Charity registration r. 296728 Company registration no.. 2110626 BUILDING SOCIETIES TRUST LIMITED IA company Ilmitod by guarantee) DIRECTORS. REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020
BUILDING SOCIETIES TRUST LIMITED CONTENTS Pago Le9al and Admlnlstrative Information Dirèctors, Repcrt Independent Auditors, Report Statement of Financial Aclivllles Balance Sheet Notes lo the Financial Statements 10-14
BUILDING SOCIETIES TRUST LIMITED Page 1 LEGAL AND ADMINISTRATIVE INFORMATION Dlrectors.. Luke March {Chairl Andrew Golding Graham Kenffield (until 28 July 2020) Jahanara Rajkoomar (from 16 Decemb8r 20201 Darrin Ramdeen (from 16 December 20201 Peter Willlams Company So¢r•tary: Louise Thornbury Reglsterod Addr•88: Building Societies Trust Limited 6th Floor, York House 23 Kingsway London WC2B 6UJ Company Numb•r'. 2110626 Charlty Reglstratlon Number: 296726 Audltor•'. MHA Maclntyre Hudson 17.21 Ashford Road Maldslone Kent ME14 5DA Bank: Royal Bank of Scotland lunlll 28 February 20201 28 Cavendish Square London W1 G ODB Clyde8dal8 Bank (from 29 February 2020) Clydesdala Business Park Clydesdale G81 2NR Investment Manapor8: Blackrock 33 King William Sl London EC4R gAS G•n•r•l ond Logal Advi•er• to the Tru81: Robin Fielh Christopher Lawrenson MBE (until 30 April 20201 Elaine Morton (from 1 May 2020) The Building Societies AssoGialion 6th Floor, York House 23 Kingsway London WC2B 6UJ
BUILDING SOCIETIES TRUST LIMITED Page 2 DIRECTORS. REPORT FOR THE YEAR ENDED 310ECEMBER 2020 The Directors (who are also the Trusleesl present Iheir annual report together with the audited financial slalemenls of Building Societies Trust Limited Ilhe company) for the year ended 31 December 2020. The Oireclors confirm that the Annual report and financial stalemenls of the company comply with the current slalulory requirements, the requirements of the company's governing document and the provisions of the Stalemenl of Recommended Practice ISORPI, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepUtlC of Ireland IFRS 102 Section 1 Al leffective 1 January 20151. Governlng documont The organisalion is a charitable company limlled by guarantee incorporated on 13 March 1987 and registered as a charrty on 29 April 1987. The company was established under a Memorandum of Association which eslablishad the object and powers of tha chariL9ble company and is governed under ils Articles of Association dated 27 January 1987. Al 31 December 2020 the company had 5 members, each of whom has guaranteed the sum of £1 in the event of the company being wound up. The Tru8tees The Directors, who are also the Trustees, of the company in the year aro given below.. Luke March (Chalr) Andrew Golding Graham Kentfield lunlil 28 July 20201 Jahanara Rajkoomar (from 16 December 20201 Darrin Ramdeen {from 16 December 20201 Peter Williarn5 During the year, each of Ihe Trustees were members of the company. their interests being non-benefici81. The Tru51ees received no remuneration in respect of their services, bul were enlilled lo claim certain expenses. The Board may consist of not less than 3 nor more than 9 members. The quorum is 2. The appointment of new and addlllonal tnjsleesls the responsibllily of the Board. The Trustees have ensured that different charitable a¢livilies have been supported for the purposes of promoting the compan¥s objectives, Prln¢lpal RS8k and Unc•rtalntle8 and Rl•k Managom•nt The Board implicitly consider8 the Trust's potential risks on an ongoing basis. The risks relating lo the independence of the Board, inveslmenl policies and compliance with regulatory reporting requirements. as sel out In the Charity Commission paper "Ch8ritl8S and Risk Manag43menl': are stsll believed lo be the most signlficanl. In the view of the Board. all these risks have been mllig81ed. Most of the other operational and financial risk$ are broadly irrel8vanl lo the Company because of ils size, organisalion and funding mechanism. The Oireclors are asked lo disclose any ¢onfli¢ls of Inleresls that they may have In relalkjn lo Buil¢Jing Societies Trust Limited's business. ObJoGtIvo8 and actlvStlo8 for th• publlc b•n•fft The granl-making policies are governed by the objective of the Trust, in ils Memorandum of Association, which is 'To promote and advance the education of the public in commercial and financial subjects wilh parllcular regard lo money management, housing, home ownership and building society and related matters by providin9 facilities for such education. providing information and advice on such mallers, conducting research and putJishing the useful ro5uIts of such research." The Trustees confirm that they have referred to the guidan, contained in the Charity Commission's general guidance on public benefit, when reviewing the Trust's aims and objectives and in settling the grant making policy for the year.
