REGISTERED CHARITY NUMBER: 274190
THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Unaudited Financial Statements for the Year Ended 31 March 2023
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 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 76 |
| Notes to the Financial Statements | 8 to 12 |
| Detailed Statement of Financial Activities | 13 |
| Appendix | 14 |
THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Report of the Trustees for the year ended 31 March 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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 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 re-election.
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 2023
Background to the year
At the beginning of the financial year 2022/23 the UK had emerged from the Covid-19 lockdowns, and things were beginning to recover although the Russian invasion of Ukraine in February 2022 was beginning to affect stock market values and energy prices. Later in the year the short-lived Truss government resulted in large increases in mortgage payments for many people as they came to renew their mortgages. As an outcome of all this, by the end of 2022 we were expecting to see an increase in applications for help, particularly over the winter when the increases in fuel prices began to bite, despite government caps.
However, we did not see the expected increase in the number of applicants and the year as a whole remained fairly quiet relative to the preceding two years. Over the year we helped just 18 cases with grants of £18,308 with no loans. However, writing now, in August 2023, we have already helped 12 cases since the beginning of the financial year, with grants to a value around twice that which we had given this time last year. It appears that the impact of last year’s events may have finally caught up with people’s financial circumstances.
Total funds
Overall, the total funds carried forward on 1[st] April 2023 were £413,810, down from £446,016 a year previously. In most years we expend significantly more than our income which is more than offset by the increase in the value of our investments. This year, however, the difficulties of the war in Ukraine, the increase in energy prices, and the turmoil over interest rates and mortgages, resulted in small decrease in the value of our investments of £1,036 which compounded rather than offset our overall operating deficit £31,170.
Outgoings
Overall expenditure in the year was £61,975, of which £36,036 was on charitable expenditure, that is grants, loans, bursaries, the management of those, and marketing, compared to £67,432 and £45,347 respectively the previous year.
Direct assistance to hardship cases was lower in 2022/23 than in the previous year. The total assistance given this year in grants was £18,308 with no loans made, down from £31,761 in loans and grants the previous year. In addition, £121 in loans was written off, compared to £380 the previous year. MRBA Skills also saw a decrease in the amount given in bursaries from £6,816 to £5,994. Thus the total amount given in direct assistance, that is grants, loans and bursaries, in 2022/23 was £24,302, compared to £38,577 the previous year.
Administrative costs increased from £22.085 in 2021/22 to £25,939 in 2022/23. This was almost entirely due to the honoraria to the Regional Managers, which showed an apparent increase of £3,700 as a result of phasing differences, with only £500 of honoraria appearing in the 2021/22 accounts.
Loans outstanding as at 1st April 2023 amounted to £8,603 down from £14,731 a year previously. A total of £6,255 was received in loan repayments during the year.
Income
Income in 2022/2023 was £30,805, up from £24,098 in the previous year.
Income from membership and corporate sponsors was up from last year at £16,062 (£15,766 in the previous year) and donations were slightly up at £1,611 from £1,094. We are grateful to all our members and corporate patrons, friends and all supporters who continue to support the MRBA through all these activities.
The annual online auction returned in March 2023. This raised £10,250, of which £8,838 appears in this year, thanks to £5,000 donated by Rigour Research to match what had already been raised. We would like to offer immense thanks to Rigour Research for this.
Other events raised £3,755.
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Report of the Trustees for the year ended 31 March 2023
Investments
On the balance sheet investments are quoted as £382,964, at the end of 2022/23, down from £430,951 a year earlier which is in part due to the net sale of £47,000 of investment assets. However the amount held in cash increased from £5,433 to £26,446 giving an overall decrease of £26,974. This was necessary to fund the difference of £31,170 between income and expenditure and is in line with the charity’s objective of reducing the amount held in reserves.
Investments are managed by CCLA and ESJ Financial Planning.
MRBA Skills
MRBA Skills, our initiative to provide bursaries to people studying for the MRS Certificate but who would have financial difficulty doing so without support, continued throughout 2022/23, and provided £5,994 in bursaries. This was down a little from the previous year (£6,816). We continue to consider 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.
Claire Harris manages the Corporate Patrons and Friends programme, which this year has generated around half of our income and has been the main income generator for some years. Claire has been assisted in this since December 2022 by Elaine Francis.
Virginia Monk and Mike Wooderson manage the MRBA Skills programme, and Mike also looks after our technical and IT requirements.
