2021-03-31-accounts

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Trustees’ Annual Report and Accounts 2020-21

Bankers Benevolent Fund | Registered No. 00019366 operating as:

Trustees’ Annual Report for the year ended 31 March 2021

Supporting bank workers through
the Covid-19 pandemic; the year in numbers	3
About the Bank Workers Charity	4
About the people we support	5
Public beneft	6
The support we provide	7
How we provide support	9
Our impact	10
Client impact and satisfaction	16
Social investments	17
Covid-19 impact	19
Financial review	20
Policies	23
Reserves and funds	26
Structure, management and governance	28
Reference and administrative details	33

Independent auditor’s report	35
Consolidated statement of fnancial activities	39
Consolidated balance sheet	40
Charity balance sheet	41
Consolidated statement of cash fows	42
Notes to the fnancial statements	43

Supporting bank workers through the Covid-19 pandemic; the year in numbers

89% 2,818 Felt less stressed Clients supported 89% of clients felt less We provided direct stress after they received support to 2,818 clients, support from us, compared up 6% from 2019-20 to 91% in 2019-20 2,132 279,030 Interventions

As with many other charities, the Covid-19 pandemic impacted on BWC, our service partners and most significantly, our clients. Demand for our services changed markedly at different points in the year, largely reflecting dramatic adjustments that bank workers had to make to their lives throughout each period of lockdown. The challenges faced by the general population were, unsurprisingly, reflected in our own data. In 2020-21, the number of people contacting us grew, and of these 35% of new and returning clients presented with mental health issues (up from 28% in 2019-20). Where we referred clients for specialist support, we were pleased that our service partners had quickly geared up to respond to these.

Over 2020-21, we were able to help more current and former bank employees and their families than before and make available a greater range of support. The numbers below demonstrate how we contributed to people’s financial, physical, mental and social wellbeing throughout the year.

2,132 New clients An increase from 1,974 new 96 clients in 2019-20; 79% were current bank workers, Awareness sessions and 21% were former bank We delivered 96 workers awareness sessions across the UK, compared to 76 in 2019-20

We delivered 279,030 interventions; up 17% from 2019-20

An increase from 1,974 new clients in 2019-20; 79% were current bank workers, and 21% were former bank workers 903 122,797 Our LiveChat messaging LiveChats People reached service supported 903 chats, up from 802 Through our in 2019-20 awareness campaigns with banks, compared to 47,341 in 2019-20

£955,000 Paid out To 1,170 clients, compared to £1.0m £500,000 paid to 1,224 clients in 2019-20 Extra funding Secured through helping clients access benefit claims and external grants, an increase from £463,000 in 2019-20

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

About the Bank Workers Charity

“We exist to support the health and wellbeing of the banking community.”

The Bank Workers Charity is the working name of the Bankers Benevolent Fund, a company limited by guarantee in England & Wales (No. 00019366) and a Charity registered in England & Wales (No. 313080).

Our objectives

The people we support

The prevention and relief of poverty amongst bank employees, their families, children and dependants.
The advancement of health amongst bank employees, their families, children and dependants.
Current bank employees.
Former bank workers.
Retired bank workers.
Dependants (partners and dependent children).
The advancement of education amongst the children of bank employees.

Supporting Gale, a bank worker with caring responsibilities

Gale* works for a bank in London, and is married to Tim, a former bank employee – having completed 60 years’ service between them.

When Tim suffered an aneurism, which affected his speech, mobility and ability to carry out everyday activities, Gale got in touch with us to see how we could help.

In speaking with one of our Client Advisers, Gale explained that she was caring for Tim, who was experiencing great difficulty with eating, bathing and walking. Finding it hard to assist him with getting in and out of the car without the risk of injury, Gale felt they were unable to leave their home.

Our Client Adviser supported Gale in applying for a Direct Payment with her local authority and accessing disability benefits, which could help to cover the cost of carers.

We were able to provide the couple with a grant – allowing for their bathroom to be converted into a wet room; a lift to be installed in their home, and a special car seat to be acquired.

With our support, Gale was able to return to work whilst Tim received specialist care services from a team of carers – helping him during the recovery period.

*Name has been changed to protect the client’s identity.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

About the people we support

The needs of the community we serve reflect those of society across the UK generally, and the Covid-19 pandemic has only amplified these needs.

The challenges our community faces are changing.

An ageing population with increasing frailty and multiple health conditions, leading to greater complexity in their care.
Longer lives meaning a rise in caring responsibilities amongst spouses, partners and family members. Currently, three in five people will be carers at some point in their lives.
Challenges in our social wellbeing including loneliness, particularly amongst the 16-24 age group, who now experience the highest levels of loneliness of any age demographic.
Continued growth in mental health issues, particularly amongst young people, including depression, anxiety and conduct disorder. 1 in 10 children and young people are affected by mental health problems and 70% will not receive appropriate interventions at a sufficiently early age.
Reduced financial wellbeing as the cost of living continues to outpace income growth. 46% of UK adults display one or more characteristics of financial vulnerability, and are at risk of falling into severe debt if faced with poor health or an adverse life event.
Domestic abuse has been referred to as “an epidemic beneath a pandemic” as over 2.5 million people in the UK experienced domestic abuse in the last year.
Pressures on statutory health and social services mean that waiting times for services are lengthening, and thresholds for receiving care are rising.

The banking sector itself is changing. The pandemic increased the pace of change, with the acceleration of restructuring and reshaping, in particular the digitalisation of banking and workforce reductions – nearly 5,000 jobs in UK banking were lost throughout 2020–21.

Amidst these sectoral shifts, BWC adjusted its support for banks’ wellbeing strategies; we pivoted to digital delivery of our wellbeing workshops and awareness-raising sessions and were pleased to see an increase in the number of people we reached. With many bank employees expected to work more from home on a permanent basis, we will continue to offer a blend of physical and digital engagement going forward.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Public benefit

Charities have a duty under Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. As Trustees, we aim and work to fulfil our objects in line with the requirements for demonstrating public benefit and that the beneficiaries we aim to assist are clear, identifiable, and related to these objects.

We make every effort to ensure that all potential beneficiaries in need of support have access to our services. We maintain links with other charities, the banks’ wellbeing networks and bank pensioner associations to provide points of contact to those who need help.

Our charitable activities

We support the health and wellbeing of our community through the provision of cash grants to individual clients and the provision of a broad range of services from our partner organisations.

We aim to direct our financial assistance, products and services towards those people who have the greatest unmet need, and where their circumstances make it difficult for them to help themselves. We listen carefully to those who make contact with us to assess how – and if – we can provide them with support. We assess eligibility for grants by applying criteria that we review annually, to ensure robust stewardship of BWC’s resources. We regularly review our data, survey our clients and listen to our frontline staff – our Client Advisers and Visiting Caseworkers – to identify trends in demand. This helps us to assess the ongoing impact of the services we provide through our service partners, to make sure that they are still relevant and to identify the need for new services.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Top three presenting issues

In the year 2020-21, the most prevalent reasons people contacted us related to issues concerning financial hardship, mental health and social wellbeing support – a similar picture to that in 2019-20.

----- Start of picture text -----
Social
wellbeing
Cases presenting with social
wellbeing challenges in 2020-21
Financial
17%
hardship
(473 out of 2,818
Cases presenting with
new/returning cases)
financial hardship in 2020-21
41%
(1,143 out of 2,818
new/returning cases)
Mental health
Cases presenting with mental
health conditions in 2020-21
35%
(994 out of 2,818
new/returning cases)
----- End of picture text -----

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

How we provide support

Client Advisers and Caseworkers

Our team of Client Advisers are on-hand to provide advice and guidance to clients through our Helpline, LiveChat messaging service and via email. Our Caseworkers provide support for members of the banking community who are particularly vulnerable, require an in-depth assessment of their needs, or need help with accessing our services. This year, we supported 2,132 new clients alongside 686 returning clients – in both cases this is an increase on the previous year (2019-20: 1,974 new clients, 677 returning clients).

Through our guided conversations, we often determine that there are more underlying problems that we can solve than the one that has been presented to us. For example, a bank worker’s family that has unexpectedly fallen into debt through ill health, may also benefit from an occupational health assessment, or where we provide support for a relationship facing difficulties, we might find that a child could also benefit from mental health support.

Practical support

Clients present a wide range of health and wellbeing issues – often complex and multi-faceted. Our Client Advisers and Caseworkers work with clients to explore their situation and identify what support we can provide and make suitable referrals to our expert partners. In 2020-21 we made 1,120 (2019-20: 984) referrals to partners such as Relate, Insight Healthcare, and National Autistic Society, who directly provided expert support to clients, funded entirely by BWC.

Financial support

Adverse life events or unforeseen expenses affect us all. Our cash grants allow us to support our clients with general living expenses, mobility aids or disability equipment and home adaptations. During 2020-21, we provided £1.0m (2019-20: £1.0m) in cash grants.

Digital support

Expert content, supported by online tools and apps on our website (bwcharity.org.uk) provide a valuable resource for clients to manage their day-to-day wellbeing – be it mental, financial or physical. In 2020-21, we delivered 272,733 (2019-20: 232,052) support interventions via our website, a combination of guides read and wellbeing tools completed. This includes 291 sign-ups to our mental health app, My Possible Self, which launched in October 2020, and 132 registrations to Kooth our mental health app for children and young people which launched in October 2019.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Our impact

2020-21 was the second year of our three-year strategy. Our 2019-22 strategy set out our ambition to expand our reach and serve more clients in ways and at times that are most convenient to them, and to develop our position as an expert in workplace wellbeing within the banking sector.

What we planned to do:

Expose the hidden gem

We will continue to drive awareness of our offer so that those we seek to serve are able to access us when they need us.

Reaching out

We will support more people by widening the range of banks we work with and by extending our reach to building societies.

There when needed

Our services, and the support we commission, will become easier to access, at times and in ways more convenient for our clients.

Responsive and complementary

We will become ever more responsive to the changing needs of the banking community, offering a range of support that is relevant to emerging needs and complements the support available from other sources.

Growing influence

We will become known as a Health and Wellbeing (HWB) expert within the banking sector, increasingly influential in banking organisations thinking about HWB.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

What we did

There when needed

We supported more people this year than ever before

We delivered 279,030 interventions (i.e. a service or activity undertaken by or provided to individuals within a specified reporting period), which represented an increase of 17% on 2019-20 (238,550). 272,733 were delivered digitally via our website, an increase of 18% on 2019 -20, and a further 6,297 Helpline service interventions were provided to 2,818 clients, a fall of 3% from 2019-20.

We delivered nearly £1.5m in cash terms for our clients

We paid out £1.0m in grants, helping individual clients with direct financial assistance.

