COMPANY REGISTRATION NUMBER: N1033632 CCNI NUMBER: NIC103686 THE IRISH BAKERS BENEVOLENT SOCIETY (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE IRISH BAKERS BENEVOLENT SOCIETY IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CONTENTS PAGE Reference and Administrative details Trustees. Report Independent examiner's report Statement of Financial Activities Statement of Financial Position Notes to the Accounts 8-12
THE IRISH BAKERS BENEVOLENT SOCIETY (A COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2022 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY Directors Peter Henry Brian Irwin Sean Earley Claire Andrew (appointed 9 June 2022) Patrick Fox David Hickey (appointed 1 March 2022) Dermot Kelly Sean Maguire Sean Stafford Gerald Cunningham (resigned 16 March 2022) Ray McNamara (resigned 3 March 2022) Secretary Sean Earley Company number N1033632 CCNI charity number 103686 Registered office 6b Upper Water Street Newry Co Down BT34 1 DJ Bankers Allied Irish Banks plc 53 Main Street Finglas Dublin 11
THE IRISH BAKERS BENEVOLENT SOCIETY {A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 TRUSTEES, REPORT The trustees present their report and the accounts for the year ended 31 December 2022. Structure, Governance and Management Govemin document The Irish Bakers Benevolent Society ("the charity.) was incorporated as a company limited by guarantee (registered in Northern Ireland Company No. N1033632) on 16 February 1998 and was registered with the Charity Commission (Charity No. 103686) on 30 November 2015. The charity continued to function as per its Memorandum and Articles of Association. istered Office 6b Upper Water Street Newry Co Down BT34 1 DJ Trustees The names of all charity trustees, who are also directors for the purposes of the Companies Act, on the date the report was approved and all individuals who served in such capacity during the year is as follows: Peter Henry Brian Irwin Sean Earley Claire Andrew (appointed 9 June 2022) Patrick Fox David Hickey (appointed 1 March 2022) Dermot Kelly Sean Maguire Sean Stafford Gerald Cunningham (resigned 16 March 2022) Ray McNamara (resigned 3 March 2022) Number and A ointment of Trustees As set out in the Articles of Association, the number of voluntary trustees is not subject to any maximum but shall not be less than three. One third of the elected members retire each year, with those longest serving retiring first. A retiring trustee shall be eligible for re-appointment. Trustees, other than those retiring by rotation. can only be appointed at a general meeting if (1) they are recommended by existing trustees or (2) the required notice has been given by a member entitled to vote of the intention to propose that person as a trustee and the required notice has been given to those entitled to receive notice of the meeting. Our purpose, objectlves and activities The charity exists to provide relief or benefit for persons in need. hardship or distress who are or have been formerly employed in the bakery industry or in any similar or allied industry on the island of Ireland and to the family and immediate dependents of any such person by the provision of financial or other charitable assistance as the directors may decide. During 2022 the IBBS held 3 fundraising functions as is our normal practice. 2 Golf Days one in Northern Ireland and one In Republic of Ireland, and a charity ball in Dublin. Each were successful and a net total of É34.806 was raised. Of this total raised É20,007 was provided as donations to recipients.
