THÉ STOCK EXCHANGE CLERKS FUND Re Istered Charl No: 286055 USTEES, REPORT nd FINAN IAL TATEMENTS 31 December 202
THE STOCK EXCHANGE CLERKS FUND CONTENTS TITLE Front Pa8e CONTENTS Pa8e I OFFICERS, CUSTODIANS & PROFESSIONAL ADVSSERS Page 2 TRUSTEES, REPORT Pages3.4.5,6&7 INDEPENDENT AUDITORS REPORT Pages 8. 9 & 10 ATEMEKf of FINANCIALACtivrriES Page 11 BALANCE SHEEr Pa8e 12 NOTES to ¢he ACCOUNTS Pages 13, 14, 15 & 16
THE STOCK EXCHANGE aERKS FUND HonoraryTrustees: Mr W D Eason Mr L Ponsanby MrD Malpas Trustees: Mrs J Mayhew Ichalr) Mr M D Wlllmott (Oeputy Chalr- untll 4 May 2023) Mr R Adams (Treasurer) (Oeputy Chalr-frThn 4 May 2023) Mr l J Balnes Mrj Dust Mr AJ H•cklln8 Ms M Hooper Mr K Norman Mrj O Paulson-Ellls Mrm Rlpsher MrSFCT•me Webslte: www.secfund.¢ry.uk Address: 54llsbury House London Wall London, EC2M 5QQ-from l Aprfl 2022 Secretary: Telephone No: E-mall: MrsJennle14endrlck 07958 209367 Jennlehendrfck76@outlook.com Charity Ualson Offlcer. Telephone No: E-m•n: Mrs Deana Ball 01708 732458 deanab•1144 8mall.com Audltors: Pocknells Audlt Umlted 46 Hullbrldge Road South Woodham Ferrers Essex CM3 SNG Bankers: rdays 8aftk plc 155 Blshops8ate London EC2M 3XA Investment Managers: Qulller Cheviot Investment Mana8ernenL 90 Lon8 Acre London WC2E 9RA
'RÉ INTrooucnoN ln accordan wlth the Trust Deed dated 19 Marth 2LM)8 the Trustees present thelr report and fiMn¢ial ststements forthe year ended 31 December 2023. OBJECTS AND AcnwnES The prlnclpal artlvlty of The Stock Ex¢han8e Clerk5 Fund ICF') Is to provlde financlal assIStsn for persons In necessltous drCUmans, such persons bekng èny one or more of the followtr&' forn)er employees of the London Stock EXChae or Member Firn of the London Stock Exchange or tt FuThl or the wldow or chlld or children {whether Infants or iiotl of any suth person. The Tnstee5 tske due care dlllgeKe to uphold the prlnclpal actlvlty ofthe Fd. GRANTS AND A5sisfANCE The Fund has helped 42 reclplents (2022 - 46 redplents) wlth monthly, Ual and speclal 8rants over the twelve. month pedod covered by thls rem. The FurKI contlnues to 1P reclplents wlth monthly grdnts towards the costs of runnlng a household, 'one off payments towards spedal needs cases for such Items Is sur8lcal appllances, moblllty ¢osts, household goods, arKI fvneral expensek M05t perso who received help durfng the year recelved a Chrlstma5 monetary gift, those wlth spedal dletary needs received shopplnB vouchers. The Fund has contlnued to be dlll8ent In its housekeepln8 and investment decislon5. The grnnts being pald by the Fund increased in the year cOved by these accounts. Trustees revlew all reciplents. lknandal status and needs On a year and dedde, on an Indivldual's circumstances, the level of help the Fund ts abk to 8lve. When an applkatlon Is recelved for the flrst tlme, the indl¥ldual receives a wsit from the Fun(fs Liaison OffKer and her report is submltted to the Tntstees. Depending on the IndSvldual's clrcumstaKes the I1 of help to be Blven Is then declded. If ary person already beSng helped by the Fund has a change In personal clrcumstsnces, then the same wocedure Is followed. The Trustees ale very aware of the need for personal contscl and as in wevious yeats the Uaison Officer. sometimes accompanled by a Truslee or the Secretary, vlslted most of the Funrfs recylents In thelr homes. The vlslts are of a casual nature ta offer friendty support and ad¥lce when needed. The Trustees would appreciate receNln8 Inforrnation concernin8 any person frymerty employed In the Industry, or their dependants, who rnay be kn finandal dlstress and thus quallfy for asslstance," such InfOatIOn may be cOnvwd In complete confidence to the Secretary, Jennle HendrkK the Llalson Offlw. Deana Ball, or any of the Trustee5 at the address on page of tNs reporL Inforniatlon and to apply Is avallable on the Fund websl1e-wwwtsecfund.0 DONATIONS The Trustees would Ilke to thank those companles who have alkwed member5 of their staff to act as Trustees of the Fund and Individual Trustees who have continued th support of the Fund. We are a charity for the Securltles