General living expenses are the most common form of one-off grants – supporting clients through periods of transition, where short-term financial assistance can help to reduce risk of debt and financial worries for those who await welfare benefit decisions or are adjusting to a change in income. In addition, our team secured a further £500,000 of income for our clients between 1 April 2020 and 31 March 2021 (2019-20: £463,000). In total therefore, we delivered £1.5m in cash terms for our clients (2019-20: £1.5m).

Providing Claire with financial support when she needed it most

Claire* worked for a bank for 11 years before being diagnosed with a benign brain tumour, which resulted in a sudden change to her financial circumstances.

When Claire received a brain tumour diagnosis and suffered with chronic pain and migraines, she felt unable to work – resulting in her taking 12 months’ sick leave. Finding it difficult to make ends meet whilst living on a reduced income as a single parent, Claire got in touch with us to see how we could help.

In addition to providing Claire with a grant – which could help to cover her household bills – we supported her in making a successful claim for disability benefits, for which backdated payments were made.

With our support, Claire was able to increase her income – helping to ease the financial strain and allowing her to focus on managing her condition.

Claire says:

I don’t know where I would be [without the extra money], I’d probably be homeless.

*Name has been changed to protect the client’s identity.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Expose the hidden gem

We worked closely with banks and unions to raise awareness of the support we can provide

Working closely with banks’ HR teams, Wellbeing Champions and the unions representing employees, we delivered over 30 campaigns on themes including mental health, debt and money management, and caring responsibilities.

We also delivered 96 online

awareness sessions, designed to help bank workers understand how BWC can help them and their families.

Through these campaigns, and increased use of technology due to Covid-19 restrictions, we were able to reach 122,797 people working in banks (an increase of 259% on 2019-20) generating additional calls and enquiries to our Helpline.

We developed channels to reach retired bank workers

Working closely with pensioner associations and clubs for nearly all the major UK banks, and with pension trustee managers within those banks, we were able to reach nearly 200,000 bank pensioners, reminding them of the support we are able to provide them and their dependants. We also expanded our social media engagement to reach this group, such as the Bank Old Chums Network which has nearly 16,000 members from the NatWest Group.

In January, we also established a panel of 1,000 bank pensioners with whom we can periodically test proposed BWC developments.

Helping Michelle to improve her financial wellbeing

Michelle* is a bank employee who experienced financial difficulty following a temporary reduction to her working hours.

Having heard about us from a colleague, Michelle got in touch with us to see how we could help her, as she was facing eviction and had no savings. In speaking with Michelle, we identified that she was going through a tough time – dealing with symptoms of stress in trying to find somewhere affordable to live whilst living on a reduced income.

We were able to provide Michelle with a rent advance – helping her to secure a new home – and a Home Starter Kit that would enable her to purchase essential household items.

*Name has been changed to protect the client’s identity.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Responsive and complementary

We launched new online services to support our community

To complement our online tools, we launched two new apps designed to proactively support our community.

My Possible Self – a research-led app, which offers a holistic approach to managing anxiety, tackling depression, easing symptoms of stress and improving sleep.
Renovo Workfriend – a bespoke career transition and job search portal providing users with a wealth of video, written and audio resources on all aspects of effective job searching, along with a range of career tools and resources from career assessments to interview simulators.

Our website continued to support more people online

Our website allows our community to access information, guidance and support at their convenience, whilst enabling us to support large numbers of people efficiently and effectively.

Supporting Helen’s daughter with relationship counselling

Helen* worked for a bank in London for 25 years before taking voluntary redundancy. Finding it hard to make ends meet during lockdown, Helen got in touch with us to see how we could help.

In speaking with Helen, she told one of our Client Advisers that her daughter, Lauren, was going through a tough time. Lauren had difficulty accepting her parents’ separation, as well as the loss of her grandfather, and struggled with being apart from her friends and classmates during lockdown – which was affecting her behaviour.

We were able to provide Helen with help to pay her bills, and funded counselling sessions with our partner, Relate, for Lauren. Lauren had a series of counselling sessions and is feeling calmer, happier and more confident. Helen says:

Lauren is in such a better place

This year, 358,869 people visited our site, an increase of 22% on 2019-20, including 65,941 people who completed our Stress and Resilience tools, an increase of 34% during the same period.

*Name has been changed to protect the client’s identity.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Reaching out

We worked closely with banks to support their pandemic-driven shift to digital wellbeing delivery

From the start of the pandemic we were in discussions with banks to explore how else we could work with them to provide wellbeing support to their predominantly homebased workforce. As our existing webinar menu was already being delivered digitally, most banks were keen to make these available immediately and we saw a big surge in demand. Further discussions resulted in the creation of a suite of Covid-19 relevant webinars on themes like Maintaining good mental health in difficult times, Financial wellbeing during Covid-19, and Surviving the pandemic winter.

The huge appetite in the sector for this kind of digital wellbeing provision meant that during 2020-21, we delivered 98 wellbeing webinars reaching 16,417 participants - 4 times the number of people we reached last year. To date, we continue to liaise with the banks, to identify new webinar themes relevant to the changing times. Sessions recently agreed include those on Social connection and loneliness, and Returner anxiety.

Reaching 16,417 participants (2019-20: 4,169)

98 webinars (2019-20: 54)

Helping Zara when she fell into arrears

Zara* is a current bank employee who experienced financial difficulties after separating from the father of her son. Finding it hard to meet living costs, Zara fell into arrears with her council tax.

Unable to register for a council property until the arrears were cleared, she worried about how she would find an affordable home.

Feeling stressed and anxious about the situation, she got in touch with us to see how we could help. In addition to supporting Zara with managing her mental health and wellbeing, our Visiting Caseworkers advised that she could apply for a grant, which could help to settle her debt. Her application was successful and through the grant, she’s managed to clear her bills.

Zara can now register for a property with her local council and looks forward to finding a suitable place to live.

*Name has been changed to protect the client’s identity.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Growing influence

We continued to position ourselves as experts in workplace wellbeing

Over the year, we were invited to speak at 4 national wellbeing events. We talked about wellbeing during the pandemic at the Chartered Institute of Personnel and Development’s annual wellbeing conference. We also presented at events held by Chartered Banker Institute, Association of Financial Markets Europe, and at Hansuke Consulting on different aspects of wellbeing in the financial sector during Covid-19. We had an article published in HRZone on HSBC’s innovative mindfulness initiative and we were also featured in a number of national publications. These included a piece from Reuters on the psychological impact of lockdown and an article in Chartered Banker on wellbeing and resilience in the banking sector.

We continued to work closely with UK banks on one-off projects to support their wellbeing strategies

We provided the BWC digital line manager training to all staff at Wells Fargo Bank. To support the programme, we also delivered 5 wellbeing events, the themes of which expanded on the content of the 5 training modules and allowed participants to explore key issues in more detail.

We recorded wellbeing videos for banks to support their internal wellbeing campaigns – one on Digital Wellbeing was promoted across the bank during HSBC’s wellbeing month in May, and another for Lloyds on financial wellbeing formed the centre-piece of the banks’ week-long financial wellbeing campaign. Also, for the first time, we recorded a wellbeing podcast for Barclays, about strategies for coping during the pandemic.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Social investments

Since 2013, the Trustees have designated funds from the Charity’s principal unrestricted investment portfolio, specifically for the purpose of social investment. This means that we can further our charitable objects by increasing our overall social impact, whilst planning to achieve an eventual financial return.

Our policy is to develop and maintain a portfolio of different types of investments, balanced between effective financial returns and social impact. Under the Charity Commission CC14 guidance to investors on social investment, these are categorised as mixed motive investments.

At 31 March 2021, the amount set aside in this way had reached £3m. Of this, £2.2m had been invested or committed to specific social investments and a total of £1.7m had been drawn down against these commitments. The social investment portfolio comprises a mix of direct loan and equity investments and investments in funds managed by other organisations. In all instances, investments are made where the purpose of such investments aligns with the Charity’s objects; namely, the prevention and relief of sickness and poverty and the advancement of health among current, former and retired bank workers and their families.

In 2020-21, organisations in which BWC has made social investments have helped over 657,000 people through the provision of affordable housing, health and social care support, community facilities, and low-cost financial services. Our main areas of impact are shown below.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Direct investments

EnteroBiotix develops products based on human microbiota, which are quicker and more cost-effective in treating severe intestinal diseases and infections.

Thrive helps people suffering from common mental health problems by developing apps that provide easy access to effective prevention, early detection and the right intervention according to their needs.

Greenwich Leisure provides accessible high-quality community leisure and fitness facilities and services, managing over 300 leisure centres for local councils across the UK.

Great Western Credit Union (formerly Bristol Credit Union) is one of the largest credit unions and helps many people who would otherwise lack access to traditional banking services, to save and borrow at fair rates.

Library of Things provides household equipment items - which are costly for households to purchase and are only used occasionally - to rent, such as sewing machines, steam cleaners and hedge trimmers.

Managed funds investments

The Bridges Evergreen fund provides long-term capital for mission-led businesses. Current investments include high quality care for the elderly; care for highly vulnerable children; affordable and decent housing; and energy efficiency services for vulnerable households.

Big Issue Invest Social Enterprise Investment Fund holds investments in organisations providing: low-cost financial services including credit and advice; care for the elderly and those with disabilities; affordable housing; dental services for those on a low income; community transport; nursery education; and hospice care.

The British Gymnastics Facilities Investment Fund provides low-cost loans and experienced support to help grassroots gymnastics clubs upgrade and develop their facilities.

The Bridges Social Outcomes Fund provides outcome-focused family therapy, children’s and homelessness services, via contracts with local authorities.

The Fair By Design fund invests in start-up companies that aim to redress the injustice of the ‘poverty premium’. This is due to the fact that those with low incomes often have to pay more for goods and services than others do.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Covid-19 impact

On 18 March 2020, similar to many other organisations, we quickly moved to home working. We issued all staff with equipment and furniture to help them safely work from home. Managers regularly engaged with individuals and teams to make sure that they were supported; this meant that in turn, they were able to continue to extend their support to clients. We followed government guidance throughout and adopted a pragmatic, flexible approach, recognising that everyone’s lives had been impacted by lockdown. Our service partners similarly adapted their working practices and we did not experience any significant drop in provision.

Staff continued to respond to clients throughout and we introduced new types of support, such as the My Possible Self mental health app, so that more people could access services, wherever they were. We continued to engage with banks and worked with them to tailor our content to reflect the needs of the workforce.

