THE BP BENEVOLENT FUND TRUSTEES, REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2020
TRUSTEES BP Benevolent Fund Trustees Limited ADMINISTRATION BP Pen5ion5 Limited CheTt5ey Road Sunbury on Thames Middlesex TW16 7LN Mr A J Clifford- Director, BP Pensions Limited INVESTMENT PROVIDERS Close Brothers Asset Management 10 Exchange Square Primrose Street London EC2A 28Y ACCOUNTS INSPEcfoR Mr Mlke Starkle BANKERS National Westminster Bank PIC PO 8ox 34 15 8ishop58ate London EC2P 2AP INVESTMENT CONSULTANTS Close Brothers Asset Mana8ement 10 Exchange Square Prlmrose Street London EC2A 2BY SECRETARY TO THE TRUSTEE Mr C Roariy Senlor Associate- Entlty Governance and Compllance Pricewaterhousecoopers l Embankment Place London WC2N 6DX
FURTHER INFORMATION The reglstered addres5 of the 8P Benevolent Fund is as follows=. Chertsey Road Sunbury on Thames Middlesex TW16 7BP Charity Cornmission Charity Number.. 803778 Enquiries Conrning the Fund generally or by an indivldual about applications for assistance should be addressed to=_ Mr A M Carter Fund Administrator BP Benevolent Fund Trustees Limlted East Dalcove House Makerstoun Kelso TDS 7PD
ANNUAL REPORT OF THE BP BENEVOLENT FUND FOR YEAR ENDED 31 DECEMBER 2020 INTRODucfioN This Report relate5 to the operation of the BP Benevolent Fund 1.the Fund") durin8 the year to 31 December 2020 and Is prepared In accordance wlth Re8ulatlons brn order to Implement Part IV of the Charitles Act 2011. This Report conslst5 of the following two parts'.- A Report by the Trustees of the Fund The Inspected accounts
PART ONE.. THE TRusfEES' REPORT The Trustees Ouring the period under review the Corporate Trustee of the Fund hès been BP Benevolent Fund Trustees Limited Iyhe Trustee"), the Registered Office of which is ai Cherisey Road, Sunbury on Thames, Middlesex, TW16 7BP. No Trustees retired durin8 the year,. however there was one new Trustee appointment. Mr lan Rushby, who also took over the role of Chairman. The object of the CharSty 15 the rellef of need of persons who were formerly ernployed by BP Plc. or any subsidiary or associated company and the dependants of such pèr50ns. Sn nt of Trustees The power of appolntment of new or additional Trustees shall be vested In BP Plc. which shall also have the power by deed to remove from office any Trustee. of Dlr or te Trustee The power of appolntmènl of dire¢tors and of their removal from offlce is vested In the Corporate Trustee who may appolnt or remove dlrector5 by Ordlnary Resolutlon. B ard of Dlr ors for Tr t• At 31st December 2020 Ihe Board of Director5 for the Corporate Trustee consisted of.. Mr l L Rushby (Chairmanl Formerly Group General Auditor at BP PIC and Non-Executive Dlrector on board5 in the Public, Corporate and Charit settor5. Miss E F M 81ols A former Relocatlon Offlcer wlth BP Exploration Limlted and currently a Pensioner Liaison Officer for the South East Re ion. Mr A J Clifford Director. 8P Pensions Llmlted Mr P F Darnell A former Human Resources Manager with BP Chemicals Llmlted and a current Pensioner Liaison Officer for the South East Re ion. Mrs G J Hopklns-Burt A former 8P 011 UK Human Resource Manager for Manufacturlng & Supply & Distribution Divlslons UK & Europe and currently a Re8ional Co-ordinator and Pensioner Llalson Offlcer for the South West Region. M5 M M Mercer A former Acetsuntant with Arnoco PIC and a current Pensioner Liai50n Officer for the South East Re8ion. Mr D Richmond A former North Sea Tèx Advisor with BP PIC and currently a Pensioner Liaison Officer for the Scotland and Northern Ireland Re lon.
Governance of the Fund The activities of the Fund are governed by the Trust Deed dated 20, June 1990. Revlew of Fund's Activitlés The followlng actlvlties were undertaken to further the Fund's charltable purposes for the public benefit. In 2020 the Trustee5 held meeting5 In February, July and November. Durlng the year ihe Fund received 14 applications for assistan¢e, 12 of which were completed by 31 December 2020. 5 cases were brought forward from 2019 and were compleled and ratified in 2020. The ttstal number of cases completed and ratlfied Sn 2020 was 1712019 .' 241. The Trustees approved assistance in the form of a grant, an lnterest.free loan tsr a combinatlon of both In 14 of the 17 appllcatlons raiifled durlng 2020. Total 8rants paid by the Fund in 2020 amounted to £18,37512019 .' £29,686). Grants In 2020 were pald for a varlety of reasons, These Included house repalrs, repla¢emeni bollers, bathroom conver5ion5 and electric mobility s¢ooters. Two loans, totallln8 £3,780, were offered In 2020, and both were at¢eptèd Ithree loans In 2019 £16,748). Loan repayment5 in 2020 amounted to £3,80312019 .. £3,144). At the end of 2020 the total loans outstandlng were £22,61512019 £22,638). Ins ècted Account The Accounts have been reviewed by the Independent Account5 Inspector noted on pa8e l.