Industry and therefore any help received frorn Member FIrn helps to help fornier colleagues WIK) are experlencln8 dlffkult tlmes. The Trustees would also once agiln le to thank the Stod( Exchan8e Benevolent Fund for thelr quarterly donatlon of £25,orxi. Th15 wlll Increase from l January 2024 to £32500. The Chalr. Jenny Mayhew participated in a sponsored wa of sk a day for 5 months and rdlsed £750 whlch she donated to the Fund. Thi5 was matched by her empknyer Brooks Macdonald, and tl CaieTh)ve Assoclatlon. Varlous Trnstees also donated and thts totalled £225. TrusrEES Hlstorlcalty Trustees and consultants WI visit recipients of the Slock Exchan8e aerks Fund have been che(ed by the Crlmlnal Records Bureau. Those that have been thecked have clean recwd& A Trustee or consultant wll be checked by the Disek)sure and Barrln8 SeNice before tlw vlslta rednt unaccompanled. Honorary Tnjstees athilse the Trustees In relallon to the SECF Investment pro8rnmme but afe not authorlsed to make deeisions on the use of the Investsnents and Its Income.
EPORT nvd TRUSTEES (ConVd} Trustees have control of the Charfty and its property and funds; they have sole dtscretlon as to makin8 payment5 and assesslng help to be 8l¥en In accordance wlth the Funds Trust Deed125 November 1982} and Supplemenial Deeds 112 July 1993 and 23 Augum 2fy)6). Trustees and Honorary Trustees are appolnted by Invltatlon from the Trustees then In offi. A new Trustee Is made aware of hls dutles and obllgatlons to the Fund and Its reclplents and recelves coples of the Fund's Trust Oeed and Rule5. prevlou5 yearfs Annual Report and Flnandal Ststements and a copy of the Charlty C(Mnmisslon leaflet The Essentlal Trustee: What You Need To Kno¥rf. No new Twstees were appolnted durln8 the year under revlew. Meetlngs of the Trustees are held on a quarterly basis. All declslons are put to a vole and ff there is not a maic•rity decision then the Chair has the castlng vote. The Secretary of Ihe Fund, who Is appolnted by the Trustees. takes mlnutes of the Trustee meetlngs and Implements any declslons made at those meetln8s. The Secretary reports to the Trustees all actlons they. or anyone under thelr dlrettion, has taken. At the meetlng on 4 May 2023 Mlchael Wlllmott resl8ned as Deputy Chalr and was replaced by Rlchard Adams. The Trustees thanked Michael for hls contribution as Deputy Chair and We pleased that he Is to rernaln as a Tntee. INVESThIENTS AND RESERVES The Trustees malntaln a Statement of Investment Pollcy. Thls was last revlewed at the Annual General Meetlng on 5 May 2022. Followin8 the meetln& the amendments were made and clrculated to the Trustees for agreernent. It was sl8ned on 3 March 2023. A stellar last couple of months meant that 8lobal stock markets ended 2023 flrmly hl8her, wlth the MSCI All Country World Index dellverlng a 16% return, In sterllng tem)s. The Q4 rally was largely based on a growing expethtion of a slw4llcant reductlon In Interest rates In 2024 as central banks look to change tack In the bellef that they have done enough for now In the fight a8ainst Inflatlon. The move In equlttes was 5UPPOrted by strong galns In bond markets, wlth UK Inve5tment-grade corporate bonds In partlcular dellverlng slzable returns of 9.7% on the year. Whlle the catatyst for recent Balns has been a dovlsh shlft amon8 rate setters, a "soft landln( ts only p0$5ible because most major economles have fared better than feared In the hl8her Interest rate envlronment. The UK defied wldespread forecasts for a recesslon, the US Posted solld 8rowth flgures and even though the European UDlon may have sllpped Into a reCelOn, If It has It has been pretty shallow thus far. The US stock market has been the standout perfomier, boosted by a handful of large tech companles at the forefront of Artlfldal Intelllgence {Al). The perf0mnCe of Alphabet (formerly Google), Amazon, Apple, Me {formerly Facebook), MIcroso Nvldla and Tesla have underplnned not only US benchmark retums, but also 8lobal Indlces due to thelr large welghtlng to the US (approxlmately 60%). US stocks ended 2023 20% hl8her, In sterllng