BEN-MotorandAlliedTradesBenevolentFund
(LimitedbyGuarantee)
ReportandFinancialStatementsfortheYearEnded31March2016
Charitynumber:
297877(EnglandandWales)
SC039842(Scotland)
Companynumber:02163894
ReportandFinancialStatements
fortheyearending31March2016
Contents
Pages
Chair’sReport
3
StrategicReportandTrustees’annualreport
4
ReferenceandAdministrativeDetails
8
IndependentAuditor’sReport
13
ConsolidatedStatementofFinancialActivities
14
ConsolidatedBalanceSheet
15
ConsolidatedStatementofCashFlows
16
Notesontheaccounts
17
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Ben-MotorandAlliedTradesBenevolentFund
Chair’sreport
fortheyearending31March2016
Chair’sreport
2015/16wasayearofmuchchangeforBenaswereviewedandre-focusedourdeliveryonthedevelopingneeds
ofthepeoplewesupportintheMotorindustry.
Wehavere-definedoursupportofferingbasedontheneedsofpeopleinourindustryandwearenowrunning
campaigns focused on four elements of health: physical, mental, social and financial. To deliver this we have
strengthenedourSupportServices(formerlyWelfare)team,trainingandupskilledthemtoprovideamuchwider
range of services and enabling them to adopt a more holistic approach to clients ensuring that we make a
positiveandlastingdifferencetotheirlives.Throughourclearermessagetotheindustrywehaveattractedtwice
thenumberofpeopletoourdedicatedhelplinecomparedwiththepreviousyear.
In2015weopenedthenewLynwoodCareCentreonourAscotsiteandsettledpreviousandnewresidentsinto
their new modern surroundings. We successfully started the operation of Lynwood Village, our Retirement
Community facility, with the completion of phase 1 of the Lynwood development. We had sold 58% of the
Phase one properties at the end of the financial year and our new residents are delighted with the range of
activitiesandservicesonoffer.AspartoftheserviceswestartedaHomeCareserviceforresidents.
We have maintained our reputation for good quality care in all our centres. However, we took the difficult
decisionduringtheyeartocloseourcarecentreinSouthport(AlexandraHouse)duetotheunsuitabilityofthe
buildingforincreasinglyfrailresidents.Wearemarketingthebuildingforsaleandexpectittosellin2016/17.
Werecognisedtheimmenselyvaluablesupportwehavefromcompaniesandsupportersintheindustry.Our
development team has worked hard on building relationships within the industry. We launched a new
fundraisingevent–TheIndustryLeaderChallenge-andhavewonthesupportofanindustryCEOwhowilldoa
skydivenextyeartoraisethousandsofpoundstofundourwork.
DavidMain,ChiefExecutiveofBen,retiredfromtheorganisationinJuly2016.DavidhasledBen’sexecutive
managementsince2009,andhasbeenthemajordrivingforcebehindthesuccessandtransformationofBenin
recentyears.WewelcomeournewChiefExecutive,ZaraRoss,who bringswithherover30yearsofexperience
in the charity sector, most recently at St Monica Trust - an organisation providing accommodation, care and
supportforolderpeopleinthesouthwestofEngland.Wehavealsofurtherstrengthenedourseniorteamwith
therecruitmentofnewdirectorsforHumanResourcesandMarketing,andbroughtinsomeexcellentnewhires
inallareasofthebusiness.
ToknowmoreaboutBenpleasevisitourwebsitewww.ben.org.uk.
RobinWoolcock
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ReportofthetrusteesincludingtheStrategicReport
fortheyearending31March2016
StrategicReport
The trustees are pleased to present their annual directors’ report together with the consolidated financial
statementsofthecharityanditssubsidiariesfortheyearending31March2016whicharealsopreparedtomeet
therequirementsforadirectors’reportandaccountsforCompaniesActpurposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and
Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicablein
theUKandRepublicofIreland(FRS102)effective1January2015.