BUILDING SOCIETIES TRUST LIMITED Page 3 DIRECTORS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Board carries out the Trust's objectives by reviewino grant applicalions, oll an individual basis, which have been invited using the Trustees, discretion from those organisalions whom they believe can help lo fulfil the charitable alms. As such, grants have been awarded lo a number of organisalions to fund proiecl$ that benefit as wide a proportion of society as possible whilst still maintaining the core objectives of Ihe Trust. Investment Pollcy Th8 Tfust has a direct slalus portfolio, with Blackrock ils investment managers. Its objective is lo maximise th8 Trust's long-lerm total return. The Fund's performance has been measured on the gross performance returns of each fund and their respective benchmarks. Ro8er4e$ Poll¢y The Trust does not have any long-lerm commilmenls. Genorally, il decides the grants which il is going lo make during the forthcoming year al the beginning of each year. Two grants, whlch commenced in 2D18 and 2019 respecllvely, involve expenditure for 8 shorl-lerm period of three years. The Trust employs no staff. Given th81 the Trust has no long-lerm commitments. the Trustees do not believe il appropriate lo develop a reserves policy. Such a policy would have no meaning in the context of the Trust's operations. Flnanclal Revlew During the year, the company generated income of £107,556 12019.. £134,429) and pald out £137,440 12019.. £112,000) by way of grants. The nel expenditure after charging governance costs of £3,66712019'. £3,626) ané support Gosls of £12,47112019.' £12,231) was -£46,00212019.. £6.572}. However nel realised and unrealised losses of {£178,463}12019.' nel realised and unreali5ed gains of £614.9251 were reporle¢J resulllng in a deficit of1£224,485112019'. a surplus of £621,497). In view of the companvs charitable status the Memorandum of Associallon prevents the di8lribulion of income or property lo ils members. Golng Conc•rn The Trustees have considered the impact of the COVID-19 pandemic on the company. further details can be found in the accounting policy note Ilbl. Based on their assessmenls and having regard lo the resources availabe lo the enllly, lh& Trustees have concluded Ihal Ihere is no malerlal uncertainly and that they can continue lo adopt the going concern basis in preparing the annual report and accounts, Statomont of Trustee8' Responslbllltles The Tru$lee5 (who are also the directors of the Building Societies Trust Ltd for the purpo$e$ of company lawl are responsible for preparing the Directors, report and the financial slalemenls in accordance wllh applicable law and United Kingdom Accounting Standards lunited Kingdom Generally Acceple Accounting Praclieel. Company law requires the Trustees to prepare financial slalements for each financial year which give a true and fair view of the slate of affairs of th8 charitable company and of the incoming resources and application of resources including the income and expenditure of the charitable company for the year. In preparing those financial slalemenls, Trustees are required lo selecl suitable accounting policies and apply them consislenlly.. observe the methods and principles in the charities SORP., make judgements and eslimales (hat are reasonable an(J prudent., slate whether applicable UK Accounting Slandarés have been followed. subject lo any material departures disclosed and explained in the financial slalemenls,. and prepare the financial statements on the going concern basis unle55 It 15 inappropriate lo presume that the company will conllnue in operation.