THE IRISH BAKERS BENEVOLENT SOCIETY (A COMPANY LIMITED B Y GUARANTEEI TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 TRUSTEES, REPORT (CONT'D) Achievements and performance The charity is governed by directors drawn from Bakery Organizations in Ireland namely, The Irish Bakery Association (IBA), the Irish Bread Bakers Association (ROI) {the IBBA) and the Northern Ireland Bakery Council, (the NIBC). During the year persons in need identified themselves or were identified to one of these three organizations who in turn forwarded that persons need and situation to the charity Board for consideration. The Board seek to consider and reply quickly to these needs. Email is used to speedily gain consensus approval for a financial award to be made where the case is simple. More complex cases requiring more assistance are considered and approved at the next Board Meeting. A total of 9 awards amounting to É20,007 were made during the year covering hardship andlor distress. These situations are brought about by a number of factors amongst them being,. accident, illness prolonged or sudden, death of a family member, loss of a partner, loss of earnings or family tragedy. The members (ie Bakeries and Bakery Associations) ofthe charity are alert and sensitive to cases of hardship or distress amongst their employees or former employees or their Bakeries supplying trades. A particular difficulty for the Associations is being aware of the situation of former employees or their dependents. particularly those of pensionable age and the very old who may have left employment many years previously. The awards were all well received and appreciated. A second award is also possible where the hardship or distress continues and the proposing Association considers that it would be appropriate. The Trustees are all aware of their responsibilities under Public Benefit Guidance of the Charity Commissioners and confirm that Public Benefit requirement has informed the activities of the IBBS for year to 31SI December 2022. Financial Review The financial results for the year are set out in the statement of financial activities on page 6. Total incoming resources for the year were £80,671 (2021: £9,474) being income from the Charity Gala Ball and donations from two golf days, one held in Northern Ireland and one held in the Republic of Ireland. Total resources expended amounts to É81.060 {2021., É11,643). In both years 1000/0 of this cost was expended on direct charitable activities. The charitable company generated an overall deficit for the year of É389 (2021. deficit É2.169). At the year end total charitable company funds were É376,501 (2021. É376,890) and are all held in an unrestricted fund. The trustees consider the results for the year and the financial position of the charity at the year end to be satisfactory. All monies received supported the key objectives of the charitable company and funded charitable activity and support costs. The trustees are satisfied that the charity is in a strong financial position and can continue to provide relief in line with its purpose and objectives. Reserves Policy The charity has a reserves policy in place to ensure it is in a position to continue to make assistance payments at a level consistent with or above those which have been maintained in recent years and to cover any contingencies which may arise. The trustees consider it is essential to maintain a substantial level of reserves to ensure funds are always available to meet their charitable and other commitments. statement of trustees. responsibilities The trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law. the trustees have prepared the charitable company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affairs of the charitable company and of the incoming resources and application of resources, including the
THE IRISH BAKERS BENEVOLENT SOCIETY (A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 TRUSTEES. REPORT (CONT'D) income and expenditure. of the charttable company for that period. 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 SORP,. make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company's transactions, 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 current statutory requirements including the Charities Act (Northern Ireland) 2008 and subsequent amendments. The Charities {Accounts and Reports) Regulations (Northern Ireland) 2015, Companies Act 2006. the charity's Trust Deed. Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 (issued in October 2019) applicable in the UK and Republic of Ireland. 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. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Small companles, exemption This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. of the board Peter Henry Chairman and director Date: 26 May 2023
