2021-03-31-accounts - Racing Industry Accident Benefit Scheme

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Trustees				I L Eddis, Chairman	I L Eddis, Chairman	I L Eddis, Chairman
				Mrs SGeake
				G McGrath
				Lady Susannah		O'Brien
				Dr A P Forsythe		Simpson
Charity number				281686
Principal address				9 High Street
				Lambourn
				Hungerford
				Berkshire
				RG17 BXL
Auditors				Ross Brooke	Ltd
				Suite I
				Windrush Court
				Abingdon Business Park
				Abingdon
				OX14 1SY
Bankers				Weatherbys	Bank
				Sanders Road
				Wellingborough
				Northamptonshire
				NNB 4BX
Solicitors				Forsters LLP
				31 Hill Street
				Mayfair
				London
				W1I SLS
Investment	advisors			Cazenove Capital Management			Limited
				12 Moorgate
				London
				EC2R 6DA
Insurance	and	risk management	consultants	Marsh Commercial
				13"Floor
				Castlemead
				Lower Castle	Street
				Bristol
				851 3AG
Administrator		and loss adjusters		SLS,a Crawford		Company
				1"Floor
				8 Exchange Quay
				Manchester
				MS3'

				2021	2020
				6	f
Income and	endowments	from:
Other				3,000	3,000
Investments				19,649	27,931
Charitable activities				1 595.729	1623663
Total				1618378	1 654 594'
Expenditure	on:
Raising funds	—investment	management	fees	5,309	5,407
	—third party	costs		76	157
Charitable activities				1437.478	1 541 270
Total				1442863	1 546834
Net income before gains		and losses on		175,515	107,760
investments
Net gains/(losses) on investments				116453	86717
Net income/(expenditure)				291,968	2'l,043
Reconciliation	offunds:
Funds brought	forward			941 5	920515
Funds carried	forward			12 52	941554

		2021	2021	- 2020
			6	6
Cash flows from operating activities:
Net Income/(expenditure)		291,968		21,043
Deduct gains/add back losses on investments		(116,453)		86,71/
Decrease/(increase) in debtors		8,009		(50,490)
Increase/(Decrease) in creditors		8	605	~27 103
Net cash (used in) generated from operating	activities	192	129	30167
Cash flows from investing activities:
Net movement on investment cash balances		6	483	~V4 786
Net cash generated from (used in) investing	activities		483	74786
Cashflow from financing activities:
Repayment ofdebt		(45,000)
Receipts of issue of new loan				45000
Net cashflow from financing activities		~45	0	45000
Increase/(decrease) in cash and cash equivalents		153,612		291
Cash and cash equivalents brought forward		82	121	81830
Cash and cash equivalents carried forward		~23		2 121

NVESTMENT INCOME
		2021		2020
		f		f
UK equity dividends		4,735	11,795
Overseas equity dividends		3,584		3,457
Income from UK bonds		3,159		3,245
Income from overseas	bonds	358
Income from other UK	investments	4,490		5,381
Income from other overseas investments Deposit account interest		2,504 ~1		2,778 1 275
				793
NCOMING RESOURCES FROM CHARITABLE ACTIVITIES
		2021		2020
		f		f
Member contributions	—employee	782,303	794,835
Member contributions	—employer	813427	828828
		~17
NALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
		2021		2020
		f		f.
Charitable activities
Weekly benefit scheme		1,050,599	998,789
Capital benefit premium		320,615	519,848
Marsh Costs —commission		40,000
Crawfords cost		6,250	5,000
Governance and support costs (see below)		20014	17633
		747	15S4	70

NALYSIS OF GOVERNANCE	NALYSIS OF GOVERNANCE	NALYSIS OF GOVERNANCE	AND SUPPORT COSTS	AND SUPPORT COSTS
				2021	2020
				f	f
Governance costs
Audit fees				6,120	5,100
Administration charges				9169	9267
					~67
Support costs
Legal and professional	fees			4,680	3,240
Bank charges and interest				45	26
					176
RUSTEES
o expenses were reimbursed			to Trustees (2020:f305to three Trustees).
one ofthe Trustees received			any remuneration	during the current year or prior year.
MPLOYEES
here were no employees		during the year (2020:none).
IXEDASSET INVESTMENTS
				Listed
				investments
				f
Market value at 1 April	2020			906,726
Income received into fund				18,082
Transfer of cash				(19,256)
Investment manager's	fees			(5,309)
Net gains/(losses) on investments				116453
Market value at 31March 2021
				2021	2020
					f
The investment assets	are held:
UK listed equities				162,046	204,742
Non-UK listed equities				304,522	164,349
UK bonds				178,280	230,428
Non-UK bonds				76,749	20,777
UK other securities				133,791	170,013
Non-UK other securities				110,040	78,350
Cash				51 268	38067
				~69	~76
Historical cost
At 31 March 2021				~4
At 31 March 2020				68