BUILDING SOCIETIES TRUST LIMITED Page 4 OIRECTORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees are responsible for keeping proper accounting records which dlsdose with reasonable accuracy at any lirne the financial position of the charitable company and lo enabl& them lo ensure that the financial stalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. SL*ement of dl8cIo8uro to audltor In accordance with our role as the Gompatys dire¢lors for the purpose of company law we certlfy that.. so far a5 we are aware, there15 no relevant audit infomiallon of which the Gharill5 audltors a unaware.. and we have taken all the steps th81 we ought lo have taken In order lo make ourselves aware of any relevant information and to establish that thé charity's auditors are aware of that Informallon. In preparSng Ihls report, the Dlrectors have lak8n advantage of th8 small Gompanles exemptsons provided by Section 415A of Ihe Companies Act 2006. Auditor• MHA MacinlyTe Hudson were re.appointed as the charltable companrf5 auditors during the year and have expressed Ihelr wlllingne$$ to continue in that cap8cIty. Approved by the dlre¢lor$ on 29 June 2021 and sign&d on Its bahalf by.. L March Chair
8UILDING SOCIETIES TRUST LIMITED Page 5 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BUILDING SOCIETIES TRUST LIMITED Opinion We have audited the finAncial slalemenls of Building Societies Trust Limited Ilhe 'compan) for the year ended 31 December 2020 which comprise the Statement of Financial Activities lin¢luding an Income and Expendilure Account). Balance Sheet and notes lo the financial slalemenls, including a summary of Signrficanl accounting policies. The financi81 reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Sianéards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {Uniled Klngdom Generally Accepted Accounting Pracll¢el. In our opinion the financial slatemenls.. give a true and fair view of the slate of the Companvs affairs as al 31 December 2020 and of ils profit for the year then ended., have been properfy prepared In accordance with Uniled Klngdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requlremenls of the Companies Act 2006. 8a•l$ for opinion We conducted out audit in accordance with Inlernallonal Standard5 on Auditing IUKI IISA8 IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's re5ponsibililles lor the audit of the financial 61alements section of our report. We are Sndep8ndenl of the company in accoriiance with the elhlcal requir8menls that are relevant lo our audit of the financial slalemenls In the United Klngdom, including the Flnancial Reporting Council's Ethical Standard, and we have fulfilled our other ethical respon¥ibililies in accordance with these wquiremen15. We believe Ihal th audil evidence we have obtained is sufflcienl and appropriate lo provide a basls for our opinion. Conclu8lon8 rnlatlng to golng concorn In auditing the financial stalemenls. we have concluded that the dlreclors, use of the going concern basis of accounting in the preparation of the flnanual slalemenls is appropriate. Based on the work we have performed, we have not identrfied any material uncertainli8s relating lo events or conditions that, indivldually or collectively, may casl signrficanl doubl on the Companvs ability lo continue as a going concern for a period of al least Iwelve months from when the financial statements are aulhorised for Issue. Our re5ponsibililies and the responsibilities of the dire¢li)rs with respect lo going ¢oncern are described in the relevant $eclion5 of this report. Other Infomiatlon The directors are responsible for the other information. Tho other information comprises the informalion included in the Annual Report, olher than the financial slalemenl8 and our Auditor's Report Ihereon. Our pinion on the financial slalemenls does not cover the olher infomiation and, except lo the extent otherwise expliGilly staled in our report, we do not express any form ol assurance conclusion Ihereon. In connection with our audll of the financial stalemenls. our responsibility is lo read the other Information and, in doing so. consider whether the other information is materially inconsistent wlh the financlal statements or our knedge obtained in the audit or otherwise appears lo be materially misstated. If we identrfy such material incon51slencies or apparent material misslalements. we are requlred lo determine whether there Is a material misslalement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclud8 that there is a material migslal8menl of Ihis other information, we ar8 required lo pOrt that fact. We have nothing to report in this regard.