THE IRISH BAKERS BENEVOLENT SOCIETY IA COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2022 INDEPENDENT EXAMINER'S REPORT TO THE CHARITY TRUSTEES OF THE IRISH BAKERS BENEVOLENT SOCIETY I report on the accounts of the company for the year ended 31 December 2022. which are set out on pages 6 and Respective responsibilities of charlty trustees and examlner As the charity trustees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to: examine the accounts under section 65 of the Charities Act follow the procedures laid down in the general directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act state whether particular matters have come to my attention. Basls of Independent examiner's report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe.. 1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006 2. That the accounts do not accord with those accounting records 3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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. 4. That there is further information needed for a proper understanding of the accounts to be reached. Independent examinerfs statement I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. D Ruddell ACA Wylie Ruddell Chartered Accountants Unit 63 Armagh Business Centre 2 Loughgall Road Armagh BT617NH Date: 26 May 2023
THE IRISH BAKERS BENEVOLENT SOCIETY (A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2022 STATEMENT OF FINANCIAL ACTIVITIES 2022 Restricted Funds 2021 Unrestricted Restricted Funds Funds Unrestricted Funds Total Total Note Income: Donations Charitable activities Investments 15.021 65,650 15,021 65,650 9,472 9,472 Total 80,671 80,671 9,474 9,474 Expenditure on: Charitable activities 81.060 81,060 11,643 11,643 Total 81,060 81,060 11.643 11,643 Net outgoing resources before transfers Transfers (389} (389) (2.169) (2,169) Net movement in funds 389 389 2.169 2.169 Reconciliation of funds Total funds brought forward 11 376,890 376.890 379.059 379,059 Total funds carried forward 11 376,501 376,501 376,890 376,890 All income and expenditure is derived from continuing activities. The statement of financial activities includes all gains and losses recognised in the year. There is no difference beeen the net incoming resources for the years stated above and their historical cost equivalents. The notes on pages 8 to 12 form part of these accounts
THE IRISH BAKERS BENEVOLENT SOCIErY IACOMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 STATEMENT OF FINANCIAL POSITION 2022 2021 Note Current Assets Receivables Cash at bank and in hand 28,171 352,884 381,055 1,799 378.043 379.842 Payables: Amounts falling due within one year Net Current Assets 10 4,554 376,501 2.952 376,890 Total Assets less Current Liabilities 376,501 376,890 Funds Unrestricted funds: General fund Designated funds 376,501 376,890 Total funds 376.501 376.890 The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for: {a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its movement in funds for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2023 and were si Peter Henry Chalrman and director Company Registration No: N1033632
THE IRISH BAKERS BENEVOLENT SOCIErY IA COMPANY LIMED BY GUARANTEEI TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 NOTES TO THE ACCOUNTS Accounting policies Company information The Irish Bakers Benevolent Society is a company limited by guarantee. The liability of each member is limited to £1 each. There is no ultimate controlling party. The registered office is 6b Upper Water Street, Newry, BT34 1DJ. The trustees are also directors of the company for the purposes of the Companies Act 2006. 1.1 Basis of accountlng The financial statements have been prepared on the going concern basis under the historical cost convention and in accordance with Charities Act (Northern Ireland) 2008 and subsequent amendments, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, Companies Act 2006, the charity's Trust Deed, 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) (issued in October 2019)- The Irish Bakers Benevolent Society meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in euro, which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest É. 1.2 Incoming resources Income is recognised when the charity has legal entitlement to the funds, any performance conditions attached to the items are met, it is probable that the income will be received and the amount can be measured reliably. Donations Grants and donations are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specified future period, in which case they are deferred. Grants and donations which have been restricted for use by the donor or which relate to capital expenditure are treated as restricted income and are credited to the Statement of Financial Activities when they are receivable and when any performance conditions attached to the grant or donation have been met. Charitable activitles Income from charitable activities includes all incoming resources generated from participation in the activities of the charity and sponsorship of the charity's events. Donated prizes for raffle at the Gala Ball fundraising event are recognised in charitable income at the fair value of the gifts received. All income is recognised in full in the Statement of Financial Activities when receivable. Investment Income Investment income (including bank interest) is recognised when received and is allocated to the appropriate fund.