Ourpurposesandactivities
Thepurposesofthecharityaretorelievedistressandfinancialhardshipbytheprovisionofsupportandfacilities
to people and their close dependants, resident in the UK or the Republic of Ireland, who are working or have
workedinaqualifyingtradeorindustry.
Forthepurposesoftheseobjects:
• residenceintheUKortheRepublicofIrelandshallmeanresidencewhichentitlestheresidenttoclaim
HousingBenefitintheUKortheequivalentintheRepublicofIreland;
• aqualifyingtradeorindustryshallincludethemotor,agriculturalengineering,cycleandalliedtrades
andindustries.
Facilities may also be provided for the benefit of the wider public (to the extent that these facilities are not
requiredforthebenefitofpeoplewhodoqualify).
In shaping our objectives for the year and planning our activities, the trustees have considered the Charity
Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’. The
potentialnumberofbeneficiariesthatareeligibleforBEN’sservicesisestimatedtobeinexcessoffourmillionin
the UK and Republic of Ireland. The trustees believe that those eligible for services represent a significant
proportionoftheUKpopulationandBen’sfacilitiesmayalsobeprovidedforthebenefitofthewiderpublicand
thereforeBencomplieswiththeCharityCommission’sguidanceonpublicbenefit.
Thecharityachievesitsaimsandobjectivestorelievedistressandfinancialhardshipbytheprovisionof:
SupportServices
• Creatingsinglepointofcontact–FreephoneHelpline;
• Employingtrainedadvisorstoundertakeholisticassessments;
• Agreeingperson-centredsupportplanstoensurelong-termpositiveimpact;
• Movingtoprovisionofqualityinformation,adviceandguidance.
WehaveSupportServicesOfficersbasedineachofthefollowingfiveregions:
• ScotlandandNorthernIreland;
• NorthofEngland;
• MidlandsandWales;
• EastofEngland;
• SouthofEngland.
CareandHousingFacilities
• NursingandResidentialCentresinRugby,andBerwick-upon-Tweed;
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Ben-MotorandAlliedTradesBenevolentFund
ReportofthetrusteesincludingtheStrategicReport
fortheyearending31March2016
•
•
DayCentreinCoventry;
ContinuingRetirementCommunityinAscot.
Ourvisionandmission
Our vision is to be an integral part of the automotive industry, providing help and support to employees and
dependants and, in so doing, add value to individuals, businesses and the sector in general. We offer a wide
range of free confidential information, advice and support/care services. Our trained professionals are on call.
Benisanot-for-profitorganisation,dedicatedtotheautomotiveindustry,withtheexpertisetomakeapositive
differencetopeople’slives.
Achievementsandperformance
Ben, the charity dedicated to the automotive sector, looks back at a highly successful 2015/16, during which
timeitsupportedmorethandoublethenumberofpeoplewithintheautomotiveindustrycomparedtotheprior
year,andopenedanewCareCentreandContinuingCareRetirementVillageinAscot,Berkshire,whichisalso
thelocationforitsHeadOffice.
Asapartneroftheautomotiveindustry,Beniscommittedtomakingpositivedifferencestothelivesofpeople
withintheindustry(pastandpresent)and theirdependants.Theorganisationoffersawiderangeoffreeand
confidential information, advice and support services, along with the provision of outstanding residential,
nursingandspecialistcareservicesatmultiplecarecentresaroundtheUK.Bendeliversaholisticapproachto
supporttheneedsoftheindustry’sworkforce,whateverthecircumstancesortimeoflife.
Ben’sSupportServicesweretransformedin2015/16andsawthelaunchofanewnationalhelplineandnetwork
of professional advisors along with a new range of services under the framework of Four Pillars. These pillars
reflectuponthemoderndayneedsoftheindustry-moneyandfinances(FinanciallyFit),healthandwellbeing
(PhysicallyFit),mentalhealth(MentallyFit)andsocialwellbeing(SociallyFit).BenislaunchingtheseFourPillars
totheindustryviaaseriesofquarterlycampaigns,withtheaimofincreasingtheawarenessforBenandhowit
canhelppeopleintimesofneed.