BUILDING SOCIETIES TRUST LIMITED Page6: INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BUILDING SOCIETIES TRUST LIMITED Opinions on oth•r matters pro8cribod by tho Cornpanles Act 2006 In our opinson, based on the work undertaken in the course of Ihe audit.. the infomiation gwen in the Directors. Rew)rt for the financial year for which the financial statements are prepared is consistent with the financial slatemenls., and the Directors, Report has been prepared in accordance with applicable legal requlrements. Matters on which w• ar6 rèqulred to report by •xuption In the light of our knowledge and understanding of the Company and ils environment oblain8d in the course of thè audit, we have nol identified material mis5talements in Ihe Directors, Rewrt. W8 have nothing to report in respect of the following matters Whe the Companies Act 2006 requires us lo port lo you If, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not vislled by us., or the financial slalemenls are not in agreement with the accounting records and returns,. or ertain dlsclosures of Iru81e8s' r8munerallon ¥pecified by law are not made., or we have not received all the information and explanations we require for our audit., or the dire¢lor$ wore not entitled lo prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies. exemptions In preparing the directors, report and from the requirern8nl to prepare a strategic report. R•5POnsSbllltlM of dlrector• As explained rnore fully in the directors, re8ponsibililles 51alement sel out on page 3. the directors are responsible for the preparation of the financial slalemenls and for being satisfied that they giv& 8 true and fair view, and for such internal control as the directors determine is necessary lo enable the preparation of financial sialemenls Ihal are free from material misslalemenl, whether due lo fraud or error. In preparlng the financial 8lalem8nl$, the directors are responsible for a83e85ing the Company's abllity lo continu8 as a going concern, disclosing, a5 applicable, mallers related lo going concern and using the going concern basis of accounting unless the directors either intend lo liquidate the Company or lo cease operations, or have no realistic allernalive bul lo do so. Audltor'8 rosponsibilitial for tho audlt of the Ilnancial 3tatem•nt• Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due lo fraud or error. and to issue an auditor'8 report that includes our opinion. Reasonable assurance Is a hlgh level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delecl a material misstalemenl when il exists. Misstalemenls can arise from fraud or error and are considered material if. indlviéually or in the aggregate, they could asonalY be expected to influence the e¢Dnomic decisions of user5 taken on the basis of these financial slalemenls. Irregulari118s. including fraud, are instances of non-compliance wth laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslalemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularilies,including fraud is detailed below..
BUILDING SOCIETIES TRUST LIMITED Page 7 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BUILDING SOCIETIES TRUST LIMITED Enquiry of management around actual and potential litigation and claims., Enquiry of management lo idenlrfy any instances of non-complian with laws and regulations,. Performing audit work over the risk of management override of controls, including lesling of journal entries and other adjuslmenls for appropriateness. evaluating the buslness rationale of significant transactions outside the norm81 course of business and reviewing accounting eslimales for bias., and Reviewing minutes of meetings of those charged with governance. Because of the inherent limitations of an audit, there is a risk that we 11 not dete¢l all irguI8r1Iie$, includlng those leading lo a material misslalemènl in the financial statements or non-compliance with regulation. Thi5 risk increases the more Ihat compliance with a law or regulallon is removed from the evenl$ and Iransa¢tlons reflected in the financial slalemenls, as we will bg less likely lo become aware of instances of non-compliance. The risk is also greater gardIng Irregularities occurring due lo fraud rather Ihan error, as fraud involve3 intentional concealment, forgery, collusion, omission or misrepresenlalion. A further description of our respon8lbilllies for the audit of the flnancial slatem8nts is located on the Financial Reporting Council'5 website al.. www.frc.org.uklaudilorsresponsibililles. This descriplion fomis part of our audilorfs report. Uso of Our Roport Th18 report is made solely lo the Company's members. as a body, In ¥crdance with Chapter 3 of Parl 16 of the Companies Acl 2006. Our audit work has been undertaken so that we might slate lo the Compan1$ members those mallers we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest exlenl perrnilled by law, wo do nol accept or 8ssume responsibility to anyone other than the Company 8nd the Companls members as a body, for our audit work, for this report, or for the opinions we have formed. DunGan Co¢hranfrDyet BSC BFP FCA, Sgnlor Statutory Audltor For and on behalf of MHA Maclntyre Hudson Statutory Audltor• Mald8tone Unltgd Klngdom Dale.. 9 Jul 2021