Naturally, all workplace visits and presentations were cancelled at the start of the first lockdown in March, but as remote working became established these quickly recovered. Throughout the year we were pleased that we were able to engage with more bank workers than last year, as webinars and online sessions gained traction. Our plans are to make sure that this approach continues alongside workplace engagement, when this becomes possible.

In 2021–22 we hope to begin a phased return to our London office. Our approach will be led by how we can best continue to meet staff, banks’ and clients’ needs and we anticipate a hybrid model of working – part home, part office working – to achieve this. We will continue to follow government guidance and assess staff views on Covid-19 safe work practices, to shape our return to the office, when it is safe to do so. We are transforming our use of technology to support this work, and to help us reach more current bank and former bank workers.

Whilst our investments were impacted at the end of 2019–20, due to a volatile stock market, the period of impact was relatively short and our investments recovered. This meant that our total return target and ability to sufficiently fund the delivery of our strategic objectives was not significantly impacted. Consequently, our clients were not impacted by the short term fluctuations in value of our investments.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Financial review

Overall strong investment returns delivered an 18% increase in net assets year-on-year from £75.5m at 1 April 2020 to £89.5m at 31 March 2021.

Income

Total income for the year at £1.9m is consistent to the £1.9m reported in the in 2019-20. In terms of its composition however, it reflects a lower level of investment income, following stock market volatility during the financial year, which has been compensated by a comparable increase in legacy income.

BWC relies substantially on investment returns to support its activities. Total investment income has fallen by £309,000 in 2020-21 reflecting, in part, the policy adopted by many of the FTSE listed companies to reduce dividend payments as a direct result of the Covid-19 pandemic.

We are always grateful to those who donate to our cause and people who remember us in their wills. This year, we saw a substantial increase in legacy income receipts from £44,000 in 2019-20 to over £300,000 in 2020-21. We are also grateful to those banks that made corporate donations of £30,000 (2019-20: £30,000). We strive to strengthen the work we do with banks, particularly extending the focus to generate outcomes that their staff, retirees and dependants value. We always welcome donations from the banking community to help us enhance the impact on our beneficiaries’ lives.

We do not actively raise funds from outside the banking community and have not employed any external agency to fundraise on our behalf. However, we do accept donations which are mainly channeled through the principal online donation platforms (e.g. Virgin Money Giving) or through payroll giving.

Expenditure

Overall, expenditure at £4.9m was 6% lower than 2019-20 and shows the impact Covid-19 has had on BWC as an organisation. Staff and Trustees worked and met remotely and consequently we benefited from cost savings in office and support costs, as we adopted different approaches to our operating model.

Direct activities

The overall cost of activities undertaken directly by BWC has fallen by £0.1m year during 2020-21 mainly as a result of the lower level of cash grants to clients expensed in the year (£0.2m), which has been offset in part by an increase in provision of client support (£0.1m).

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

----- Start of picture text -----
Cost of direct assistance by activity
Client
support
2020-21
Service provision
& casework 2019-20
Cash
grants
0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000
Further information can be found in Note 7 to the financial statements
----- End of picture text -----

Support costs

The total costs of supporting our activities decreased from £2.0m in 2019-20 to £1.8m in 202021, which highlights where cost savings have been made as a result of remote working and also where rent reductions, office cost savings (utilities, maintenance and cleaning) and a lower level of recruitment and travel have been achieved.

----- Start of picture text -----
Cost of support by activity
Client
support
2020-21
Service provision
& casework 2019-20
Cash
grants
0 200,000 400,000 600,000 800,000
Further information can be found in Note 7 to the financial statements
----- End of picture text -----

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Staff costs

The average number of staff increased to 35 in 2020-21, up from 32 in 2019-20. This reflected the increased activity we saw in the number of new clients and returning clients we assisted, the number of support interventions via our website and in the number of online awareness sessions to current bank workers.

----- Start of picture text -----
Analysis of staff costs
Wages
& salaries
2020-21
Social security
costs 2019-20
Pension
costs
0 450,000 900,000 1,350,000 1,800,000
Further information can be found in Note 9 to the financial statements
----- End of picture text -----

Investment portfolio & total return

BWC relies substantially on investment returns to support its activities. We have adopted a total return investment strategy seeking a return from a combination of capital growth and income. This allows us to plan for longer-term service delivery activity by smoothing out the volatility associated with investment returns (see investment policy below).

Our ten-year total return strategy has delivered an average net total return of 7.2% over the past ten years. This compares to a ten-year average total return target of 6.25%. Over the course of the 2020-21 financial year, global stock markets recovered significantly from a very low position in April 2020 when the initial impact of Covid-19 had such a devastating effect around the world. Our own investment portfolio recorded a 17% increase in valuation, which resulted in net investment gains of £17.1m (2019-20: net investment losses of £5.5m).

During the financial year, we made a cash drawdown of £4.5m (2019-20: £5.5m) from the investment portfolio. This has enabled us to deliver our charitable objectives and support the banking community. We also have a leveraging facility in place at a fixed rate of 1.5% over the overnight LIBOR, which has a twofold objective; firstly, to use it for additional liquidity and secondly, to optimise market opportunities.

At 31 March 2021, the value of our total reserves was £89.5m (2019-20: £75.5m).

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Policies

Risk management

Risk is a necessary and key component of BWC’s business. The management of risk is ultimately the responsibility of the Board of Trustees and then delegated to the Senior Management team in each business area. Understanding the risks to organisational strategy, day-to-day operations and projects, means that we can better meet our objectives and the needs of the banking community.

Trustees, the Senior Management team and staff actively consider all risks and determine how they can be mitigated, managed or accepted. The Senior Management team monitors risk regularly and reports to the Audit and Risk Committee, which then reports to the Board, on a quarterly basis. This involves identifying the types of high-level strategic risks BWC faces in the key areas of:

Financial
Information communication technology
Strategic direction
Reputation
HR, legal and statutory

We prioritise risks on the basis of potential impact and the likelihood of occurrence, including our appetite towards individual risks. We implement an active risk management strategy into the dayto-day running of BWC, based on having the right policies, procedures and controls; embedding a structured risk management and compliance framework; challenge to the Senior Management team via the Audit and Risk Committee, and internal and external audits of our internal controls.

We use this information to identify and assess risks and implement any new controls. Strategic risks are reviewed internally every six weeks and presented quarterly to the Audit and Risk Committee and the Board of Trustees.

In some cases, it is necessary to take on additional risk to achieve our objectives. We take a ‘managed risk’ approach to new projects and activities and, before proceeding, create a separate risk register to help us assess their potential impact on BWC.

This formal risk management process is enhanced by the annual internal audit programme, conducted by our independent internal auditor. This audit assesses business processes, controls and operational risks implemented by the Senior Management team. Our internal auditor also provides independent support and advice for the Audit and Risk Committee.

Towards the end of 2020-21 the Audit and Risk Committee reviewed the reporting process. For 2021-22, the Committee will receive a high level, strategic risk register populated under the headings of Governance, Operational, Financial, and Compliance with Law and Regulation, following Charity Commission guidance. The format will be replicated for operational activities, where risk analysis will be undertaken at a departmental level, by each of BWC’s three operational teams.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Principal risks

Throughout the year we continued to monitor our principal risks. Significantly, these related to the impact of Covid-19 on our staff, operations, service provision and the investments that fund our work.

Two principal risks were heightened as a result of the pandemic, namely those relating to investment losses and cyber-related threats. We mitigated investment risks by further diversifying our assets to protect our capital from significant losses during any market downturn and in 2020, we appointed a third Fund Manager to manage our investment portfolio.

The threat of cyber-related attacks was exacerbated by periods of lockdown and homeworking arrangements and we gave considerable focus to mitigating potential cyber security breaches that could impact our service delivery. We continued to enhance our digital security and maintained our Cyber Essential Plus and Information Assurance for Small and Medium-sized Enterprises (IASME) accreditations - an alternative to the international standard ISO27001. We proactively managed our IT infrastructure and information security and monitored and received regular updates on cyber security issues from the Senior Management team. We also retain the services of a consultant who conducts monthly scans and penetration tests of our systems.

We will continue to engage with our partners over 2021-22 to understand their financial sustainability and any potential impact on the services they provide to our clients.

Investment policy

We formally review our investment policy and principles, and investment fund managers every three to five years, by assessing market benchmarks and investment manager performance criteria against BWC’s strategic plan.

The Finance and Investment Committee, supported by an independent investment adviser, monitors the performance of the investment managers against agreed performance benchmarks at its quarterly meetings. As with the other two sub-Committees, papers and minutes from the Finance and Investment Committee are made available to all other members of the Board.

The investment policy is set to maintain the group’s long-term capital and returns, allowing for the effects of inflation and, without taking excessive risk, to achieve real gains in capital growth and sustainable income. Over the ten years, we have maintained a total return approach to achieve a minimum return of 6.25% net of fees, averaged over a ten-year cycle. We believe this is a realistic target within a long-term horizon.

During the 2020-21 financial year, global stock markets recovered significantly from a very depressed valuation position in April 2020 when the initial impact of Covid-19 had had such a devastating effect around the world. Our own investment portfolio recorded a 17% increase in valuation year-on-year, which resulted in net investment gains of £17.1m (2019-20: net investment losses of £5.5m).

The Finance and Investment Committee periodically explores the options available for further diversification of assets and reviews the strategic asset allocation of the group’s investments. This enables the group to achieve the objective of delivering the required levels of income and capital

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

growth from investments without making significant changes to the asset allocation.

The investment managers actively manage our investment portfolios and work to optimise the returns to achieve the total return targets, including the long-term preservation of capital values. These targets are set and performance-measured at least once a year, and are used to drive our annual business plan including a three-year strategy and planning cycle of income and expenditure. Our investment portfolios, previously managed by UBS and Ruffer, were diversified further by the addition of Cazenove Capital as our third Fund Manager in September 2020.

Investment managers may allocate the investment portfolio on a discretionary basis. However, we have put overall limits in place, mainly in respect of the two main asset classes: equities and fixed income, including money market instruments.

The maximum asset holding is not more than 5% of any individual equity or fixed income without our consent. The reference currency for all investment portfolios is Sterling.

As Trustees, we reserve the right to exclude from the portfolio any investments in companies whose representation might damage, directly or indirectly, the purposes or reputation of the Charity and the group. Whilst each of our fund managers adopt different ESG (Environmental, Social and Governance) approaches, our investment portfolio is currently unconstrained and no specific ethical restrictions apply. The Board is, however, committed to better understanding ethical and ESG investing to ensure that BWC’s investment policy aligns with the Charity’s values.

This year we said goodbye to James Parker, our independent investment adviser from TSA, who retired after many years of service to BWC. His expertise has helped us to develop and evolve our portfolio, in response to changes in BWC’s strategy and to safeguard our investments during periods of external flux.

