 7,252 |
| Investment income | ||
| Dividends and investment income | 532 | 3,759 |
| Charitable activities | ||
| Subscriptions | 15,769 | 16,027 |
| Total incoming resources | 33,835 | 31,748 |
| EXPENDITURE | ||
| Investment management costs | ||
| Investment advice | - | 478 |
| Charitable activities | ||
| Honoraria | 2,300 | 5,450 |
| Support costs | 270 | 1,489 |
| Sundries | 2,442 | - |
| Marketing consultant fees | 14,595 | 12,193 |
| Website expenditure | 1,773 | 1,260 |
| MRBA Skills | 17,400 | 9,643 |
| Grants to individuals | 33,683 | 27,941 |
| 72,463 | 57,976 | |
| Support costs | ||
| Governance costs | ||
| Wages | 17,857 | 13,781 |
| Accountancy and legal fees | 1,260 | 1,200 |
| Committee expenses | 1,949 | 3,276 |
| 21,066 | 18,257 | |
| Total resources expended | 93,529 | 76,711 |
| Net expenditure before gains and losses | (59,694) | (44,963) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | - | 2,477 |
| Net expenditure | (59,694) | (42,486) |
This page does not form part of the statutory financial statements
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