BUILDING SOCIETIES TRUST LIMITED Page 8 STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Unrestricted Unrestrlcted Funds Funds Noto Incomlng ROUrCeS Incoming resources from generating funds.. Investment income 107,556 134,429 Total Incoming RaurceS 107,556 134,429 Resources Expended Costs of charitable actlIeS 1153,578) 1127.8571 Total EXndItUrn {153,5781 1127,8571 Net loutgolngllln¢omlng r••ource8 for tho yoar before other rocognlsod 108808 146.0221 6,572 Nel losseslgain8 on Investments Not OXPondlturellncom• for the year Reconclllatlon of funds Balance brought forward 811 January 2020 178.483 614.925 1224,4851 821,497 4.464,238 3,842,741 Balan ¢arrl•d loard at 31 Decambor 2020 4,239,753 4.464,238 The nel def11 for the year for Companies Act purposes Is the net deficit of {£224,485112019'. nel surplus of £621.4971. The notes on pag88 1010 14 form an Integral part of these financial slalements.
BUILDING SOCIETIES TRUST LIMThED Pa9 BALANCE SHEET AS AT 31 DECEMBER 2020 Nolo 2020 2019 Fixod Au•ts Investments 4,160,609 4,409,072 Current A88•t8 Cash al bank and in hand 89,621 58,726 Crodltor8'. amounts falling due wlthln one year {10,477 3,560 Not Curront As80ts 79,144 55,166 Net Assets 4,239.753 4,464,238 Funds Unre51rlcted funds 4.239,753 4,464,238 The financial 81alemen18 have been prepared In accordance wllh the provlslons applicable lo companSes subject lo the Small companies, regime and in accordance with the provisions of FRS 102 Section 1 A appliGable to small enlilie8. The finan¢lal statements were approved by the board for issue on the 29 June 2021 and swdned on their behalf by: rch Chair Company roglgtratlon numb•r- 2110626 The notes on pages 10 10 14 form an integral part of these financial slatemonts
8UILDING SOCIETIES TRUST LIMITED Page 10 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 1 Accountlng Pollcle8 al Gonoral Informallon and Basis of A¢¢ounting The Building Soeieties Trust Limited is a charitable company limited by guarantee, and registered in England within Ihe United Kingdom. The address of the regislereé Offi 1$ glven on the Legal and Adminislralive Informalion on Page 1. The nature of the charitable companls objectives and principal activities are detailed on Page 2 of the Direclors, Report. The financial $tslemenl8 have been prepared Sn accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102 Section 1A} leffeclive 1 January 20151 {Charilies SORP IFRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102 Section 1A) and the Companies Act 2006. The charity has applied Updated Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that il is applying FRS 102 Section 1A. The charity conslilules a public benefil enlily as defined by FRS 102 Section 1A. The financial slalemenls have been prepared under the hlslorical cost convention. and on a going concern basi5 a5 the Iruslees believe that no material uncerlainlies exist, The Iruslees have considered the level of funds held and the expected level of income and expendilur8 for 12 months from aulhorising these financial slalem8nls. The budgeted income and expenditure is sufficient th the level of resources for the charity lo be able lo continue as a going concern. The significant activity policies applied in the preparallon of the88 fir)ancial slalement5 are sel out below.. b} Golng Concern The flnanci81 slalemenl$ have been prepared on a going concern basis. The Trustees have considered relevant information and the impact of subsequent events in making Ihelr assessment, The COVID-19 pandemic and the ensuring economlo shutdown ha5 had a significant impact on the compan¥s operations as Building Societies Trust receives ils Income in the form ol dividends from siock market inv851rnen15 and the arnounl of income received is likely lo decline. In response lo the COVID-19 pandemic, the Trustees have performed a robust analysis of forecast ol future cash flows taking Into account the potential impact on Ihe business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effecliveness of available measures to assist in miligaling tho impact. Based on these assessments and having regard lo the resources available lo the enlily, the Tru51ees have concluded that there is no material uncertainly and that Ihay can continue to adopt the going concern basis in preparing the annual report and accounts. cl Ba8lc Flnanclal Instruments The company only has financial assels and financial liabilities of a kind that qualify as basic Inslrumenls. Basic financial inslwmenls are inilally recognised al transaction value and subsequently measured al their selllemenl value with the exception of bank loans which are subsequently mea¥ured 01 amortised cost using the effective interest method.