Throughout 2015 and continuing into 2016, the Support Services team has embarked on an outreach
programme with a number of automotive-based companies, aiming to inform the workforces and build
awarenessforitsservices.Thisinitiativehasproducedanincreaseinthenumberofenquiriesandisexpectedto
deliver direct benefits to the companies it has visited, from a reduction in absences to enhanced morale and
productivity.
During2015Benalsoopenedthedoorstoitsnew,purpose-built,state-of-the-artLynwoodCareCentreinAscot,
Berkshire,forpeopleofallagestocomeforlife-enhancingcare.TheCareCentre,whichreachednearcapacity
(96beds)bytheendof2015,deliversnursingcare,stageddementiacare,rehabilitation,respitecareandcareat
homeservices.
LynwoodVillageisanew,prestigiouscontinuingretirementcommunityforover65s,setin20acresofmature
woodland and landscaped grounds. Owned and operated by Ben, the establishment of Lynwood Village helps
underpin funding for the organisation’s provision of ‘charitable’ care and support services to the automotive
sector.PhaseoneoftheVillagedevelopmentiscompletewith80%ofunitsreserved,whilephasetwoisunder
development,withcompletionscheduledforSpring2017.LynwoodVillageandCareCentrewasshortlistedfor
theprestigiousPinders’HealthcareDesignAwards,2016andwonWhatHome2016awardasBestRetirement
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Community.
AfterareviewoftheoperationofthecarecentreinSouthportBendecidedtoclosethecentreanddisposeofthe
property and concentrate its charitable activity on developing its revamped support services and retirement
communityandLynwoodcarecentre.
Financialreview
Financialperformance
With the development of the Retirement Community in Ascot and the sale of leasehold property interests income
rose substantially from £13.4m to £32.3m. The new care and nursing home in Lynwood enabled fee income to
increaseby£1.6m.Expenditureoncharitableactivitiesalsoincreasedbyacorresponding£14.3mwiththecostofthe
sale of leasehold interests in the retirement community and an increase in cost of care centres by £3.4m. The
additionalcostsofsettingupandsupportingtheoperationofthenewLynwoodcarehomeandtheclosurecostsof
Southportexplaintheincreaseincareexpenditure.ThecreationoftheRetirementCommunityandsaleofleasehold
interestscontributedanet£6.5mtothefundsofthecharity.Thecostofcareandhousing(includingtheclosurecosts
ofAlexandraHouse)exceededfeesandrentsby£4.2m.Withtheconcentrationofresourcesonthreecentresandthe
developmentofthenewcarefacilityinLynwoodthisgapwillreducein2016/17.Ben’snetincomefortheyearwas
£5.5mwhichwillcontributetothefuturedevelopmentoftheRetirementCommunity,careandsupportservicesand
charitableactivities.
Investmentpowersandpolicy
Investmentincometotalled£173,402fortheyear(2015:£284,173)andmarketvalueofinvestmentfundsdroppedby
£1,901,770, as cash was used by the charity to part fund its Lynwood Village Retirement Community development
(2015:roseby£334,868).TheBoardreviewedtheperformanceofitsinvestmentsandhasadoptedaStrategicAsset
Allocationof50%UKEquities,10%OverseasEquities,20%FixedIncome,15%AbsoluteReturnand5%Cash.
Reservespolicyandgoingconcern
TheBoardreviewthelevelofreservesneededannually.BENneedsfreereservestofundanyunexpectedshortfallin
incomeand/orincreasedexpenditure;andprovidefundsformajorrepairs/refurbishmentofBen’sproperties.