THE IRISH BAKERS BENEVOLENT SOCIETY (A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 NOTES TO THE ACCOUNTS (CONT'D) Accounting pollcles (cont'd) 1.3 Resources expended Charitable activities Charitable activities expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Donated prizes for raffle are expensed at the fair value of the gifts received. Support costs Support costs include the central office functions such as general management and financing, These costs have been allocated to charitable activities. Governance costs Governance costs include expenditure on administration of the charity and compliance with constitutional and statutory requirements. All expenditure is accounted for on an accruals basis and has been classified to reflect the use of resources. Expenditure is recognised inclusive of any VAT which cannot be recovered. 1.4 Taxation No provision is required for taxation as the company is defined as a charity for taxation purposes. 1.5 Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. 1.6 Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand and deposits held on call with banks. 1.7 Credltors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. 1.8 Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.9 Fund accounting The company has three types of funds forwhich it is responsible, and which require separate disclosure. Definitions of the funds are as follows: Restricted funds Grants. donations and other income received which are restricted by the funder or donor for specific purposes. Such purposes are within the overall aims of the charity-
THE IRISH BAKERS BENEVOLENT SOCIETY (A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 NOTES TO THE ACCOUNTS (CONT'D) Unrestricted funds General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds Designated funds are unrestricted funds of the charity which the trustees have decided, at their discretion, to set aside to use for a specific purpose. These relate to donations received where the donor has expressed a preference that the funds be used for a specific project or purpose. which the trustees intend to honour. 1.10 Preparatlon of accounts on the going concern basis Having considered the financial performance of the charity and its financial position at year-end and on the date of signing the accounts, and considered expected financial performance in the future, the trustees are satisfied that the charity has adequate resources to continue in existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements. Critical accounting judgements and key sources of estimation uncertainty Estimates and judgements are required when applying accounting policies. These 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 company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. Given the limited activity of the charitable company, the trustees consider any judgements, estimates and assumptions as outlined above to be of a nature which has no material impact on the reported assets, liabilities income and expenditu. Income from Donations 2022 2021 Unrestricted Restricted Funds Funds Unrestricted Restricted Funds Funds Total Total Golf days 15,021 15,021 9,472 9.472 Income from Charitable Actlvltles 2022 2021 Gala Ball 65,650 All income from charitable activities is unrestricted income. Included within income from the Gala Ball is an amount of É6.933 representing the fair value of donated raffle prizes. 10
THE IRISH BAKERS BENEVOLENT SOCIETY {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 NOTES TO THE ACCOUNTS (CONT'D) Breakdown of costs of charitable activity 2022 2021 Activities undertaken directly Gala Ball expenditure Charitable assistance payments Charitable donations Support costs {note 6) Governance costs note 7 45,865 20,007 3,244 5,380 6,564 81,060 9,742 (3,581) 5.482 11.643 Included within Gala Ball expenditure is an amount of É6,933 representing the fair value of donated raffle gifts. Support cost breakdown 2022 2021 Office expense Bookkeeping and administration Travel and accommodation Miscellaneous Foreign exchange adjustment on sterling account Bank char es 147 1,326 850 180 2,823 54 5,380 139 (3.789) 69 3.581 Governance costs 2022 2021 Insurance Inde endent examinationlaudit 3,824 2,740 6.564 2,530 2,952 5,482 staff costs and trustees, remuneration The average monthly number of persons (including trustees) employed by the company during the year was 9 (2021: 9). None of the trustees have been paid any remuneration or received any other benefits from the charity or a related entity in either year. Travel and accommodation costs of £850 {2021: ÉNil) were reimbursed to a trustee during the year. Recelvables 2022 2021 Amounts falling due within one year: Trade receivables Pre ments and accrued income 26,501 1,670 28,171 1.799 1,799 11
THE IRISH BAKERS BENEVOLENT SOCIETY (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 NOTES TO THE ACCOUNTS (CONT'D) 10 Payables: amounts falling due within one year 2022 2021 Accruals and deferred income 4,554 2.952 11 Statement of Funds Balance 1 January Movement in resources 2022 Incoming Outgoing Transfers between Funds Balance 31 December 2022 Unrestricted funds General reserve Designated funds Total funds 376,890 80,671 (81,060) 376,501 376,890 80,671 81,060 376.501 Designated funds represent donations received where the donor has expressed a preference that the funds be used for a specific project or purpose, which the trustees intend to honour. 12 Analysis of net assets between funds Tangible Fixed Assets other Net Assets Total General funds Desi nated funds 376,501 376.501 376.501 376,501 13 Financial commitments At the reporting end date the company had no outstanding commitments for future minimum lease payments under non-cancellable operating leases. 14 Related parties There have been no related party transactions in the reporting period that require disclosure. 12