BUILDING SOCIETIES TRUST LIMITED Page11 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 1 Accounting Pollclos dl Incoming ro$ourco8 Both donation income and other Income are credited lo the Statement of Finaneial Activities on an accruals basis. Inveslmenl income includes dividends and Inleresl. Dividends are recognised in the financlal slalemenls on the d81e on which the price of the investment is quoted "ex-dividend" Interest income is recognised on an accruals basis. el Invo8tm•nts Investments are staled at market value which is calculated usng the bid rale of the investment al the year end. The Sialem8ril of Financial Activities IncldeS the nel gains and losses arising on revaluations and di$po$al$ during the year. fl Re8ourc•i oxpend6d Charitable expenditure comprises of grant8 and tho88 costs of an indirocl nature necessary to support their payments. Support costs include govemance costs associated th meeting the conslilulional and slalulory requirements of the ¢harily and in¢lude the aijdil fee5 and costs linked lo the strategic management of the charity. All non grant expendtture is accounted for on an accru81s basis and Includes VAT which cannot b8 recovered. Grants payable are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed lo pay the grant wilhoul condition, or the reciplenl has reasonable expe¢lalion that they will receive a grant and any condition allaching lo the grant is outside of the control of the charity. All cost8 are allocated between the expendilure calagories of the Stalem8nl of Financial Activities on basis designed lo reflect the use of the resource. Costs relating to 8 particular a¢livily are allocated directly, others are apportioned on an appropriate ba515. Investment Income 2020 2019 Income receivable from UK Fixed Interest securitie$ Dividends receivable from Equities 18,655 84,691 24,467 109.g62 Other Operating Income - Bank Swlch Incentive 4.210 107,556 134.429 Investment income of £103,34612019.' £134.4291 was attributable to unreslricled funds.
BUILDING SOCIETIES TRUST LIMITED Page12 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2020 Costs of charitable actlvlt108 2020 2019 I grants consisl of one individual grant for the full amount lo the following Inslilutions.. 8SA Research (financial education) Crisis LaunGhpad (financial education, money management) Caritas Anchor House (financial education. houslngl Money Advice Trust (financial education. money management MyBnk (financial education, money manag8mentl Shelter Ifinancial edu¢alion, housing) Treloar (financial education, money managemenll Young Enterprisè Ifinan¢lal educallon, money managemenll Total grants payable Support CO815'. Adminislralion fee - The Building Societies Associatlon Bank charges Governan¢e Costs - Audilols remunerallon Insurance Trustee expenses Companies House fee 8,440 15,000 10,000 22,000 5.000 22,000 30,000 20,000 20,000 25,000 15,000 22,000 15,000 20.000 137.440 112,000 11.855 45 3,867 558 11,855 105 3,626 258 13 Total cttarilable expenditure 153.578 127,857 Cost of charllable activities of £153,57812019'. £127,857} were atlribulable lo unre5tricled funds. T¥xatlon The company ha8 charitable slalus and accordingly is not accountable for laxatlon In respect of 119 income. Ll8ted Inve8tmont8 2020 2019 Common Inv•stmeTht Fund 287,836.44 BLK Charities UK Bond Fund A 587,038 582,914 411,737.97 BLK Charilles UK Equity Fund A 2,657,769 2,892.588 BlackRock Lump Sum & Regular Savlng8 57,833.11 81ackrock Dynamic Oiversified Growth 93,227 86,287 470,712.67 Blackrock Global Income Fund D Inc 842,576 847,283 4,160,609 4,409,072 Cost or valuatlon Al 1 January 2020 Additions Disposals Revaluations" 4,409,072 3.794,147 3,333,655 170,000) 13,333.6551 178,463 614,925 Al 31 December 2020 4,160,609 4,409,072 Nel investment losses comprise net unrealised losses of £178,463 (2019. Net realised gains of £614,925).