We have selected PMIR Limited to fulfil a similar role and to particularly help us to understand our ethical investment options alongside our strategic investment priorities.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Reserves and funds

As Trustees, we regularly monitor and review the consolidated reserves to ensure they are sufficient to enable BWC and its subsidiaries (the SE Foundation, the BWC Charity and BWC Enterprises Limited, collectively referred to as the “group”) to operate effectively in the short and medium term. The Finance and Investment Committee reviews the reserves policy and recommends it for full Trustee Board approval.

The group’s significantly reduced opening reserves position at 1 April 2020 reflected the sheer scale of the impact Covid-19 had on the group, following global market downturns during the early months of 2020. The group’s investment portfolio valuation fell by more than 10% at 1 April 2020. By the time the group’s 2020-21 financial year ended at 31 March 2021, reserves had recovered significantly, not only replacing the previous year’s combined investment losses with capital growth, but also creating major investment gains in the 2020-21 financial year. Global investment markets showed a marked recovery in BWC’s own reserves in excess of 18% of their pre-pandemic levels. We remain committed to our long-term total return strategy and will continue to monitor investment value and returns levels.

The reserves policy and a description of the types of reserves we hold is explained below.

The group’s free reserves i.e. unrestricted funds of £41.3m (2019-20: £36.1m), largely comprise investments, including some social investments and bank deposits. These investments generate a significant income, which sustains the Charity, either wholly or in part, and may be used to help deal effectively with sudden short-term increases in planned expenditure. As Trustees, we currently consider our unrestricted reserves to have the right balance, to maintain short and medium-term expenditure and we intend to keep it at this level. We periodically review the asset allocation, investment strategy and fund manager performance to ensure that we can achieve a minimum return of 6.25% net of fees, averaged over a ten-year cycle and that we are able to fulfil our commitments.

We also hold restricted funds of £45.2m (2019-20: £36.9m), which can only be spent in accordance with the specific wishes of donors. The cost of raising and administering these restricted funds is charged against the specific funds.

The restricted funds largely comprise the donation received in June 2017 from the RBS People Charity, which, at 31 March 2021, amounted to £44.4m (2019-20: £36.2m). It is held by BWC as a restricted fund for the relief of financial need, hardship or distress of people within the beneficial class, that is restricted to employees and former employees, and their dependants of the NatWest Group (formerly Royal Bank of Scotland Group of companies); any former constituent banks of the Royal Bank of Scotland plc (RBS) or National Westminster Bank plc (NatWest) and any persons who were employed by a company at the time that such a company was part of the group of companies of which NatWest or RBS was a member, even though that company and dependants may have since ceased to be part of that group.

In addition, the restricted reserves include two smaller funds comprising the SE Foundation (SEF) and the Barclays Overseas Benevolent Fund (BOBF). At 31 March 2021, SEF amounted to £423k (2019-20: £352k) and BOBF was £411K (2019-20: £410k). The SEF funds are held as a restricted fund for the objects of SEF, which are reserved for the relief of persons in conditions of

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

need, hardship or distress, who are Barclays employees or Barclays retired employees and of any dependants of such Barclays employees or Barclays retired employees. The BOBF funds are held as a restricted fund for the benefit of current and former employees of Barclays and their families, who were either employed outside of the UK or are now resident outside the UK.

The BOBF Trust Deed states that payments to beneficiaries should be for the relief of poverty. At 31 March 2021, there were 8 beneficiaries (2019-20: 8) receiving quarterly payments from this fund and this will continue for the remainder of their lives.

The group has two other permanently endowed funds; BWC is the Sole Corporate Trustee of SEF and the BWC Charity (see section under Structure, Management and Governance below). The endowed funds are permanent, meaning that the capital of the funds must be maintained, and that income generated from them can only be spent on each fund’s charitable objectives.

The SEF’s permanently endowed funds of £370k (2019-20: £306K) arose from the merger with SEF and part of it remains as a wholly-owned subsidiary under the umbrella of the endowment funds. It is held for the specific purpose of maintaining the charitable objectives of the fund, namely for current and former employees of Barclays Bank and their dependants. The arrangement is in line with the plan to maintain SEF for the purpose of receiving any future legacies and to hold the permanently endowed fund.

The BWC Charity is a Charitable Incorporated Organisation (CIO) with a permanent endowment fund, which represents the accumulated funds of the Friendly Help Fund, which amounted to £2.7m at 31 March 2021 (2019-20: £2.2m) and represents the accumulated funds of the RBS People Charity and a restricted fund of £136k at 31 March 2021 (2019-20: £136k) held for the purposes of the maintenance of care homes. As the care homes were closed by the former Trustees of the CIO in 2014 and before the merger in 2017, the object of the fund is now obsolete. Therefore, the Sole Corporate Trustee has decided to temporarily consolidate the restricted fund into the permanent endowment fund, by widening its objects to match those of the permanent endowment fund. The object is the same as that for the restricted fund outlined above.

These arrangements are in place to maintain the group’s subsidiaries i.e. SEF and the BWC Charity, for the purposes of receiving any future legacies and to hold the permanently endowed funds.

We continue to maintain these levels of reserves by periodically reviewing the performance of the funds and investment managers, strategic asset allocation and diversification of portfolios to protect our capital from market downturns and inflation so that we continue to maintain our commitment to provide help and support to the banking community.

Investment income is the group’s main source of income and is susceptible to market fluctuations. The Trustees believe that sufficient income will be generated to fund future budgeted expenditure in the short and medium-term, although they will embark on income growth activities when there is a sufficiently attractive fundraising opportunity.

Trustees also have the power to reduce discretionary grant-making and service-spending to a level commensurate with available reserves. In the short term, however, the Trustees have agreed to meet the existing financial commitments and service-related demand arising from our community, particularly following the Covid-19 pandemic. The movements on reserves for the year are reported in the consolidated statement of financial activities.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Structure, management and governance

Governing document

Both the group and the Charity operate under the name BWC. BWC is the working name of the Bankers Benevolent Fund, a charitable company limited by guarantee (company registration no. 00019366). BWC is a registered charity, governed by articles of association – copies of which may be obtained from the Company Secretary. It is exempt from tax on its charitable activities under the provisions of the Corporation Tax Act 2010.

BWC is the Corporate Trustee of the SE Foundation (SEF) (registered charity no. 277665) and is Sole Corporate Trustee of the BWC Charity (CIO registered charity no. 1154235).

Governance structure

BWC is governed by a Board of Trustees (shown on page 33), who are the directors of the company for company law purposes and Trustees for charity purposes.

We aim to have representation from each of the major British banks. As Trustees, they act in an independent capacity from their banks but are an interface to facilitate support and maintain operational contacts. At the time of reporting, we have ten Trustees; four Trustees are currently employed in banking, five are former bankers and there is one non-banker.

At present, one-fifth of the Trustees retire each year and may be re-elected subject to the Board’s approval. The Board meets quarterly and, during 2020-2021, the number of sub-committees to whom it delegated responsibilities in specific areas were reduced from four to three, as follows:

Audit and Risk: to monitor internal and external audit processes, legislative and regulatory compliance and risk management
Finance and Investment: to monitor the investment portfolio and it’s performance, evaluate potential social investment opportunities and oversee the financial activities of the group
People: a newly created sub-committee in November 2020 to replace previously separate Nominations and Remuneration committees. The new sub-committee reviews total reward for staff, the recruitment and appointment of Board members and succession planning at Board and Executive level

The Board of Trustees are committed to supporting BWC and, in particular, the Executive team, not only through their high attendance levels at the various sub-committee and Board Meetings but also on a more frequent and regular ad-hoc basis, including representation on some of the internal project Boards.

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Trustee Board and Sub-Committee Meetings Attendance Record 2020-21

----- Start of picture text -----
Sub-committee Meetings
People
Finance and (merger of the
Trustees Main board Audit and Risk Remuneration and
Investment Nominations
Committees)
Dougie Belmore (1) 2/3 3/3
Lillian Boyle 4/4 2/2 3/3
Lena Breen 4/4 4/4
Kim Carroll 4/4 3/3
Rachel Claringbold 4/4 3/4
Marco Evans (3) 2/2 2/2
Michael Field 4/4 4/4
Gary George (2) 1/2 1/2 1/1
Beverly Horler 4/4 3/3
Suzanne Hughes 3/4 3/3
Shirley Marsh (1) 3/3 2/2 2/2
Maggie Pearson 2/2 1/3
Nathalie de Potter (2) 1/2 2/2
Tony Ramos 4/4 1/2
Duncan Stewart (3) 2/2 2/2
----- End of picture text -----

(1) Dougie Belmore and Shirley Marsh retired as Trustees in November 2020

(2) Nathalie de Potter and Gary George retired as Trustees in July 2020

(3) Marco Evans and Duncan Stewart were appointed as Trustees in September and October 2020, respectively.

(4) Maggie Pearson retired as a Trustee in January 2021

(5) During the early part of 2020-21, the Finance & Investment Committee membership was expanded to strengthen the decision-making process at a time when the impact of Covid-19 on operational matters was still uncertain. The additional members comprised Lillian Boyle, Shirley Marsh and Tony Ramos who remained as committee members until July 2020.

Trustee appointments

When Trustee vacancies arise, we initiate a search process through our bank network and external advertising to identify suitable candidates in line with any skills gaps identified on the Board. The Board may also co-opt additional non-Trustee members in an advisory capacity.

New Trustees serve on the same terms as existing Trustees and can confer with more experienced

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

Trustees if necessary. They are also provided with an induction programme, which is organised to help new Trustees understand the governance and reporting framework, and their individual and Board responsibilities. All Trustees are encouraged and supported to gain further knowledge and experience from independent and external programmes. During 2020-21, all Trustees as a group, took part in a development session focused on Social Investments and Sector updates. There are also opportunities for new Trustees to engage with current Trustees, members of the Senior Management team and other members of staff. This enables new Trustees to familiarise themselves with the front-line service delivery team, financial position, internal controls, policies and future plans.

During 2020-21, Trustees reviewed the likelihood of Trustee turnover and any skills gaps that might arise from resignations or strategic developments. A recruitment drive will take place in 2021-22, with a view to succession planning. There are also plans to review and, if necessary refresh, governance processes so that they remain appropriate and proportionate to BWC’s investments and operations.

President and Vice Presidents

It is with great sadness that the Board reports the passing of our President Sir Roger Gifford in May of this year. Sir Roger joined the Trustee Board in 2011 and was appointed President in March 2014. He was a great advocate of wellbeing for bank employees and did much to progress the agenda within the banking community. The Board would like to acknowledge his contribution and support to the Charity and the banking community.