temis, wlih the aforementloned sTrcalled "magnlfleent wen" tech companles responslble for roughly half the return and leavlng 72% of stocks underperformln8 the benchmark These firms have a collectNe wel8htln8 of around a slxth of the MSCI All Country World Index, a larger proportlon than ihe cumulatlve wel8htkn8 for all UK French, Japanese and Chlnese stock For mh of the year the outperfomiance of these stocks, barrlr¢ Nvldla, was less drl¥en by money chasln8 the next hot thlng and more the notlon that these flrnis are all well placed to weather a hlgher Interest rate envlronment and slowlng ecommy. Desplte their slze these businesses remaln remarkably nlmble and can Implement thange rapidly- such as Meta's swlft cost cuttlng measures In the latter stages of 2022. The US, as Is often the case, Is seen as the key player forglobal markets and Interest rate futures are now prldn8 In reductlon In the Fed fvnds rate thls year to under 4%, from Its current 22-year hl8h of 5.25%-5.50%. Thls, along wlth increased geopolitical tensions, has boasted the Gold price, whkh ended 2023 up 13.1% and near an all-tlme high, In
TRUSTEES. REPORT INVESTMEiifs AND RESERVE5 Iconed) U5 doll•r tems. There Is a rlsk that markets have 8otten a Ilttle blt ahead of themselves In bellevlng that once rates start bela reduced. they will contlnue to do so. Althou8h inflatlon has rnoderated, core Inflation Is provin8 a little sticky and in the absence of deep recesslons central banks wlll be reludant to swltch back to hlghly accommodative monetsry pollcles. Bank of England IBOE) rate setters have pushed back aBalnst these market expe¢tstlons and thls more haW$h stsnce. coupled wlth relative fiscal stability eompared to 2022 has provlded support for sterllng wlth the pound to dollar exch•n8e rate endln8 2023 at 1.27. up 5.4%. A strOer rA)uNI al0 wlth a slower than expected recovery In Chlna welghed on IJK stocks whl¢h laued global peers wlth a 7.7% retum. European 5to¢ks In Beneral perfomied well, even If the 15% return of the MSCI Eumpe ex UK was sllthtly behlnd the global equlvalent. UK bonds had a much more stable 2023 than the pre¥lous year. wSth 8llt benchfflafks dellyerlng returns of 3.6%. The expertatlon th•1 rates wlll slop rlsln8 and reductloDS arn Immlnent has supported bonds and at current leve15 thev are provldlng some ballast to portfollos. The long-end of the 8llt curve and Index-llnked bonds underperformed sllghtly but st511 dellvered posltlve returns whlle UK corporntes thrlved In an envlronment where economle 8rowth surpassed expectatlons and rnte culs Started to be prlced In. After a tumultuous 2022, 2023 was a good yeir for Investors as pesslmlstlc expectatlons were surpassed •nd flnanclal markets prfced4n not onty an end to Interest rate Increases, but s18nffiunt reductlons In 2024. US equltle5 were a cleJr brlght 5PQt Is the world's lJr8est economy recorded $urprlsln8ly good growth and laf8e cap teth stocks benefltted from the 8rowln8 Interest In Al. Whlle UK equltles underperfomied, they outperfornied the prevlous year. and Ihe rotatlon provlde5 a good example of the beneflts of holdlng a dlverslfled partfollo. FUTURE PiAN5 It Is the Intentlon of the Trustees to contlnue to admlnlster the Fund under Its current systsm {p•ge 31, to contlnu• to declde on the level of help to be glven to Indlvlduals {pa8e 31, and to contlnue Its Investment pollcy Ipage 4}. FURTMeR INFORMATION As from l January 2006 the Fund agreed to pay ld Jdmlnlstratlon fees dlrectly to Its admlnlstratlon consultants, the Secretary lo the Trustees and Accounts Manager, and th¢ Charity Ualson Offlcer. It was unanlmousty 48reed by the Truslees at thelr meetln8 of 4 February 2010 "to Increase lees In Ilne wlth RPI, wlth mlnlmum of 4 3% Increase and a m•xImn of 5%. To use the RPI fi8ure forseptemberofthe pre¥lous yeaff. At Ihe meetln8 on 12 May 2016 It was a8reed that Ihe Charlty Ltslson Offlcer would recelve • guaranteed anr1 increase of3%, and tt the se¢taryw0uId re¢elve Increases as ayeed by the Trustees. At the meetln8 on 22 Febnthry 2018 It was agreed that the Secretsrywould