THE IRISH BAKERS BENEVOLENT SOCIETY (A COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 TRUSTEES. REPORT The trustees present their report and the accounts for the year ended 31 December 2023. Structure, Governance and Management Govemin document The Irish Bakers Benevolent Society {'the charitv) 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 (ChaTity No. 103688) on 30 Novemb8r 2015. The chariiy 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 th8 Companies Act. on the date the report vS approved and all individuals who seN8d in such capacty during the year is a5 follows.. Claire Andrew Sean Earley Patrick Fox David Hickey Peter Henry Brian Irwin Dermot Kelly Sean Maguire Sean Stafford (resigned 25 May 2023> Numb8r and A intment of Trus ees As set out in the Articles ofAssociation, 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 rf (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 thal person as a trustee and the required notice has been given to those entitled to receive notice of the meeting. Our purpose. objectlves and activitles The charty exists to provide relief or benefit for persons in need, hardship or distress who are or have been fomierly employed in the bakery industry or in any similar or allied industry on the island of Ireland and to the family and immediate dependent8 of any such person by the provision of financial or other charitable assistance as the directors may decide. During 2023 the IBBS held 3 fundraising functions as is our normal practice, 2 Golf Days one in Northem Ireland and one In Republic of Ireland. and a charity ball in Dublin. Each were successful and a net total of É39.498 (2022.. 34.806) was raised. Of this total raiswj É30,000 {2002: QO,007} was provided as donatlons to recipients.
THE IRISH BAKERS BENEVOLENT SOCIETY {A COMPANY LIMrrED BY GUARANTEEI TRusfEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 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 Ir8land Bakery Council. {the NIBC). During the year persons in need identified themselves or were identified to on8 of these three organizations who in turn forwarded that persons need and sltuation 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 of10 (2022: 9) awards amounting to é30,000 (2022: QO.007) were made during the year covering hardshlp andlor distress. These situations a brought about by a number of factors amongst them being., accident, illness prolonged or suddèn. death of a family member. loss of a partner, loss of earnings or family tragedy. The members (ie Bakeries and Bakery Associations) of the 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 pensianable 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 proposin9 Association considers that it would be appropriate. The Trustees are all 8ware of thelr 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 31 December 2023. Financial Review The financial results for the year are Sét out in the statement of financial activities on page 6. Total incoming resources for the year were E88,177 {2022,' E80,671) 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 É85,693 (2022; E81,060). In both years 100% of this cost was expended on direct charttable activilies. The charitable company generated an overall surplus for th6 year of Q,484 (2022. deficit E389). At the year end total charitable company funds were £378,985 {2022', É376.501) and are all held in an unrestricted fund. The trustees consider the resutts for the year and the financial position of the charty 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 posilion and can continue to provide relief in line with its purpose and objectives. Reserves Pollcy The charity has a reserves policy in place to ensure it is in a position to continue to make assistsnce payments at a level Gonsistent 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, responslbllltles 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 slatements 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 trust8es must not approve the financial stalements unless they are satisfied that they give a true and fair view of the state of affairs of the chaiitable company and of the incoming resources and application of resources, including the
THE IRISH BAKERS BENEVOLENT socIErY COMPANY LIMITED BY GUARANTEE) TRUSTEEV REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES. REPORT (CONT'D) Income and expenditure. of the charitable company for that period. In preparing Ihese financial sL2tements, 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 concern 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 ensur8 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. A¢¢ounting 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 assels 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 dlffer from legislation in otherjurisdictions. 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. On behalf of the board Peter Henry Chaimian and director Patrick Fox Treasurer and director Date: 17 May 2024