Charity Governance Code

We recognise that strong governance is crucial in ensuring that we have effective strategic direction and to maximise the impact and outcomes of our activities. The Charity Governance Code sets out recommended best practice for good governance.

We review our own governance in line with its seven principles in an effort to continuously improve what we offer to the banking community. This ranges from the structure of the terms of reference of each Committee and the Board, a checklist for areas of governance that might need reviewing and the design of development sessions for Trustees. In 2020-21 we began to prepare for a governance review in the second half of 2021–22. This will take place in conjunction with a strategic review – informed by externally commissioned stakeholder research – that will shape the 2022-2025 Strategic Plan.

Key management personnel

During 2020-21, our key management personnel comprised the Board of Trustees and the Executive team comprising John Mallalieu (Chief Executive Officer until 30 September 2020) Alison Seabrooke (Interim Chief Executive Officer from 1 October 2020), Alan Knowles (Director of Finance and Support) and Simon Ashmore (Director of Operations and Marketing).

The Executive team manages the day-to-day operations of BWC, supported by a team of 32 (2019-20: 29 FTE) staff who deal with our client delivery, management and promotion, client

Bank Workers Charity, Trustees’ Annual Report for the year ended 31 March 2021

administration, support and finance. The team is also responsible for developing a business plan, the annual budget and forecasts, which are approved annually and adopted by the Board.

The Board sets the Chief Executive Officer’s pay using a benchmarking exercise and market indices. Other executive pay levels are decided by the People Committee. All pay levels are compared to an external benchmarking process undertaken by external consultants, Korn Ferry Hay, and adjusted accordingly to reflect market practice. Trustees are not paid and give their time freely. In 2020-21, there was a change to the annual discretionary bonus scheme of up to 15% of gross salary. All eligible staff received a payment in recognition of their contributions, of £3,000 (pro rata).

Changes in the Executive team

John Mallalieu formally resigned from his position as Chief Executive Officer of BWC on 30 September 2020. Alison Seabrooke was appointed as an Interim Chief Executive Officer on 1 October 2020 to oversee the Charity’s activities until a permanent Chief Executive Officer is recruited.

Related parties

There were no related party transactions other than Trustees’ expenses and key management personnel remuneration. In particular, BWC operates independently of the banks.

Liability of members

BWC is a company limited by guarantee and does not have share capital. In the event of being wound up, the liability of each member is limited to 25 pence.

Volunteers

We do not use volunteers, other than our Trustees and co-opted individuals.

Trustees’ responsibilities

The Trustees (who are also directors of BWC for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and group of the incoming resources and application of resources, including the income and expenditure of the charitable group for that period.

Since the company qualifies as small under section 383, we are not required to produce the strategic report required of medium and large companies under the Companies Act 2006.

Èank Worker5 Charity, TrUSleE5' Annual Report l¢r tlie year endod 31 March 2021 In preparing these financial statements, the Trustees are required to.. Select suitable accounting policies and then apply them consistently.. Observe the methods and principles in the Charities as per the Statement of Recommended Practice revised 2019 (FRS 102),. Make judgements and estimates that are reasonablo and prudent., State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., Prepare the f inancial statements on the going concern basis, unless it is inappropriate to presumo that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware: There is no relevant audit information of which the charitable company's auditor is unawaro., and The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report was approved by the Trustees on 21 July 2021 and signed on their behalf by.. Tony Ramos, Chair 32

Reference and administrative details

President

Sir Roger Gifford (deceased May 2021)

Vice Presidents

Sir Patrick Gillam Sir Kit McMahon Sir Peter Middleton Sir John Bond

Trustees

Tony Ramos, Chair Lillian Boyle, (Deputy Chair) Dougie Belmore (retired Nov 2020) Lena Breen Kim Carroll Rachel Claringbold Marco Evans Michael Field

Gary George (retired July 2020) Beverley Horler Suzanne Hughes Shirley Marsh (retired Nov 2020) Maggie Pearson (retired Jan 2021) Nathalie de Potter (retired July 2020) Duncan Stewart

Key Management Personnel

Interim Chief Executive Officer Director of Finance and Support Director of Operations and Marketing

Alison Seabrooke Alan Knowles Simon Ashmore

Bankers Benevolent Fund

Company Registration No. Directors Company Secretary Charity Registration No.

00019366 Trustees listed as above Selam Shibru 313080

The BWC Charity

Corporate Trustee CIO Registration No.

Bank Workers Charity 1154235

SE Foundation

Corporate Trustee Charity Registration No.

Bank Workers Charity 277665

BWC Enterprises Limited

Company Registration No. Directors Company Secretary

09734550 Tony Ramos Selam Shibru

Registered office and principal place of business (all entities)

Salisbury House, Suite 686-695 Finsbury Circus London EC2M 5QQ

Advisers

External auditors

MHA MacIntyre Hudson 6th Floor 2 London Wall Place London EC2Y 5AU

Internal auditors

BDO LLP 55 Baker Street London W1U 7EU

Solicitors

Bates Wells LLP 10 Queen Street Place London EC4R 1BE

Investment advisers

Investment managers

UBS AG 5 Broadgate London EC2M 2AN

Ruffer LLP 80 Victoria Street London SW1E 5JL

Cazenove Capital 1 London Wall Place London EC2Y 5AU

Bankers

Coutts & Co 440 Strand London WC2R 0QS

TSA (until 20 April 2021) Little Paddocks, Ham Road Cheltenham, Gloucestershire GL52 6NQ

Paul Mitchell Investment Reviews Limited (appointed 8 April 2021) Gloucester House Church Walk Burgess Hill West Sussex RH15 9AS

Independent Auditor’s Report to the Members of Bank Workers Charity

Opinion

We have audited the financial statements of The Bankers Benevolent Fund, operating as Bank Workers Charity (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31 March 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
Have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report.

We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Trustees’ assessment of the entity’s ability to continue to adopt the going concern basis of accounting included critical reviews of budgets and forecasts provided.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the

charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

The information given in the Trustees’ Report (incorporating the Group Strategic Report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The Trustees’ Report (incorporating the Group Strategic Report) has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
The parent charitable company’s financial statements are not in agreement with the accounting records and returns; or

Certain disclosures of Directors’ remuneration specified by law are not made; or
We have not received all the information and explanations we require for our audit; or
The Trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the Trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement included in the Trustees’ Annual Report, the Trustees (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Obtaining an understanding of the legal and regulatory frameworks that the entity operates in, focusing on those laws and regulations that had a direct effect on the financial statements;
Enquiry of management to identify any instances of known or suspected instances of fraud;
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management about instances of non-compliance with laws and regulations;
Reviewing the design and implementation of control systems in place

Testing the operational effectiveness of the controls;
Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures alongside supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Auditand-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditorsresponsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of this report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sudhir Singh FCA (Senior Statutory Auditor)

For and behalf of MHA MacIntyre Hudson Chartered Accountants and Statutory Auditors 6th Floor, 2 London Wall Place London, EC2Y 5AU

Date: 19 August 2021

Consolidated statement of financial activities (incorporating income and expenditure account)

For the year ended 31 March 2021

		Unrestricted	Restricted	Endowment	Total	Total
		Funds	Funds	Funds	Funds	Funds
		2021	2021	2021	2021	2020
		£	£	£	£	£
	Note
Income from:
Donations, legacies and subscriptions	3	208,492	216,308	-	424,800	177,161
Investments	4	641,599	790,213	-	1,431,812	1,740,740
Total Income		850,091	1,006,521	-	1,856,612	1,917,901
Expenditure on:
Raising funds	5	447,437	198,673	11,240	657,350	669,381
Charitable activities	7	3,914,406	310,983	-	4,225,389	4,523,000
Total Expenditure		4,361,843	509,656	11,240	4,882,739	5,192,381
Net gains/(losses) on investments	12	8,681,590	7,770,159	598,960	17,050,709	(5,516,385)

Net movement in funds		5,169,838	8,267,024	587,720	14,024,582	(8,790,865)
Reconciliation of funds:
Total funds brought forward	15	36,082,943	36,946,505	2,465,354	75,494,802	84,285,667
Net movement in funds		5,169,838	8,267,024	587,720	14,024,582	(8,790,865)

Total funds carried forward		41,252,781	45,213,529	3,053,074	89,519,384	75,494,802

All income and expenditure derive from continuing activities. The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 43 to 69 form part of these financial statements.

8ènkerS BenEvdei)l Fund Rogiskored NUMbr 00019366 Consolidated balance sheet as at 37 March 2021 2021 2021 2020 2020 Note Fixed assets Tangible assets Investments 15,108 95,567.194 95,582,302 23,875 12 87,866,418 81,890,293 Current assets Debtors 13 296,113 363,332 659,445 258,831 Cash at bank and in hand 18 965,842 1.224.673 Creditors- amounts falling due within one year 14 (6,709.337) (7,555,417) Net current Ilabilities (6,049,892) (6.330.738) Total assets less current liabilities 89.532.410 75,559,555 Creditors: amounts falling due after more than one year 14 (13,026) (64,753) Total net assets 89,519,384 75.494,802 Group funds Endowment funds Restricted funds 15 3,053.074 45,213,529 41.2S2,781 2.465.354 36,946.505 36,082,943 Unrestricted funds 15 Total funds 89,519,384 75,494,802 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 21 July 2021 and signed on their behalf by.. Tony Ramos, Chair The notes on pages 43 to 69 form part of these financial statements. 40

Charity balance sheet as at 31 March 2021 2021 2021 2020 2020 Note Fixed assets Tangible assets Investments 15.108 92,381,193 92.396.301 23,875 79.261,688 12 79,285,563 Current assets Debtors 13 296,113 271,371 Cash at bank and in hand 194.185 490.298 817.928 1,089,299 Creditors.. amounts falling due within one year 14 (6,709,337) (7,555,411) Net current liabilities (6,219,039) (6,466,112) Total assets less current liabilities 86,177,262 72.879,451 Creditors.. amounts falling due after more than one year 14 (13,026) (64.753) Total net assets 86,164,236 72,754,698 Group funds Restricted funds 44.911,455 41,252,781 36,677.755 36,082,943 Unrestricted funds Total funds 86,164,236 72,754,698 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 21 July 2021 and signed on their behalf by.. Tony Ramos, Chair The notes on pages 43 to 69 form part of these financial statements. 41

Consolidated statement of cash flows

for the year ended 31 March 2021

Note Cash fows from operating activities Net cash used in operating activities 17 Cash fows from investing activities Investment income 4 Cash movement on investments Purchase of tangible fxed assets 11 Proceeds from sale of investments 12 Purchase of investments 12 Net cash provided by / (used in) investing activities Cash (outfows)/infows from new borrowings Net cash (used in)/provided by fnancing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 18	2021 £ (4,700,709) 1,431,812 (9,211,712) 526 62,542,344 (50,037,698) 4,725,272 (627,073) (627,073) (602,510) 965,842 363,332	2020 £ (4,943,484) 1,740,740 2,223,100 (25,292) 59,670,855 (64,011,261) (401,858) 5,476,709 5,476,709 131,367 834,475 965,842

The notes on pages 43 to 69 form part of these financial statements.