also CeIVe a guaranteed annual Increase of 3%. The Secretary and the Charity Llalson Offlcer recetved an Iwease of 3%on ljanuary 2023. OFR The SECF contlnues to have the use ol offices at Sjllsbury House, London Wall. The Truxees wlsh to record thelr appre¢latlon to the Stock Exchan8e Benevolent Fund for thelr ¢ontlnued support of the charlty In donatln8 Ihe offlce Spa to the Trustees. The Trustees do not conslder It Is appmprlate to have recorded such arrJn8ements In the attounts as It Is deemed to be Immaterlal In the context of these accounts. WEBSITE The Trustees have set up a webslte - www.secfUnd.ouk Thls Includes Informatlon alM)Ut the Fund and how to apply for assistance.
TRIJSTffY REP(MT Iconyd) BANKERS AND CUSTODIANS The Bankers to the Fund, Barclays Bank plc. remaln unchanged. Qullter Chevlot Investment Management are t Funds only custodlans. Qullter Chevlot Investmenr Management were acqu5red by Old Mutual Wealih Investment company and were rebranded to Qullter In 2018. The Qulltsr Chevlot tearn who look after the SECF portfollo wlll remaln ihe same. AUDITORS A re501ullon to re-appolnt Pocknells Audlt Llmited as audltors was passed at the Annual Genernl Meeting cf the Furnl held on 4 May 2023. The •ppolnlment of audltors for 2024 wlll be proposed at the Annual General Meetlng, STATEMENT OFTRusfEES' RESPONSIBIUTIES The Trustees of The Stock Exch4nBe Clerks Fund are re5ponslble for preparin8 the Trustees. Annual Report and ihe Flnanclal Statemenls In accordance wilh appllcable law and Unlted Kln8dom Accountlng Slandards (Unlted Kln8dom Generally Accepted Accounlln8 Practlce) The law appllcable to charltles In En8land & Wates requlres the TNstees to preyre flnancljl statements for each financlal year whlch glve a true and falr vlew of the slate of affalrs of the charlty and of the IncomlnB resources and applicatlon of resources of the charlty for that perlod. In preparln8 these flnanclal statements the Trustees are regulred to: Selert sultjble accountln8 pollcles and apply them conslstently: Observe the methods and prlnclples In the Charltles SORP 2019 IFRS 1021 MakeJud8ements and estlmates that are reasonable and prudent: 5tato wh¢ther applluble accouniln8 Standards have been followed, subject to •ry materl•l departures dlsclosed and explalned In the flnanclal statements; Prepa ihe flnanclal 5t•tements on the 8olng concern basls unless It Is Inapproprlate to assume that the ch4rlty wlll be able to contlnue ID operntlon. The Trustees are responslble for keepln8 proper a¢muntlng records that dtsclose wlth reasonable accuracy at any tlme the flnancljl posftlon of the charlty and enab iheffl to ensuie that the flnanclal ststements comply wlth the Charltles Act 2011, the Charltles (Accounts and Reports) Regulatlons 20D8 and the pro¥lslons of the Tnjst Deed. They afe also responslbl¢ for $afe8uardln8 the assets of the charfty •nd hence for takhl reasonable steps lor the pre¥entlon Ind detectlon of fraud and other Irregularltles. The Trustees are responslble for the malntenance and Integrfty of the Charfty •nd financlal Infomatlon Included on the Charlvs website. Le8Sslatlon In the Unlted KSn8dom govemln8 the preparatlon and dlssemlnatlon of financlal ststements may dlffer from le8lslatton In otherjuilsdlctlons. CHARITY GOVERNANCE CODE The SECF seeks to use the prfnclples of leadershlp, Integrlty, declslon-makln& board effertlveness, dlverslty, openness and accountablllty as Included In the Charity Governance Code to ensure hl8h standards of 8t)veman and to support contlnuous Improvement. Thls was revlewed by the Trustees followlng the March 2023 meetln GDPR The Trustee Prlvacy Pollcy can be vlewed on the webslte at SAFEGUARDING POUCY The Trustees rnalntsln a Safeguardln8 Pollry. Thls was last revlewed at the Marth 2023 meetln8 and no amendments were made to the Policy. FINANCIAL coiifROiS GROUP The Trustees establlshed a Flnandal Contro15 Group durlng the year to fflonltor the Fund's flnanclal controls wlth particular reference to the 8uldelines on Internal flnanclal controls for charltles Issued by the Charltles Commlsslon.