Jenni Perry was responsible for our marketing activity throughout 2022/23. Unfortunately Jenni is now standing down to concentrate on her new business venture. We are very grateful to Keen as Mustard who provided marketing support throughout 2022/23 for no charge. We regret that this arrangement is no longer in operation.
Linda Henshall continues to be our main fund-raiser, and successfully brought back the online auction after a year’s absence in 2022, together with the matching donation from Rigour Research previously mentioned.
Gill Welch is our expert on benefits and has an important role advising on cases and how they can best be helped. 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.
There are also people other than trustees who support the charity and without whom it would not run as it does.
Our administrator and national cases co-ordinator is Danielle Scott, to whom we owe a large debt of gratitude for making everything run smoothly. Debbie Whittick provides valuable support particularly in maintaining the MRBA website and is now also handling our mailings.
As ever, we are indebted to various industry organisations - MRS, IQCS, AQR and ICG – for their support in spreading the word and distributing our material and message. Thanks too to all the organisations who support MRBA as Corporate Patrons and Friends, a list of whom can be found in Appendix A, and to all our individual members.
Future plans
At the 2023 AGM I shall be standing down as chair after 19 years in the position. It has been a great honour to have been chair for so long. I am delighted that the continuing trustees have already voted Virginia Monk to be the chair designate and she will take over as chair from the end of the AGM.
I am very grateful to everyone who served as a trustee and management committee during my time as chair, to all the Regional Managers, to other helpers and supporters, and I am extremely indebted to all the support I have received from Danielle Scott for the last 14 years without which I would many times have found myself in trouble.
I know that I leave the Association in excellent hands, and that Virginia will ensure that the MRBA continues to support people in need from the Market Research sector in a generous, ethical and benevolent way.
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Report of the Trustees for the year ended 31 March 2023
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
274190
Principal address
11 Tremayne Walk Camberley Surrey GU15 1AH
Trustees
Mr I Brace Mrs L R Henshall Ms C R Harris Ms J Frost Ms J Perry Ms V E Monk Mr M L Wooderson Ms 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:
........................................................................ Mr 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 2023.
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
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the accounts do not accord with those records; or
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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
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 2023
| 2023 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 1,611 Charitable activities Charitable activity 16,062 Other trading activities 2 12,593 Investment income 3 539 Total 30,805 EXPENDITURE ON Charitable activities Charitable activity 61,975 Net gains/(losses) on investments (1,036) NET INCOME/(EXPENDITURE) (32,206) RECONCILIATION OF FUNDS Total funds brought forward 446,016 TOTAL FUNDS CARRIED FORWARD 413,810 |
2022 Total funds £ 1,094 15,766 7,199 39 24,098 67,432 35,346 (7,988) 454,004 446,016 |
|---|---|
The notes form part of these financial statements
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Balance Sheet 31 March 2023
| 2023 Unrestricted funds Notes £ FIXED ASSETS Investments 7 382,964 CURRENT ASSETS Debtors 8 8,333 Cash at bank 26,446 34,779 CREDITORS Amounts falling due within one year 9 (3,933) NET CURRENT ASSETS 30,846 TOTAL ASSETS LESS CURRENT LIABILITIES 413,810 NET ASSETS 413,810 FUNDS 10 Unrestricted funds 413,810 TOTAL FUNDS 413,810 |
2022 Total funds £ 430,951 14,467 5,433 19,900 (4,835) 15,065 446,016 446,016 446,016 446,016 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mr I Brace - Trustee
The notes form part of these financial statements
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Notes to the Financial Statements for the year ended 31 March 2023
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 2023
| Notes to the Financial Statements - continued for the year ended 31 March 2023 |
||||
|---|---|---|---|---|
| 2. | OTHER TRADING ACTIVITIES | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Fundraising events | 12,593 | 7,199 | ||
| 3. | INVESTMENT INCOME | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Dividends and investment income | 539 | 39 | ||
| 4. | TRUSTEES' REMUNERATION AND BENEFITS | |||
| No emoluments were payable to any trustee for their services (2022: nil). | ||||
| In the current year, no honoraria were paid to trusteees (2022: nil). | ||||
| TRUSTEES' EXPENSES | ||||
| In the year ended 31st March 2023, £1,433 in expenses were reimbursed to trustees (2022: £nil). | ||||
| 5. | STAFF COSTS | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Wages and salaries | 26,625 | 20,561 | ||
| 26,625 | 20,561 | |||
| The average monthly number of employees during the year was as follows: | ||||
| 2023 | 2022 | |||
| Charitable activities | 1 | 1 | ||
| No employees received emoluments in excess of £60,000. | ||||
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 2021 | |||
| Unrestricted | ||||
| funds | ||||
| £ | ||||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 1,094 | |||
| Charitable activities | ||||
| Charitable activity | 15,766 | |||
| Other trading activities | 7,199 | |||
| Investment income | 39 | |||
| Total | 24,098 | |||
| EXPENDITURE ON | ||||
| Charitable activities | ||||
| Charitable activity | 67,432 |
continued...