Notes to the financial statements

for the year ended 31 March 2021

1. General information

The Bankers Benevolent Fund (“Group”) is a charitable company limited by guarantee and is registered with the Charity Commission (Charity Registration Number 313080) and Registrar of Companies (Company Registration Number 00019366) in England and Wales.

The address of the registered office is given in the Group information on page 34 of these financial statements.

In the event of the Group being wound up, the liability in respect of the guarantee is limited to 25p per member of the Group.

The nature of the Group’s operations and principal activities are the prevention and relief of poverty amongst bank employees, their families, children and dependants; the advancement of health amongst bank employees, their families, children and dependants; and the advancement of education amongst the children of bank employees.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Bank Workers Charity meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiary undertakings are consolidated on a line by line basis.

The financial statements are prepared in sterling which is the functional and presentational currency of the Group and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2 Basis of consolidation

The subsidiaries of the Charity are the SE Foundation (SEF) (Charity Registration Number: 277665), The BWC Charity (CIO Registration Number: 1154235) and BWC Enterprises Limited, a wholly owned trading subsidiary.

The financial statements consolidate the accounts of Bank Workers Charity (BWC) ‘the Charity’ and all of its subsidiary undertakings (‘subsidiaries’) on a line by line basis.

The Charity has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and Expenditure Account.

The Charity’s Income and Expenditure account for the year dealt with in the accounts of the Charity was £13,409,538 surplus (2020: £8,600,505 deficit).

Notes to the financial statements

for the year ended 31 March 2021

2. Accounting policies (continued)

2.3 Going concern

The Group have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Group to continue as a going concern including the ongoing impact of Covid-19 to the Charity’s services and finances. The Group have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing these financial statements.

2.4 Income

All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Group has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Group, can be reliably measured.

Individual subscriptions and corporate donations are included within income when these are received. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfillment of those conditions is within the control of the Group and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the Charities SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the Group’s right to receive payment is established.

Notes to the financial statements

for the year ended 31 March 2021

2. Accounting policies (continued)

2.5 Expenditure

All expenditure is accounted for on an accruals basis. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Support cost allocation is discussed further in Policy 2.6.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and investment manager costs.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group’s objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the Group.

Both legal and constructive obligations are recognised, including multi-year commitments which are disclosed as long-term liabilities where appropriate.

2.6 Support cost allocation

Support costs are those that assist the work of the Group but do not directly represent charitable activities and include office costs, governance costs, administrative and payroll costs. They are incurred directly in support of expenditure on the objects of the Group and include project management. Where support costs cannot be directly attributed to particular headings they have been allocated to raising funds and expenditure on charitable activities on a basis consistent with use of the resources as follows;

Staff costs - Estimate of how staff spend time
Premises and utilities - Pro rata to staff cost allocation
Services and other operating expenses - Actual and estimated usage
Professional fees - Actual cost
Depreciation - Pro rata to staff cost allocation

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

The analysis of these costs is included in Note 7.

Notes to the financial statements

for the year ended 31 March 2021

2. Accounting policies (continued)

2.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.8 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.9 Tangible fixed assets and depreciation

Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives are as follows:

Leasehold improvements - 3 years
Fixtures and fittings - 3 years
Computer equipment - 3 years

2.10 Investments

The Group has equity investments in listed and unlisted entities. Social investments include mixed motive investments which are those held to further charitable purposes and are held at cost less impairment. Fixed asset investments are a form of basic financial instruments and are initially recognised at their transaction value and subsequently measured at fair value using the closing quoted market price or the share of the Net Asset Value of the fund (if unlisted). All gains and losses are taken to the Consolidated SOFA as they arise.

The Consolidated SOFA includes the net gains and losses arising on revaluations and disposals throughout the year, as investments are revalued to fair value continuously.

The Group does not have holdings of complex financial instruments.

Notes to the financial statements

for the year ended 31 March 2021

2. Accounting policies (continued)

2.11 Impairments

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss terms unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

2.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.13 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short-term maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.14 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Group anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated SOFA as a finance cost.

2.15 Financial instruments

The financial assets and financial liabilities of the Group are as follows:

Fixed asset investments - are a form of basic financial instrument as explained in accounting policy 2.10.

Debtors - trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 13. Prepayments are not financial instruments.

Cash at bank - is classified as a basic financial instrument and is measured at cost.

Liabilities - trade creditors, accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in Note 14. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.

Notes to the financial statements

for the year ended 31 March 2021

2. Accounting policies (continued)

2.16 Operating leases

Rentals paid under operating leases are charged to the Consolidated SOFA on a straight line basis over the lease term.

2.17 Employee benefits

When employees have rendered service to the Group, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The Group operates a non-contributory pension arrangement providing a contribution of 10% of salary into a qualifying company workplace pension plan. Contributions are expensed to the Consolidated SOFA as they become payable.

In addition, the Group offers an additional pension benefit whereby it will match employee contributions up to a maximum of 3% to encourage employees to save into their long-term pension plan.

2.18 Loan grants

Where payments for property alterations are made as repayable interest free loans but the date on which repayment is due to be made, under the terms of the loan, is unknown at the balance sheet date the loan is treated as a grant in the year of payment, where made either in full or as installments. These payments are charged to the Consolidated SOFA in the year they are made and no debtor is recognised as these represent contingent assets.

2.19 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

The endowment funds represent those assets which must be held permanently by the Group. As at 31 March 2021, they comprise the funds of the SE Foundation (SEF) and of The BWC Charity.

The SEF endowed funds are permanent, meaning that the capital of the fund must be maintained and that income generated from it can only be spent on SEF’s charitable objectives, being for current and former employees of Barclays Bank and their dependants. The arrangement is in line with the plan to maintain SEF for the purposes of receiving any future legacies and to hold the permanently endowed fund.

Income generated from the SEF endowment fund is held as a restricted fund and is applied for the objects of SEF and only applied for SEF’s beneficiaries.

Notes to the financial statements

for the year ended 31 March 2021

2. Accounting policies (continued)

2.19 Fund accounting (continued)

The Group is the sole corporate trustee of The BWC Charity. The BWC Charity endowed funds are permanent in the same way as SEF - the capital of the fund must be maintained, and income generated from it can only be spent on The BWC Charity’s charitable objectives. These are the relief of financial need, hardship or distress of people within the beneficial class, restricted to employees and former employees, and their dependants of the Royal Bank of Scotland Group of companies; any former constituent banks of the Royal Bank of Scotland plc (RBS) or National Westminster Bank plc (NatWest) and any persons who were employed by a company at the time that such a company was part of the group of companies of which NatWest or RBS was a member even though that company may have since ceased to be part of that group, and their dependants.

The permanent endowment fund of The BWC Charity represents the accumulated funds of The BWC Charity Friendly Help Fund.

The restricted fund of The BWC Charity represents income generated from the endowment fund as well as funds restricted to the maintenance of care homes. As the care homes are now closed, the object of the fund is obsolete. The Group has thus decided to consolidate the restricted fund and widen its object to those of the permanent endowment fund.

Investment income, gains and losses are allocated to the appropriate fund.

2.20 Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had a material impact on amounts recognised in the financial statements.

Basis of valuation of financial investments
Calculation of the impairment on fixed asset investments
Allocation of support costs.

Notes to the financial statements

for the year ended 31 March 2021

3. Income from donations, legacies and subscriptions

Individual subscriptions and donations Corporate donations Legacies SEF donations The BWC Charity donations Total 2021 Individual subscriptions and donations Corporate donations Legacies SEF donations The BWC Charity donations Total 2020	Unrestricted funds 2021 £ 62,002 30,000 116,490 - - 208,492 Unrestricted funds 2020 £ 71,586 30,000 38,737 - - 140,323	Restricted funds 2021 £ - - 188,560 8,790 18,958 216,308 Restricted funds 2020 £ - - 5,555 9,709 21,574 36,838	Total funds 2021 £ 62,002 30,000 305,050 8,790 18,958 424,800 Total funds 2020 £ 71,586 30,000 44,292 9,709 21,574 177,161

As noted in Accounting Policy 2.4, subscriptions and donations are recognised on a received basis.

Notes to the financial statements

for the year ended 31 March 2021

4. Income from investments

Dividends and interest on equities Social investment income Bank interest received Total 2021 Dividends and interest on equities Social investment income Bank interest received Total 2020	Unrestricted funds 2021 £ 627,055 13,894 650 641,599 Unrestricted funds 2020 £ 708,097 5,955 603 714,655	Restricted funds 2021 £ 790,090 - 123 790,213 Restricted funds 2020 £ 1,022,522 - 3,563 1,026,085	Total funds 2021 £ 1,417,145 13,894 773 1,431,812 Total funds 2020 £ 1,730,619 5,955 4,166 1,740,740

Notes to the financial statements

for the year ended 31 March 2021

5. Expenditure on raising funds

Investment manager costs (Note 6) Support staff costs Direct costs Support costs - premises and utilities Total	2021 £ 447,904 72,269 66,710 70,467 657,350	2020 £ 468,440 68,985 64,361 67,595 669,381

In 2021, of the total expenditure on raising funds, £447,437 (2020: £486,736) was from the unrestricted funds, £198,673 (2020: 167,672) and £11,240 (2020: 14,973) were from the restricted and endowment funds respectively.

Notes to the financial statements

for the year ended 31 March 2021

6. Investment manager costs

Investment manager fees payable Consultancy fees Total 2021 Investment manager fees payable Consultancy fees Total 2020	Unrestricted funds 2021 £ 232,091 5,900 237,991 Unrestricted funds 2020 £ 268,229 16,767 284,996	Restricted funds 2021 £ 198,673 - 198,673 Restricted funds 2020 £ 168,471 - 168,471	Endowment funds 2021 £ 11,240 - 11,240 Endowment Funds 2020 £ 14,973 - 14,973	Total funds 2021 £ 442,004 5,900 447,904 Total funds 2020 £ 451,673 16,767 468,440

Notes to the financial statements

for the year ended 31 March 2021

7. Analysis of expenditure on charitable activities - by type

Cash grants Service provision and casework Operating costs for client support Total 2021	Activities undertaken directly 2021 £ 821,047 1,100,771 489,189 2,411,007	Support costs 2021 £ 744,288 494,962 575,132 1,814,382	Total funds 2021 £ 1,565,335 1,595,733 1,064,321 4,225,389

In 2021, all cash grants were paid to 1,170 (2020: 1,221) individuals.