TRusfeES' REPORT (Cwyd) PUBUC Btr4ERT REQUIREMEKr The Trustees belleve that thls report filflls the requlren*nts of thelr le8al duty In sufflfflarlry the obJeLts, maln actlvltles and achlevem¢nts of the tharfty In the ar under rev(ew In accordance wfth sectlon 17 of ihe Clwrttles Art 2011. On behalf of the Trustees J Mayhew Chalr R Adams Trustee f L4A7 2024 q fvAy 2024
INDEPENOENT AUDITORS TO THE TRusfEES OF ThE STOCK EXCHANGE aERKS FUND Oplnlon We have audlted the financlal statements of The Stock Ex¢han8e aers Fund fof the year ended 31 December 2023 whlch compr15e the Statements of Financial Artivitles, the Balance Sheet and the lated notes. The flnanclal reporting framework that has been applled In the preparatlon Is appllcable law and UnSted Kln8d(xn Accountln8 Standards, Includlng FRS 102 Yhe Flnanclal Reportln8 Standard appllcable In the UK and Republlc of Ireland, {Unlted Kiryddom Generally kcepted Accountln8 Prnctlce) In our oplnlon the flnanclal ststements: Bfve a true and falr vlew of the state of the charws affalrs as at 31 Decembèr 2023 and of Its Incomlng resources and appllcatlon of resources Sn the year then ended; have been properly prepared In accordance wlth Unfted Klngdom Generally Accepted Accounttn8 Prn¢tlce have been prepared In accordance wlth the requlrements of the Charltles Act 2011. Basls for oplnlon We conducted ow audtt in accordance wlth Intematlonal Standards on Audllln8 (UK) IISAS IUKI) and appll¢able law. Ow respon51blllts under those standards are further descrlbed In the Audltorfs responslbllltles for the audlt of the finandal statements section of our report. We are independent of the charSty In accordance wlth the ethlcal requlrements that are levant to our audlt of the financlal statements In the UK Includlng the FRC'S Ethlcal Standard, and we have fulfllled our other ethlcal responslbllltles In accordance wlth these requlrernents. We belleve that the audit evldence we have obtalned Is sufficlent and approprfate to provlde a basts for our oplnion. Conduslons relatln8 to 8oln8 concern In audilin8 the financial statements, we IHve concluded that the tru5tees' use of the 8oln8 cofKern basls of accountlng In the pparatIon of the flnanclal statements Is approprfate. 8ased on the work we have perfomied, we have not Identlfled any materlal uncertalTrtles relatin8 to events or conditions that, indivldually or collectlvely, may cast $18nlficant doubt on the charltys ablllty to contlnue as a g0SnB concem fora perlod of at least twelve months from when the financlal statements are authorlsed for Issue. Our responsibilities and the responslbllttles of the trustees wlth respect to con¢ern are des¢rfbed ln the relevant sertlons of thls report. Other Inforniatlon The tntstees are responslble for the other InfoTmatlon. The other h)ftifmatlon comprlses the Infomiatk)n Included In the trusteeg annual report, other than the flnandal statements and our audltorfs report thereon. Our oplnlon on the financial statements does not cover the other information and, except to the extent otherwise explicitly ststed In our report, we do not express any fo of assurance conduslon thereon. In connettion wlth our audlt of the flnanaal statements, our responslblllty Is to read the other Snforniatlon and, In do0 50, conslder whether the other information is materially inconststent with the ftnandal ststements or our knowled8e obtslned In the audlt or otherwlse appears to be materlalW mlsststed. If we Idenufy such materlJl Inconsistencies or apparent rnaterlal mlsststements, we are requlred to detennlne whether there Is a fflaterlal mlsstaternent in the flnan¢ial statements or a material mlsstatement of the other inforniatlon. If, based on the work we have perfonned, we conclude that there Is a materfal mlsststement of thts other Inforfflatlo we are requlred to report that fart. We have nothing to report In this re8ard.