Mana ement of the Fund's Investments The Accounts which form part 2 of this report show that as at 31 December 2020 the overall assets of the Fund were £1,702,558, an increase of £138,589 over the previous year12019 £1,S63,9691. Interest on Investments and Deposits amounted to £29,228 during the year12019 £30,622). Grants paid amounted to £18,37512019 .' £29.6861. i.io Statement of the Trustees, Res onsibilities Trn res ect of the Accounts The Trust Deed dated 20 June 1990 statès that the Trustees shall prepare accounts for a period of not more than 18 months which give a true and fair view of the financial transactions of the Fund during rhe year and of the disposition at the end of the year of the assets and liabilities and cgntain the Informatitsn specified in relevant regulations. The Trustees have delegated the preparation of the accounts to BP Penslons Limited and require them to:. select sultable aecountlng policies and apply them conslstently rnake judgements and estlmate5 that are reasonable and prudent state within the accounts whether they are prepared in accordance with the Statement of Recommended Practice, subject to any departures disc105ed and explained in the accounts prepaie the accounts In accordance with the provislons of the Trust Deed The Trustees are responsible for keeplng proper accountin8 records, accordance wlth Charity Law, which disclose the financial transactions and the assets and liabilities with reasonable accuracy. They are also responsible for 5afe8uarding the assets of the fund and hence for takin8 reasonable steps for the prentIon and detection of fraud and other IrreBularlties. The Trustees confirm that they have complied with these requlrements. for and on behalf of the Trustee5 of the BP Benevolent Fund A M Curter The Fund Admlnlstrator Date.. 10 I SAbJC 2021
PARTTWO: THE INSPECTED ACCOUNTS The BP Benevolent Fund staiemont of Financial Artivities lor the ear ended 31 December 2020 2020 2019 Note Income.. Income from Investments Bank interest 29,176 52 30,273 349 Ex endlture.. Grants pald Salary eost Investmeni manager fees Bank charges and currency loss 118,3751 13,6CKJI 114,8451 129,6861 13,61Y)I 111,9751 Net11055l/galn 17,5921 115,0731 Galn on Investment assets Fund surplus for the yèar 138,589 111,512 Value of Fund at beglnnlng of year 1,563,969 1,452,457 Value of Fund at end of year Represented by.. Investments Loans Net current assets 1,637,785 22,615 42,158 1,485,652 22,638 55,679 Slgned on behalf of thè TrustÈes Dlrector for the Corporate Tru5tee'. Dlrettor for the Corporate Trustte.. l)ated: A-0
The BP Benevolent Fund Notes to the Accounts for the ar ended 31 December 2020 ststus The BP Benevolent Fund was establlshed by a Trust Deed dated 20 lune 1990, between The Brltlsh Petroleum Company PIC and BP Benevolent Fund Trustee5 Limited las sole Trustee at that timel and Is registered as a Charity under the Charities Act 1960 as repealed by the Charities Act 2011. Accountln8 polbcle5 The accounts. whlch have been prepared in accordance with the Charities Statement of Recommended Practice 2005. summarise the transactions and total asset5 of the Fund. Investment Income Investment incorne earned on fixed interest investments, Chariiy Property Fund and cash deposlts Is accounted for on an accruals basls. Donatlons Oonations are accounted for In the perlod In whlch they are recelved, on the basls that only then are they"virtually certain" Beneflts BenefSts paid to beneflclarles of the Fund are a¢counted for on an accfuals basS5. Expenses Expenses Incurred by the Fund are paid by the Fund a year in arrear5. Expenses are accounted for on an accruals basls. The Investment management expenses Incurred are charged to the Fund. Other administration costs are borne by BP Ple. Valuation of investment a55ets.' Listed secuiities are stated in the accounts at market value. Galns on investments 3ssets,' The 8alns on investment assets during the year comprise all in¢reases and decreases in the market value of investment5 held at any time during the year, including profits and losses realised on 5ale5 of investments during the year. Loans; Loans are carrled at amounts recoverable. Taxation,. The Fund is approved under Section 505 of the Income and Corporation Taxes Act 1988. It is therefore exempt from UK Income and Capital Gains T8X.
The BP Benevolènt Fund Notes to the Accounts for the ear ended 31 December 2020 Icontdl Income from Investments 2020 2019 Dividend income Charity Property Fund income 29,176 20,069 Grants Pald Grants 18 lary Cost The Trustees do not re¢elve any remuneration. The Fund ha5 no employee512019 nill. However BP Pl¢ recharged £3,60012019 .. £3,600) belng an element of salary costs for one BP PIC employee who provides servl¢es to the Fund. Investments 202 2019 C105e Brothers Investments Market Value 1485 652 1485 652 1637 785 All Investments were held In the UK Loans 2019 Balance as at l January Loans granted during the year 22,638 9,034 26,418 25,782 Less.. Amounts repaid
The BP Benevolet)t Fund Notes to the Acwunts for the ear ended 31 December 2020 Icontdl Nèt current 35set5 2020 2019 Income due Cash at bank 37 46,199 62,779 Le%s.- Creditors Debtors Close B¥others bank account interest Debtors Total 37 37 Crèdltors C105e Brothers invegtment fee Other 8rants Creditors Total 4,041 3.386 Galns on Investment assets 202 201 Change In market value io. Related Party Transactlons BP Penslon5 Llmlted is a related party provldlng admlnlstratlon servlces lo the Fund free of charge. Certaln èxpenses are also met by BP PIC that are not rechar8ed to the Fund except as notèd in Note S. 10