	Activities
	undertaken	Support	Total
	directly	costs	funds
	2020	2020	2020
	£	£	£
Cash grants	999,960	812,689	1,812,649
Service provision and casework	1,177,632	539,429	1,717,061
Operating costs for client support	366,724	626,566	993,290
Total 2020	2,544,316	1,978,684	4,523,000

In 2021, of the total expenditure on charitable activities, £3,914,406 was from unrestricted funds and £310,983 was from restricted funds.

In 2020, of the total expenditure on charitable activities, £4,164,922 was from unrestricted funds and £358,078 was from restricted funds.

Notes to the financial statements

for the year ended 31 March 2021

7. Analysis of expenditure on charitable activities - by type (continued)

Analysis of support costs

Support staff costs Depreciation Other employment costs Premises and utilities Business overheads ICT costs Marketing costs Professional fees Governance costs (Note 8) Total 2021 Support staff costs Depreciation Other employment costs Premises and utilities Business overheads ICT costs Marketing costs Professional fees Governance costs (Note 8) Total 2020	Cash Grants 2021 £ 454,963 3,626 22,403 65,365 17,483 82,172 23,128 12,973 62,175 744,288 Cash Grants 2020 £ 469,220 13,324 26,338 61,716 62,941 58,091 27,122 14,518 79,419 812,689	Service provision and casework 2021 £ 297,677 2,142 13,238 80,930 10,290 28,776 25,590 7,666 28,653 494,962 Service provision and casework 2020 £ 307,005 7,872 15,563 76,412 37,046 20,343 30,009 8,579 36,600 539,429	Operating costs for client support 2021 £ 347,494 2,472 15,275 93,380 11,872 33,204 29,527 8,846 33,062 575,132 Operating costs for client support 2020 £ 358,383 9,084 17,958 88,167 42,745 23,473 34,626 9,899 42,231 626,566	Total funds 2021 £ 1,100,134 8,240 50,916 239,675 39,645 144,152 78,245 29,485 123,890 1,814,382 Total funds 2020 £ 1,134,608 30,280 59,859 226,295 142,732 101,907 91,757 32,996 158,250
				1,978,684

Notes to the financial statements

for the year ended 31 March 2021

8. Governance costs

	2021	2020
	£	£
Auditors’ remuneration - Audit of the fnancial statements	22,600	21,360
Auditors’ remuneration - Independent examination of the fnancial
statements (The BWC Charity)	4,320	6,360
Auditors’ remuneration - Other services	-	11,760
Auditors’ remuneration - Under accrual of prior year fees	-	3,420
Internal audit	29,938	22,638
Legal and professional fees	67,000	83,139
Trustees’ out of pocket expenses	32	3,027
Trustee meetings and training	-	6,546
Total	123,890	158,250

Notes to the financial statements

for the year ended 31 March 2021

9. Staff costs

Wages and salaries Social security costs Pension costs Total	Group 2021 £ 1,666,782 151,688 166,940 1,985,410	Group 2020 £ 1,656,217 151,073 143,857 1,951,147	Charity 2021 £ 1,666,782 151,688 166,940 1,985,410	Charity 2020 £ 1,656,217 151,073 143,857 1,951,147

The average number of persons employed by the Group during the year was as follows:

	Group	Group
	2021	2020
	No.	No.
Average number of employees	35	32

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£60,000 was:
	Group	Group
	2021	2020
	No.	No.
In the band £60,001 - £70,000	2	2
In the band £70,001 - £80,000	2	1
In the band £80,001 - £90,000	0	1
In the band £90,001 - £100,000	1	1
In the band £100,001 - £110,000	2	0
In the band £110,001 - £120,000	1	0
In the band £180,001 - £190,000	0	1

Notes to the financial statements

for the year ended 31 March 2021

9. Staff costs (continued)

The total amount of employee benefits, including employers national insurance and pension contributions, received by Key Management Personnel is £415,397 (2020: £405,282). In 2021, the Group’s Key Management Personnel comprise:

Trustees
Chief Executive Officers
Director of Finance & Support
Director of Operations & Marketing

Total termination payments of £16,207 (2020: Nil) are included within total employee benefits above. Termination payments include £9,011 (2020: Nil) contractual and £7,196 (2020: Nil) non-contractual payments, the latter being ex-gratia in nature and paid under Trustee authority as being in the best interests of the Charity.

10. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020: Nil).

During the year ended 31 March 2021, expenses totaling £32 were reimbursed or paid directly to 1 Trustee (2020: £3,027 to 6 Trustees). The expenses were for their travelling and other out of pocket expenses (where they were not claimable from another source).

11. Tangible fixed assets

Group and Charity Cost or valuation At 1 April 2020 (Disposals) / Additions At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020	Leasehold improvements £ 113,541 - 113,541 113,541 - 113,541 - -	Fixtures and fttings £ 79,390 (526) 78,864 67,285 3,961 71,246 7,618 12,105	Computer equipment £ 12,840 - 12,840 1,070 4,280 5,350 7,490 11,770	Total £ 205,771 (526) 205,245 181,896 8,241 190,137 15,108 23,875

Notes to the financial statements

for the year ended 31 March 2021

12. Fixed asset investments

Group Cost or valuation At 1 April 2020 Additions at cost Disposals at carrying value Revaluations Investment manager fees paid Other cash movements At 31 March 2021 Impairment Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020	Listed and unlisted investments £ 80,546,478 49,656,826 (62,542,344) 17,050,709 (442,004) 9,620,717 93,890,382 - 93,890,382 93,890,382 80,546,478	Social investments £ 1,319,940 380,872 - - - - 1,700,812 (24,000) 1,676,812 1,676,812 1,319,940	Total £ 81,866,418 50,037,698 (62,542,344) 17,050,709 (442,004) 9,620,717 95,591,194 (24,000) 95,567,194 95,567,194 81,866,418

Included within investments above are unlisted investments of £2,040,144 (2020: £3,078,092).

Fixed asset investment additions and disposals include the transfer of investments to reflect the increase in the number of fund managers managing the Group’s portfolios from two to three during the year.

It is our policy to consider social investments that fit with the objectives of the Group as well as delivering an acceptable level of financial and social return. Further details are set out on pages 17-18.

The Group develops and maintains a portfolio of different types of investments, balanced between effective financial returns and social impact. Currently, these are categorised as mixed motive investments.

Notes to the financial statements

for the year ended 31 March 2021

12. Fixed asset investments (continued)

Charity Cost or valuation At 1 April 2020 Additions at cost Disposals at carrying value Revaluations Investment manager fees paid Other cash movements At 31 March 2021 Impairment Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020	Listed and unlisted investments £ 77,941,748 48,779,391 (61,613,249) 16,442,747 (430,764) 9,584,508 90,704,381 - 90,704,381 90,704,381 77,941,748	Social investments £ 1,319,940 380,872 - - - - 1,700,812 (24,000) 1,676,812 1,676,812 1,319,940	Total £ 79,261,688 49,160,263 (61,613,249) 16,442,747 (430,764) 9,584,508 92,405,193 (24,000) 92,381,193 92,381,193 79,261,688

Included within investments above are unlisted investments of £1,870,997 (2020: £3,078,092).

The Charity develops and maintains a portfolio of different types of investments, balanced between effective financial returns and social impact. Currently, these are categorised as mixed motive investments.

Notes to the financial statements

for the year ended 31 March 2021

13. Debtors

Due within one year Amounts owed by group undertakings Other debtors Prepayments and accrued income	Group 2021 £ - 180,406 115,707 296,113	Group 2020 £ - 160,379 98,452 258,831	Charity 2021 £ 12,540 167,866 115,707 296,113	Charity 2020 £ 12,540 160,379 98,452 271,371

In 2021 and 2020 other debtors includes a deposit paid for premises of £147,000.

14. Creditors: amounts falling due within one year

Bank loans Trade creditors Other taxation and social security Accruals and other creditors Grants payable	Group 2021 £ 5,824,636 81,984 109,746 357,753 335,218 6,709,337	Group 2020 £ 6,451,709 57,833 60,813 571,540 413,516 7,555,411	Charity 2021 £ 5,824,636 81,984 109,746 357,753 335,218 6,709,337	Charity 2020 £ 6,451,709 57,833 60,813 571,540 413,516 7,555,411

In 2021 and 2020 grants payable includes the RBS Winter Fuel Payments and commitments to the Barclays Overseas Benevolent Fund (BOBF) beneficiaries.

The Group has a credit facility of £10.0m where a deed of charge is in place on the investment funds held by UBS which secures the loan, at a cost of 1.5% fixed rate over the overnight LIBOR. During the year, the Charity made a total drawdown of £4,540,000 (2020: £5,476,709) excluding repayments against this facility.