INDEPE
ENT
REPORT
TO THE TRUSTEES OF THE STOCK EXCIIANGE aERKS FUND
Matt•rs on whl¢h we arn requlr¢d to r•port by gxceptoon
We have nothlng to report In respert of the followln8 matters In relatlon to whlch the Charltles {Accounts and
Reports) Re8ulatlons 2008 requlre us to report to you If, In our opinlon:
the Infomiatlon 8lven In ihe flnanclal slatements Is Inconslstent In any materlal respect wlth the trustee
report; or
sufficlent accountlng rttords have not been kept: or
the financlal ststements are not In agreernent wfth the attountln8 records; or
we have not reeelved all the Infomlatlon and exp14natlons we requlre for our audlt.
Responslbllftlw of trust••s
A5 expla5ned more fully In the Trustees, responslbllltles ststement, the trustees are responslble for the preparntlon
of the tlnancSal statements whlch glve a true and falr vlew, and for such Internal control as the trustees determlnels
necessary to enable the preparatlon of flnancial statements that •r¢ free from materlal mlsstalement, whether due
to fraud or effor.
In preparfng the flnandal staternents, the trustees are re$ponslble for assesslng the ch•rWs ablllty to contlnue as a
8oln8 concern, dlsclosln8, as applluble, matters related to 8oln8 concern and usln8 the 8oln8 concern basls of
ccountlng unless the tnJ$tees elther Intend to Ilquldate the charlty or to cease oper•¢lons, or hove no reallstlc
altermtlve but to do $0.
Audltoes r•spthslbllltlK forth• audft olth• Ilnanclal st•t•m•nts
We have been appolnted as audltor under sectlon 145 of the Charlttes Act 2011 and report In aCtt*rdance wlth th•
Art )nd relevant re8ulatlon5 made or havln8 effect thereunder.
Our objectlves are to obtsln reasonable a$sur•nce •boul whether the flnand•l statements •s a whole are free from
miterlal mlsststemenL whether due to fraud or error, and to Issue an audltorfs report that Includes our oplnlon.
Reasonable assurance Is a hlgh level of assurnnce, but Is not a Euarnnlee ihat •n audit conducted In attofdance wlth
ISA5 IUKI w511 atways detert J m4terl•l rnlsstatement when It exlsts. Mlsstatements can arlse from fraud or error and
are ¢onsldered m•¢erlal If, Indlvldually or In the 48re8ate, they could reasonably be expeded to Influence the
economlc dec151ons of u5¢rs tsken on the basls of these flnancSal statem•nts.
Irre8ulafltles, Includln8 fraud, are Instances of nDn
INDEPEND
AUDITORS
EPOR
TO THE TRUSTEES OF THE STOCK EXCHANGE CLERKS FUND
the entity complles wlth such laws and regulatlons; enqulrfes wlth the same concemln8 any actual or potentlal
li1tIon or clalms. Inspectlon of relevant le8al correspondence; revlew of Trustee meetln8 mlnutes; testin8 the
approprlateness ofjournal entrles; and the performance of analytlol revlew to Ident unexpected movements In
account balances whlch may be Sndlcatfve of fraud.