TheBoardhasconcludedthattoallowthecharitytobemanagedefficientlyandtoprovideabufferforuninterrupted
services,anoverallobjectiveistocreateaworkingcapitalreserveequivalenttofourmonthsofresourcesexpended
£9.0m(2015:£4.2m).Ben’sgeneralreservesof£27.9m(2015:£17.7mrestated)weremorethantheworkingcapital
required,butthetrusteesconsidertheminlinewithcommitmentsfortheLynwoodVillageRetirementCommunity
development.
Our consolidated balance sheet remains strong with net current assets of £15.6m. The trustees have reviewed the
circumstances of the charity and its subsidiaries and consider that adequate resources continue to be available to
fund the activities of the group for the foreseeable future. The trustees are of the view that the group is a going
concern.
Plansforfutureperiods
Ben’sgrowthcontinuesinto2016/17withanumberofambitiousgoalsfortheyear.Benaimstodoublethenumber
ofenquiriestoitsfreeandconfidentialhelpline,thusincreasingitsoutreach,aswellasquadruplingthenumberof
employeesitmeetsface-to-faceviaitscorporateoutreachprogramme.Thebuildingofastrongreferralnetworkand
theexpansionofitsvolunteerprogrammeiskeytoBen’sgrowth.
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Specificplansfortheyearinclude:
•
Reviewingourstrategyforcare
•
Launchingournewbrandandwebsite
•
Completethedevelopmentofphase2ofLynwoodvillageretirementcommunity
•
Reviewingprocessesandsystemstodevelopaplatformtogrowfutureservices
•
Researchintoextensionsofourservices
2016/17 will see a series of events, challenges and initiatives, designed for individuals, teams and corporate
companiestoparticipatein,aimingtohelpraisevaluablefundsandincreaseexposureforBen.Theseincludea300mile,five-daycycleridefromLynwood,AscottoParis,theAutomotiveChallengeCup,theautomotiveBangers4BEN
rally and in December 2016, and the famous Ben Ball. Ben’s team is committed and able to assist organisations or
individualstohelpraisefundsinanywaythattheycan.
Ourvolunteers
Ourvolunteersplayavitalrolehelpingustodeliversupport,fundraiseandintheday-to-dayrunningofthecharity.
Werecruitvolunteerstoworkacrossawiderangeofroles,fromchattingtoresidentsinoneofourcarecentres,to
helpingoutatheadoffice,beingpartofateamrunningafundraisingeventorworkingdirectlywithourclients.They
arepartofateamthatispassionateaboutmakingapositivedifferencetopeople’slives.
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Referenceandadministrativedetails
CompanyName: BEN-MotorandAlliedTradesBenevolentFund
CompanyNumber:
2163894(EnglandandWales)
CharityNumber:
297877(EnglandandWales)
SC039842(Scotland)
RegisteredSocial
HousingProviderNumber:
LH3766
RegisteredOffice:
LynwoodCourt,LynwoodVillage,RiseRoad,Ascot,SL50FG
Auditors:
BDOLLP,ArcadiaHouse,MaritimeWalk,OceanVillage,
Southampton,SO143TL
Bankers:
BarclaysBankPlc
TheCo-OperativeBank
Solicitors:
ClarkeWillmottLLP
InvestmentManagers: CazenoveCapitalManagementLimited
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Ben-MotorandAlliedTradesBenevolentFund
ReportofthetrusteesincludingtheStrategicReport
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DirectorsandTrustees
ThedirectorsofthecharitableCompany(thecharity)areitstrusteesforthepurposeofcharitylaw.Thetrusteesand
officersservingduringtheyearandsincetheyearendwereasfollows:
KeymanagementpersonnelBEN-MotorandAlliedTradesBenevolentFund:
TheTrusteesservingduringtheyearandsincetheyearendwereasfollows:
RobinWoolcock(Chair) BrianBack
SteveDewey
DakshGupta
JeremyHicks
TimHolmes
RichardJeffcoat(appointed16September2015)