Notes to the financial statements

for the year ended 31 March 2021

14. Creditors: amounts falling due after more than one year

	Group	Group	Charity	Charity
	2021	2020	2021	2020
	£	£	£	£
Grants payable	13,026	64,753	13,026	64,753

Notes to the financial statements

for the year ended 31 March 2021

15. Statement of funds – current year

Balance at 1 April 2020 £ Designated Funds Social investments - Paid up 1,319,940 Social investments - Available 1,680,060 3,000,000 Unrestricted Funds General Funds 33,082,943 Total Unrestricted Funds 36,082,943 Endowment Funds SEF 306,228 BWC FHF 2,159,126 2,465,354 Restricted funds SEF 351,731 BWC 36,184,314 BOBF 410,460 36,946,505 Total Funds 75,494,802	Income £ - - - 850,091 850,091 - - - 8,790 997,148 583 1,006,521 1,856,612	Expenditure £ (24,000) - (24,000) (4,337,843) (4,361,843) (309) (10,931) (11,240) (364) (509,190) (102) (509,656) (4,882,739)	Transfers In / Out £ 380,872 (356,872) 24,000 (24,000) - - - - - - - - -	Gains / (Losses) £ - - 8,681,590 8,681,590 64,096 534,864 598,960 62,730 7,707,429 - 7,770,159 17,050,709	Balance at 31 March 2021 £ 1,676,812 1,323,188 3,000,000 38,252,781 41,252,781 370,015 2,683,059 3,053,074 422,887 44,379,701 410,941 45,213,529 89,519,384

Notes to the financial statements

for the year ended 31 March 2021

15. Statement of funds – prior year

Balance at 1 April 2019 £ Designated Funds Social investments - Paid up 804,495 Social investments - Available 1,195,505 2,000,000 Unrestricted Funds General Funds 39,628,452 Total Unrestricted Funds 41,628,452 Endowment Funds SEF 337,961 BWC FHF 2,375,111 2,713,072 Restricted funds SEF 431,842 BWC 39,105,197 BOBF 407,104 39,944,143 Total Funds 84,285,667	Income £ - - - 854,978 854,978 - - - 15,402 1,044,165 3,356 1,062,923 1,917,901	Expenditure £ (40,000) - (40,000) (4,611,658) (4,651,658) (463) (14,510) (14,973) (65,250) (460,500) - (525,750) (5,192,381)	Transfers In / Out £ 555,445 484,555 1,040,000 (1,040,000) - - - - - - - - -	Gains / (Losses) £ - - (1,748,829) (1,748,829) (31,270) (201,475) (232,745 ) (30,263 ) (3,504,548 ) - (3,534,811) (5,516,385)	Balance at 31 March 2020 £ 1,319,940 1,680,060 3,000,000 33,082,943 36,082,943 306,228 2,159,126 2,465,354 351,731 36,184,314 410,460 36,946,505 75,494,802

Notes to the financial statements

for the year ended 31 March 2021

15. Statement of funds (continued)

Designated funds comprise unrestricted funds that have been set aside by the Trustees specifically for the purpose of social investment. This provides the Trustees with the opportunity to increase the Charity’s overall social impact whilst achieving a financial return and furthering its own objects at the same time. During the year, £380,872 was transferred to the ‘Paid up’ fund before an impairment adjustment of £24,000 which represents the net of social investment additions and disposals during the year.

Endowment funds represent those assets which must be permanently held by the Group and are accounted for in accordance with Policy 2.19. They comprise the funds of the SEF and the funds of The BWC Charity. Income arising on the endowment funds can be used in accordance with the objects of the funds and is included as restricted income. Any capital gains or losses arising on the investments form part of the fund.

Restricted funds are accounted for in accordance with accounting policy 2.19, the aim and use of each restricted fund is summarised as follows:

SEF’s unrestricted assets were transferred to BWC by deed of gift on 23rd October 2015 and are held as a restricted fund for the objects of SEF which is the relief of persons in conditions of need, hardship or distress who are Barclays employees or Barclays retired employees and any dependants of such Barclays employees or Barclays retired employees.

The BWC Charity’s unrestricted assets were transferred to BWC by deed of donation on 30th June 2017 and are held as a restricted fund for the relief of financial need, hardship or distress of people within the beneficial class, restricted to employees and former employees, and their dependants of the Royal Bank of Scotland Group of companies; any former constituent banks of the Royal Bank of Scotland plc (RBS) or National Westminster Bank plc (NatWest) and any persons who were employed by a company at the time that such a company was part of the group of companies of which NatWest or RBS was a member even though that company may have since ceased to be part of that group, and their dependants.

BWC received a cash sum of £622,622 from Barclays Overseas Benevolent Fund (BOBF) on 3 April 2018. BWC holds these funds upon trust and they are currently held as Restricted Funds. Any surplus funds left in the future will only be spent on the restricted use of the current and former employees of Barclays and their families, and within the objects which were covered in the Deed of Donation.

Notes to the financial statements

for the year ended 31 March 2021

16. Analysis of net assets between funds

Tangible fxed assets Fixed asset investments Current assets Creditors due within one year Creditors due after more than one year Total 2021 Tangible fxed assets Fixed asset investments Current assets Creditors due within one year Creditors due after more than one year Total 2020	Unrestricted funds 2021 £ 15,108 47,300,591 659,445 (6,709,337) (13,026) 41,252,781 Unrestricted funds 2020 £ 23,875 42,454,559 1,224,673 (7,555,411) (64,753) 36,082,943	Restricted funds 2021 £ - 45,213,529 - - - 45,213,529 Restricted funds 2020 £ - 36,946,505 - - - 36,946,505	Endowment funds 2021 £ - 3,053,074 - - - 3,053,074 Endowment funds 2020 £ - 2,465,354 - - - 2,465,354	Total funds 2021 £ 15,108 95,567,194 659,445 (6,709,337) (13,026) 89,519,384 Total funds 2020 £ 23,875 81,866,418 1,224,673 (7,555,411) (64,753) 75,494,802

Notes to the financial statements

for the year ended 31 March 2021

17. Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds Adjustments for: Depreciation charges Impairment charges (Gains) / losses on investments Investment income Decrease / (increase) in debtors (Decrease) / increase in creditors excluding loans Net cash used in operating activities	Group 2021 £ 14,024,582 8,241 24,000 (17,050,709) (1,431,812) 37,282 (312,293) (4,700,709)	Group 2020 £ (8,790,865) 30,280 40,000 5,516,385 (1,740,740) (28,438) 29,894 (4,943,484)

18. Analysis of cash and cash equivalents

18. Analysis of cash and cash equivalents
Cash in hand Total cash and cash equivalents	Group 2021 £ 363,332 363,332	Group 2020 £ 965,842
		965,842

19. Analysis of net debt

Cash at bank and in hand Debt due within 1 year (Note 14)	At 1 April 2020 £ 965,842 (6,451,709) (5,485,867)	Cash Flows £ (602,510) 627,073 24,563	At 31 March 2021 £ 363,332 (5,824,636) (5,461,304)

Notes to the financial statements

for the year ended 31 March 2021

20. Pension commitments

The Charity contributes into a qualifying workplace pension plan. The amount recognised as an expense in the year was £166,940 (2020: £143,857). There were no contributions payable at 31 March 2021.

21. Loan grants

At 31 March 2021 loan grants totalling £258,724 (2020: £270,003) have been made repayable only on the death of the beneficiary or beneficiaries (who are husband and wife) or if they move from the property concerned. The value of loan grants has been adjusted in 2021 by a total of £11,279 which will not be payable in future.

These are programme related expenditure and are charged to the SOFA in the year they are made.

22. Operating lease commitments

At 31 March 2021 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years	Group 2021 £ 270,082 - - 270,082	Group 2020 £ 289,103 1,150,723 406,443 1,846,269	Charity 2021 £ 270,082 - - 270,082	Charity 2020 £ 289,103 1,150,723 406,443 1,846,269

The following lease payments have been recognised as an expense in the Consolidated SOFA:

	Group	Group	Charity	Charity
	2021	2020	2021	2020
	£	£	£	£
Operating lease rentals	214,706	257,487	214,706	257,487

23. Related party transactions

Other than Trustee and Key Management Personnel transactions detailed in Notes 9 and 10, there were no related party transactions during the year (2020: Nil).

Bank Workers Charity (A Company Limited by Guarantee)

Notes to the financial statements

for the year ended 31 March 2021

24. Principal subsidiaries

BWC is the sole corporate Trustee of SEF (Charity registration number 277665). Under the terms of the Deed of Donation, the unrestricted funds of SEF are restricted in the funds of BWC. SEF remains as a wholly owned subsidiary under the umbrella of the endowment funds. It did not trade during the year.

BWC Enterprises Limited is a wholly owned trading subsidiary of the Bank Workers Charity and was registered on 15 August 2015 in England & Wales under company number 09734550 with £100 ordinary shares of £1 each. The company is not trading and is currently dormant.

BWC is also the sole corporate Trustee of The BWC Charity (CIO registration number 1154235), and it still remains in existence to hold the Restricted Fund and the Friendly Help Fund (FHF) and to receive any future legacies and funds together with a number of remainder interests due, which are subject to prior life interests. It is important to note that the merger did not involve a subordination of The BWC Charity’s beneficiaries into a larger beneficial class whereby its assets may be used for people outside the scope of the objects. Rather, these assets are maintained within the Group as a Restricted Fund which may be applied only for the present class of beneficiaries who may benefit under the objects of the CIO.

25. Non-adjusting post balance sheet event

The Charity received a non-refundable grant from HSBC in May 2021 to support current and former employees of HSBC and their immediate dependants. The grant will be administered under the HSBC Support Fund in accordance with an agreement signed between the Charity and HSBC.

Trustees’ Annual Report and Accounts 2020-21

Contents

Trustees’ Annual Report for the year ended 31 March 2021

Supporting bank workers through the Covid-19 pandemic; the year in numbers

About the Bank Workers Charity

“We exist to support the health and wellbeing of the banking community.”

Our objectives

The people we support

Supporting Gale, a bank worker with caring responsibilities

About the people we support

Public benefit

Our charitable activities

Top three presenting issues

How we provide support

Client Advisers and Caseworkers

Practical support

Financial support

Digital support

Our impact

What we planned to do:

Expose the hidden gem

Reaching out

There when needed

Responsive and complementary

Growing influence

What we did

There when needed

We supported more people this year than ever before

We delivered nearly £1.5m in cash terms for our clients

Providing Claire with financial support when she needed it most

Claire says:

Expose the hidden gem

We worked closely with banks and unions to raise awareness of the support we can provide

We developed channels to reach retired bank workers

Helping Michelle to improve her financial wellbeing

Michelle* is a bank employee who experienced financial difficulty following a temporary reduction to her working hours.

Responsive and complementary

We launched new online services to support our community

Our website continued to support more people online

Supporting Helen’s daughter with relationship counselling

Reaching out

We worked closely with banks to support their pandemic-driven shift to digital wellbeing delivery

Helping Zara when she fell into arrears

Growing influence

We continued to position ourselves as experts in workplace wellbeing

We continued to work closely with UK banks on one-off projects to support their wellbeing strategies

Social investments

Direct investments

Managed funds investments

Covid-19 impact

Financial review

Income

Expenditure

Direct activities

Support costs

Staff costs

Investment portfolio & total return

Policies

Risk management

Principal risks

Throughout the year we continued to monitor our principal risks. Significantly, these related to the impact of Covid-19 on our staff, operations, service provision and the investments that fund our work.

Investment policy

We formally review our investment policy and principles, and investment fund managers every three to five years, by assessing market benchmarks and investment manager performance criteria against BWC’s strategic plan.

Reserves and funds

Structure, management and governance

Governing document

Governance structure

BWC is governed by a Board of Trustees (shown on page 33), who are the directors of the company for company law purposes and Trustees for charity purposes.

Trustee Board and Sub-Committee Meetings Attendance Record 2020-21

Trustee appointments

President and Vice Presidents

Charity Governance Code

Key management personnel

Changes in the Executive team

Related parties

Liability of members

Volunteers

Trustees’ responsibilities

Reference and administrative details