BUILDING SOCIETIES TRUST LIMITED Page 13 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2020 Credltors- amounts falling due Wlthln one year 2020 2019 Accruals 10.477 3,560 Status The cornpany is limited by guarantee of the members. As al 31 December 2020 the company had four mernbers, each of whom had given a guarantee for the sum of £1. Employees The company has no employee5, and consequently no romuneraled key management. Truste In 2020, the Trustees (who ware also the directors of the Building Societie5 Trust Ltd for the purpose of company lawl were Mr Luke March (Chairl, Mr Andrew Golding, Mr Graham Kentli8ld lunlil 28 July 20201, Jahanara Rajkoomar (from 16 December 20201. Darrin Ramdeen (from from 16 December 20201 and Dr Peler Williams. The Trustees give their lime freely and no Iruslee remuneration was paid Sn respect of their services 12019.. £Nill, although they were eligible lo be reimbursed for travel expenses on request. Durlng the year, no Trustees received expen5e3 reirnbursed.12019.. Two Iruslees received expenses of £2581. 10 Rolat•d Party Transactlons The affairs of the Building Societies Trust Limited are administered by the Building Societies Associalion18SAI, under the direction of the Board. During the year, a grant of £8,440 was made in respect ol the BSA'S financlal edLJcalion project. to develop the financi81 education provisions provided by building societies. No grant payment was made during 2019. The BSA received an adminislralion lee of £11,85512019'. £11,855). The adminislralion lee ¢overs the costs of those services carried out by the BSA on the Tru51's behalf and includes accounting duties, preparing board agendas and minutes, dealing with correspondence in respect of grant applicalions, advising a5 to the legality of grant applications and preparing 5talulory returns. This covers a three year period bebNeen 2019 - 2021 under a Tri-Annual agreement. Mr R P Fielh is Adviser lo the Trust and Chief Executive of the BSA. Christopher Lawrenson lunlil 30 April 20201 was Legal.Adviser lo the Trust and Head of Legal Services al the BSA. Elaine Morton became Legal Adviser lo the Trust from 1 May 2020 and is Head of Legal, Conduct Risk & Compliance al the BSA. Auditor's remun•ratlon The auditor's remuneration amounts lo an audit fee of £3,66712019.' £3.5601. 12 Controlling Party There is no on8 controlling party. 13 Flnancial Commltments Al 31 December 2020 the charity has commilled lo grant expenditure 01 £21.81012019'. £38,440 between the years 2020 10 2021 inclusivel.
BUILDING SOCIETIES TRUST LIMITED P8ge14 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 14 Statement of Funds Summary of Funds Balanc• at Ilossg8llGalns 31 on Investmonts D•cèmbèr 2020 8alan¢• at 1 January 2020 Income Expendlturg Current Year Unre51rlcled funds 4,464,238 107,556 1153,578) 1178,4631 4,239.753 Balon¢g at 31 Decemb•r 2019 8alanc• at 1 January 2019 In¢omo Expondltur• Galn81{IosSg¥1 on invo8tmont• Prior Year Unreslricled funds 3,842,741 134,429 1127.8571 614,925 4.464,238 15 Analy818 of N•t Ass•ts B•tw••n Funds Unrestrictgd funds 2020 Total fund• 2020 Total funds 2019 Investments OlheT debtors Cash al bank and in hand Creditors 4.160.609 4,100.009 4.409.072 89,621 89,621 58,728 (10,477> 110,4771 13,5601 4.239.753 4,239.753 4.484.238