MikeJudge
GeraldLee
SteveNash
GraemePotts RobinShaw
LesleyUpham GrahamWheeler
PaulineWiseman(appointed16September2015)
GrahamSmith,OBE(resigned16September2015)
LeslieRatcliffe(resigned16September2015)
CareServicesCommittee PropertyDevelopmentCommittee
GeraldLee(Chair)
BrianBack(Chair)
MikeJudge(ViceChair) GeraldLee
LesleyUpham GraemePotts
RobinShaw
RobinWoolcock
FundraisingandMarketingCommittee
RobinShaw(Chair)
DakshGupta
JeremyHicks
LesleyUpham
RichardJeffcoat
Nominations/RemunerationCommittees AuditCommittee
RobinWoolcock(ChairofNominations)
GraemePotts(Chair)
TimHolmes(NandChairofRemuneration) BrianBack
SteveDewey(N) GrahamWheeler
MikeJudge(N&R)
SteveNash(R)
GraemePotts(R)
ExecutiveManagementTeam
ZaraRoss
ChiefExecutive(Commenced4July2016)
DavidMain
ChiefExecutive(retired22July2016)
NigelRothband -
ChiefOperatingOfficer(resigned18November2015)
BeataFelmer
FinanceandITDirector&CompanySecretary(resigned31August2016)
DavidEllis
FinanceDirector(appointed(18September2016)
CarolKeller
Marketing&CommunicationsDirector(appointed1December2015)
GaryBurgham HRDirector(appointed2November2015)
JoolsTait
DirectorofBusinessDevelopment
YvonneHignell DirectorofSupportServices
AngiKnight
DirectorofCareServices(resigned15January2016)
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Ben-MotorandAlliedTradesBenevolentFund
ReportofthetrusteesincludingtheStrategicReport
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Structure,GovernanceandManagement
GoverningDocument
Ben-MotorandAlliedTradesBenevolentFundisaCompanylimitedbyguaranteegovernedbyitsMemorandumand
Articles of Association dated 14 September 1987. The Memorandum of Association was amended by special
resolutionson22November1990,22July1992,21September1995and17April2007.TheArticlesofAssociation
wererevised24October2012toallowforcurrentgovernancearrangements.BENisregisteredasacharitywiththe
CharityCommission,andtheOfficeoftheScottishCharityRegulator.BENisalsoaregisteredsocialhousingprovider.
AppointmentofTrustees
The Board of Trustees (“the Board”) may consist of up to 17 members who express their interest in becoming a
Trustee, or are approached by a member of the Executive Management Team, or who are recommended by a
memberoftheBoard.AttheAnnualGeneralMeetingone-thirdoftheTrusteesretirefromoffice.TheTrusteesto
retirebyrotationarethosewhohavebeenlongestinofficesincetheirlastappointment.RetiringTrusteesareeligible
forre-election.
Trusteeinductionandtraining
Newtrusteesundergoanorientationdaytobriefthemon:theirlegalobligationsundercharityandCompanylaw,the
CharityCommissionguidanceonpublicbenefit,andinformthemofthecontentoftheMemorandumandArticlesof
Association,thecommitteeanddecision-makingprocesses,thebusinessplanandrecentfinancialperformanceofthe
charity.DuringtheinductiondaytheymeettheExecutiveManagementTeamandHeadsofDepartments.
Theyarefurnishedwithacomprehensiverangeofinformationandliterature,forfuturereference.
Organisation
The Board of Trustees administers Ben. The Board normally meets up to six times a year and there are subcommitteescoveringCareServicesCommittee,Audit,PropertyDevelopment,NominationsandRemunerationwhich
meetregularly.
The Care Services Committee has delegated authority from the Board to ensure the delivery of quality care and
supportservices.
TheAuditCommitteeisadvisorytotheBoardandoverseesallfinancialaspectsofBen.Ithasdelegatedresponsibility
forensuringthereisaframeworkforaccountability,forexaminingandreviewingallsystemsandmethodsofcontrol.