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Notes to the Financial Statements - continued for the year ended 31 March 2023
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 2021 - continued
| Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 7. FIXED ASSET INVESTMENTS Listed investments £ MARKET VALUE At 1 April 2022 339,699 Additions - Disposals (60,000) Revaluations (3,955) At 31 March 2023 275,744 NET BOOK VALUE At 31 March 2023 275,744 At 31 March 2022 339,699 There were no investment assets outside the UK. 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors |
Unrestricted funds £ 35,346 (7,988) 454,004 446,016 Cash and settlements pending Totals £ £ 91,252 430,951 70,049 70,049 (57,000) (117,000) 2,919 (1,036) 107,220 382,964 107,220 382,964 91,252 430,951 2023 2022 £ £ 8,333 14,467 |
|---|---|
continued...
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Notes to the Financial Statements - continued for the year ended 31 March 2023
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Taxation and social security Other creditors 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 30,805 TOTAL FUNDS 30,805 Comparatives for movement in funds Unrestricted funds General fund Convalescent TOTAL FUNDS |
At 1.4.22 £ 413,696 32,320 446,016 446,016 Resources expended £ (61,975) (61,975) At 1.4.21 £ 421,684 32,320 454,004 454,004 |
2023 2022 £ £ 974 850 2,959 3,985 3,933 4,835 Net movement At in funds 31.3.23 £ £ (32,206) 381,490 - 32,320 (32,206) 413,810 (32,206) 413,810 Gains and Movement losses in funds £ £ (1,036) (32,206) (1,036) (32,206) Net movement At in funds 31.3.22 £ £ (7,988) 413,696 - 32,320 (7,988) 446,016 (7,988) 446,016 |
|---|---|---|
10. MOVEMENT IN FUNDS
continued...
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Notes to the Financial Statements - continued for the year ended 31 March 2023
10. MOVEMENT IN FUNDS - continued
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 | 24,098 | (67,432) | 35,346 | (7,988) |
| TOTAL FUNDS | 24,098 | (67,432) | 35,346 | (7,988) |
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.
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
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THE MARKET RESEARCH BENEVOLENT ASSOCIATION
Detailed Statement of Financial Activities for the year ended 31 March 2023
| for the year ended 31 | March 2023 | |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 1,611 | 1,094 |
| Other trading activities | ||
| Fundraising events | 12,593 | 7,199 |
| Investment income | ||
| Dividends and investment income | 539 | 39 |
| Charitable activities | ||
| Subscriptions | 16,062 | 15,766 |
| Total incoming resources | 30,805 | 24,098 |
| EXPENDITURE | ||
| Charitable activities | ||
| Honoraria | 4,200 | 500 |
| Sundries | 2,921 | 2,799 |
| Marketing consultant fees | 651 | 8,210 |
| Website expenditure | 3,962 | 1,561 |
| MRBA Skills | 5,994 | 6,816 |
| Grants to individuals | 18,308 | 25,461 |
| 36,036 | 45,347 | |
| Support costs | ||
| Governance costs | ||
| Wages | 22,425 | 20,061 |
| Accountancy and legal fees | 1,380 | 1,200 |
| Committee expenses | 2,134 | 824 |
| 25,939 | 22,085 | |
| Total resources expended | 61,975 | 67,432 |
| Net expenditure | (31,170) | (43,334) |
This page does not form part of the statutory financial statements
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Appendix A
MRBA Corporate Patrons and Friends August 2023
Corporate Patrons Acumen Fieldwork AQR ase Beam Cint Criteria Fieldwork Limited c space Discovery DJS Research Ltd Dynata Empower ESOMAR GfK ICG IFF Research IQCS Ipsos Kantar Kudos Research MEL Research MIS Group MRS New Fieldwork Company Opinium Ovation Panelbase QRi Quirks Research Club Research Network Rigour Research Savanta Sample Answers Spectrum Walnut Unlimited Watermelon YouGov
Corporate Friends
B2B International Illuminas Meaning Limited Quadrangle Simpson Carpenter
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