No Inslances of materlal non
srocK EXCHANGE CLERKS FUND srATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENOED 31 DECEMBER 2023 2023 2022 Incomlng R•sourc•s DonatSons and legacles (note Ik} Invèstment Income (note 5) 102,475 37.971 100,000 38,631 Totsl Incoffllrf Resourc•• Ch•rfl•ble 4ctlvltl•i Inot• Zl Grnnls payable In furtherance of the Charltrls objectives Inote 81 Vlstts to grants reclplents Audlt Fee Investment Expenses 206,558 10,273 3.276 3,281 184,348 9,527 3,120 3.831 Toial ReBour¢u Exp•nd•d Net Balns / (loe$l on Inve$tment a$ts Inote 51 42,907 1224.9361 42.907 1224,9361 Not InMI / loutgo1) Rewur {40,0351 (287.131) mc01$•d ylns Ind I8 Net movement In Fund (40.035) 1287.131) R•con¢lllatlon of Funds Totsl funds brought forward 1,158,882 IA46,013 Total funds farrted forwa The net movement In 8eneral fvnd derlves wholly from contlnuln8 operntlons.
STOCK EXCHANGE CLÉRK5 FUNO BALANCE SHEEr AS AT 31 DECEMBER 2023 2023 Genernl Fund R•pres•rt•d bv: Flxed A%sets Tan8lbl• Ad Asmts Comput•r Equlpm•nt IN+ 4> Investments •t M•rk¢l Vilu• INole 5) Flxed Interest {Bondsl Index Llnked (Bonds) InvestmentTrusts OrdIry Stocks & Sharns 17S,143 14,031 451,944 430.354 115,224 488,650 436,407 1,071,472 1,040,281 Cuff•nt AM•ts D•btovs: Preptyments Deposlt Loan 1,900 Cth*t Thk ind In hand: Current Account Chevlot Short.terni Attount Cash sn hand 24,148 24,603 36,424 83,197 48,751 119.821 Currnnt U•biNII •dltorn: Amounts falllng du• wlthln on• y•ar Audlt fee accrual Sundry credltors 3,276 3.120 3,276 3.120 Nrt Current A5s•ts 118 Approved on b•half of the Tnt5 on 61 2024 and slgned on Its behalf by: Mayh Ch•lr) R Adams ITrustee} 12
TOTHE A¢¢wntln8 pdkl The charlty constltules a publk benefit entity as deftrtd by FRS 101 The Ilnandal statements have been prepared in accordance wlth Accountln8 and Repth CharAs: Ststement of Recommended Practke applloble to charltks preparlni thelr •¢¢ounts accord wlth the FlnwKlal Reportlng Standard •ppllcable kn the UK and Republ1¢ of Ireland (FRS 1021 tssued lfi October 2019, the Flnanclal Reportln8 stsndard appllcable kn the United Klngdom and Republk of IreIar IFRS 1021, the CharfilesAct 2011 and UK Generalty Accepted Pr•ctl The finandal statements have been prepared to a'true and falrf tW and hwe dep•rted from the Chilies (Accounts and Reportsl Re8ulatIO 2008 onty to the extent requlred to Provlde a Irue and falryle. Thls departure has In¥ofved followln8the Accwntln8 artd RepOrth byCh•rltles: Ststement of Recommended Practke appllcable to charfties preparlng thelr accounts in accfjrdaKe with the FInaral Reportlna Standard applkable In the UK and Republlc of Ireland (FRS 1021155ued kn October 2019 ¢atherthan the Accounlln8 and R¢portln8 by Charltles: Statement of Recommended Prartke effeC1e frorn l Aprfl 21J)5 whkh has slnce been wlthdrawn. The prknclpal accounthw pollcles are: (01 Ba$ of A¢ctyJntln8 The A¢¢ounts are prepared kn accordance wlth the hlsttyk•l cost conntIon modlfled the Ib) Investments are stated * marketvalue. QUed securfiles have been valued at the mlddle makn prke at the dose of buslness at the year- end. The market 4akn of un# tsu5ts b tskefft as the •vern8e of the bld and offer prlces ai the accountln8 date as ststed QuHter Chevlot Investment Man4emenL Reallsed 8alns and 10Sses on Investments dlsp05ed of durlnB the year we accounted for kn the year of d15pos Unrealsed galns and tosses are ac¢ounted for in the year In whkh they arlse. Dlvldends and