| TRUSTEES | BP Benevolent | Fund Trustees | Fund Trustees | Limited | |
|---|---|---|---|---|---|
| ADMINISTRATION | BP Pensions Limited |
||||
| Chertsey Road |
|||||
| Sunbury on Thames |
|||||
| Middlesex | |||||
| TW16 7LN | |||||
| Mr A J Clifford —Director, BP | Pensions | Limited | |||
| INVESTMENT PROVIDERS | Close Brothers | Asset Management | |||
| 10Exchange Square | |||||
| Primrose Street | |||||
| London | |||||
| EC2A 2BY | |||||
| ACCOUNTS INSPECTOR | Mr Rikki Carroll | ||||
| BANKERS | National Westminster |
Bank Pic | |||
| PO Box34 | |||||
| 15Bishopsgate | |||||
| London | |||||
| EC2P 2AP | |||||
| INVESTMENT CONSULTANTS | Close Brothers Asset Management | ||||
| 55Grosvenor Street | |||||
| Mayfair | |||||
| London | |||||
| W1K 3HY | |||||
| SECRETARY TO THE TRUSTEE | Ms Kvan der Meijden | ||||
| Senior Associate- Entity Governance | and Compliance | ||||
| PricewaterhouseCoopers | |||||
| 1Embankment | Place | ||||
| London | |||||
| WC2N 6DX |
| Mr | I L Rushby | Formerly | Group General Auditor at BP Plc and |
Non-Executive | Non-Executive | Director |
|---|---|---|---|---|---|---|
| (Chairman) | on boards | in the Public, Corporate and Charity |
sectors. | |||
| Miss E F M Blois | A former | Relocation Officer with BP Exploration | Limited | and currently | ||
| a Pensioner Liaison Officer for the South East Region. |
||||||
| Mr | A J Clifford | Director, | BP Pensions Limited |
|||
| Ms | M M Mercer | Aformer | Accountant with Amoco Pic and a current Pensioner |
Liaison | ||
| Officer for the South East Region. | ||||||
| Mr | D Richmond | Aformer | North Sea Tax Advisor with BP Pic and | currently | a Pensioner | |
| Liaison Officer for the Scotland and Northern Ireland Region. |
| Statement of | Financial Activities for the | Financial Activities for the | Financial Activities for the | ear ended 31December 2022 | ||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Note | E | E | ||||
| Income: | ||||||
| Income from investments | 27,525 | 24,239 | ||||
| Bank interest | 458 | 1 | ||||
| 27383 | 24 240 | |||||
| ~Ex eeditere: | ||||||
| Grants paid | (85,014) | (24,308) | ||||
| Salary cost | (5,775) | (3,600) | ||||
| Investment manager |
fees | (14,590) | (16,655) | |||
| Loans written | off | (10,893) | (0) | |||
| Bank charges | and currency | loss | (0) | (170) | ||
| 116272 | 44 733 | |||||
| Net (loss)/gain | (88,289) | (20,493) | ||||
| Gain/(loss) on investment |
assets | 252 073 | 161 705' | |||
| Fund (deficit)/surplus | for | the year | (340,362) | 141,212 | ||
| Value of Fund | at beginning | ofyear | 1,843,770 | 1,702,558 | ||
| Value ofFund | at end | ofyear | E15DE408 | E1843 770 | ||
| Represented | by: | |||||
| Investments | 1,424,757 | 1,703,297 | ||||
| Loans | 29,582 | 19,620 | ||||
| Net current assets | 49,069 | 120,853 | ||||
| E1503408 | E1843 77D | |||||
| Signed on behalf ofthe Trustees | ||||||
| Director for the Corporate | Trustee: | |||||
| Director for the Corporate | Trustee: |
| Income f | rom Investments | ||
|---|---|---|---|
| 2022 | 2021 | ||
| f | f | ||
| Dividend | income | 27,525 | 24,238 |
| 27 525 | 24 238 | ||
| Grants Paid | |||
| 2022 | 2021 | ||
| f | f | ||
| Grants | 85 014 | 24 308 | |
| 85 014 | 24 308 |
| Investments | |||
|---|---|---|---|
| 2022 | 2021 | ||
| f | f | ||
| Close Brothers | Investments | 1,424,757 | 1,703,297 |
| Market Value | 1424757 | 1703 297 | |
| All investments | were held in the UK |
| Loans | |||
|---|---|---|---|
| 2022 | 2021 | ||
| f | f | ||
| Balance | as at 1January | 19,620 | 22,615 |
| Loans granted during the year |
32 035 | 3 065 | |
| 51,655 | 25,680 | ||
| Less: Less: |
Loans written off Amounts repaid |
(10,893) ~11180 |
(0) ~6060 |
| 29582 | 19620 |
| Notes | tothe Accounts for th | tothe Accounts for th | e ear |
ended 31December 2022 | (cont'd) | |
|---|---|---|---|---|---|---|
| 8. | Net current assets | |||||
| 2022 | 2021 | |||||
| f | f | |||||
| Income due* | 0 | 0 | ||||
| Cash at bank | 56758 | 125266 | ||||
| Less: Creditors | 56,758 ~7689 |
125,266 ~4413 |
||||
| 49069 | 120853 | |||||
| Debtors | ||||||
| -Close Brothers | bank | account interest | ||||
| Debtors Total | ||||||
| Creditors | ||||||
| —Close Brothers | investment | fee | 3,547 | 4,413 | ||
| —Administration | Services fee | 2,175 | 0 | |||
| —Other grants | 1967 | 0 | ||||
| Creditors Total | 7689 | 4413 | ||||
| Gains on investment | assets | |||||
| 2022 | 2021 | |||||
| f | f | |||||
| Change in market |
value | ~252 073 | 161705 | |||
| 10. | Related Party Transactions |