knterest on securlEs are accounted for when recefvable. Interest on bank dep0511s1s accounted foras earned Income from knvestments and Interest are shown net oftax deducted. {d) Grants payable are •¢¢ounted for when authorfsed bythe Board ofTrustees. le) Cash Ilow ststemenl Under FR5102 no Statemert of Cash FIty1 ts requlre All funds are unreslrthd All expendlture 15 accounted for on an %¢ru basls and IludeS kre¢o¥erable VAT related to the ¢ate80ry. support costs have been allocated attoss ihe tharIt)b artlvltle5 on the basls of expendlture on those •cti¥ltles where they cannot be dI£tatt[11d tothe xtlvltles. Isee Note 21 o) Flxed assets tompth ewlwnent. Comwter equlpment b capllaltsed at cost and depredated on a slnl8ht basls over ts esthned weful economlc Ife of 3 ye•r& Ik) A regular quarterty donathn of £25I#10 is n¢M betrq recel¥ed fn>m the Stock Exthan8e Benevolent Fund. 13
'NOTES TO TME UNTS-31D BER 21123 Chrft•bl• Artl¥ltles Dect Costs Support Costs 2023 Total 2022 Totil Grnnls Payable Visits to Recipients 164,151 42.407 206,558 Support Costs Support costs all¢cthd on the bas15 of expendStuwe: Grants Payable Vlslts to Reclplents 2023 Total 2022 Total Support Costs Postage and Admlnlstr4tion Prlntlng and Sta¢l¢nery Computer Expenses ConsultanLy Fees Consultancy Expenses 3,971 iii 152 37,405 197 4,168 117 160 39,265 3,572 133 250 38,122 1,860 T•Ibl• Hx•d AM•ts- C4fflput•r tqulpm•nl 2023 2022 Cost 8muBht foard •$ at l January Addltlons durln8 the year Cost as at 31 December Depreclatlon 8rou8ht forward as at l January Provlded durin8 the year Accumulated depRdatlons as at 31 December Net ljook value as at 31 December 14
. 31 DECEMBER Investment Income 2023 2022 Fixed Interest (Bonds) Index Unked Investment Trusts U K EquStles s.n4 4P41 3,396 3,494 36.938 38,226 Interest on cash depos 37.9n 38.631 2023 2022 Market Value Market Value Flxed Inierest (Bonds) l)thx Linked (Bonds) Investment Tnts U K Equilles 166,945 175.143 14,031 451.944 430 116,995 115,224 )8,lli 344,746 263 488,650 071 MV atjanuary Purthases at 2023 Saks proceeds Change h) Market Value Mvat December 2023 Fed Inte$t {Bonds) Unlt Trusts InvestrnentTrusts Charitable Trust UK Equlttes 115,224 69,701 12,666 94565 19.925 10.143 1,365 31356 175,143 14,031 451,9M 163,627 36 15
OTES TOTHE ACCO -31D The followiw Investmts are Oversea5 Investnxnts at rket Value:. 2023 2022 Bl+lY Mellon US Equlty Fldellty ucrrs JP Mor8an Amerfcan Fldellty European IShare$111 Core M&G Japanese PAlk IM Asla £qty Paeffic Cawtal Templeton Emer8kn8 Markets 53.909 55.488 96.637 53,221 50,721 85.625 19502 2L978 22.074 18,950 46A77 18.375 The followln8 Investments represent more th•n 5% of the Portfollo at Market vae.. 2023 2022 UK Equltles Shell BHP Groiii 64287 6014 63,965 Overseas BNY Mellon US Equlty Fldellty North Amerka JP Morqan Ameflun InvTrust 53. 55,488 96.637 53,221 50.721 85.825 Flxed Interest M & G Optlm•l 5e¢urltles 82,036 Tr•M•dlons wlth TnMt••s The Trustees do not frfelve any remuTrernlkJn but may be pakl expenses for vtslts and meetln854 Ralatad P•rty TransKt The Secretary• Mrs Jennle HerKlrlck recefved £17,389.20 (2022: £16.883) and the Ch•rlty Llalson Offlcer, Mrs Deana Ball received £20,733.0012022: £20,129) for consultsncy seNlces for the year. fjrnnts The charlty has made Irants to 42 Indl¥thMls In 2023 compafed to 46 forthe wevlous ar. A¥erny Nmber of Employtts Average numlxrofemployees, indudiTh8 Tntss. duri the yearvAS: nll (2022:nlll 16