The Committee reviews the audited financial statements of Ben and recommends their adoption to the Board. It
considerstheannualbudgetindetailandmakesrecommendationstotheBoardforitsapproval.Itreviewsreports
from external and internal auditors and monitors management actions to implement recommendations. It also
considerstheappointment,resignationordismissalofexternalauditors.ThecommitteealsooverseesBen’sPension
Plans,riskmanagementandBen’shealthandsafety.
ThePropertyDevelopmentCommitteehasbeenestablishedtohelpoverseepropertyprojects.
The Nominations Committee deals with Board composition, executive succession, corporate governance and the
appointmentofnewdirectors.
TheRemunerationCommitteedeterminespolicyandindividualremunerationpackagesoftheExecutiveManagement
Team. It is required to consider the wider scene, including the pay and employment conditions in other major
charitiesandthemotorandalliedindustries.
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Ben-MotorandAlliedTradesBenevolentFund
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AChiefExecutiveisappointedbythetrusteestomanagetheday-to-dayoperationofBenandtheChiefExecutivehas
delegatedauthority,withintermsofdelegationapprovedbythetrustees,foroperationalmattersincludingfinance,
employmentandtheoperationofthecarecentresandsupportservices.
Relatedpartiesandco-operationwithotherorganisations
Noneofourtrusteesreceiveremunerationorotherbenefitfromtheirworkwiththecharity.Anyconnectionbetween
atrusteeorseniormanagerofthecharitywithasuppliermustbedisclosedtothefullboardoftrusteesinthesame
wayasanyothercontractualrelationshipwitharelatedparty.
Riskmanagement
Thetrusteeshaveariskmanagementstrategywhichcomprises:
•
anannualreviewoftheprincipalrisksanduncertaintiesthatthecharityanditssubsidiariesface;
•
theestablishmentofpolicies,systemsandprocedurestomitigatethoserisksidentifiedintheannualreview;
and
•
the implementation of procedures designed to minimise or manage any potential impact on the charity
shouldthoserisksmaterialise.
Thisworkhasidentifiedthatlossofincomefromlong-termleaseholdinterestdalesandinabilitytoserviceinterest/
repay capital when due is the major financial risk for both the charity and its subsidiaries. A key element in the
managementoffinancialriskisaregularreviewofavailableliquidfundstosettledebtsastheyfalldue,negotiatinga
newloanfacilitywiththebank,andactivemanagementoftradedebtorsandcreditorsbalancestoensuresufficient
workingcapitalbytheCompanyanditssubsidiaries.
Attentionhasalsobeenfocusedonnon-financialrisksarisingfromfire,healthandsafetyofresidents,safeguarding
andfoodhygiene.Theserisksaremanagedbyhavingrobustpoliciesandproceduresinplace,andregularawareness
trainingforstaffworkingintheseoperationalareas.
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Ben-MotorandAlliedTradesBenevolentFund
ReportofthetrusteesincludingtheStrategicReport
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Trustees’responsibilitiesinrelationtothefinancialstatements
The charity trustees (who are also the directors of the Ben - Motor and Allied Trades Benevolent Fund for the
purposes of Company law) are responsible for preparing a trustees’ annual report and financial statements in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
AccountingPractice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair
viewofthestateofaffairsofthecharitableCompanyandthegroupandoftheincomingresourcesandapplicationof
resources, including the income and expenditure, of the charitable group for that period. In preparing the financial
statements,thetrusteesarerequiredto:
•
selectsuitableaccountingpoliciesandthenapplythemconsistently;
•
observethemethodsandprinciplesintheCharitiesSORP;
•
makejudgementsandestimatesthatarereasonableandprudent;
•
state whether applicable UK accounting standards have been followed, subject to any material departures
disclosedandexplainedinthefinancialstatements;
•
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
charitywillcontinueinbusiness.
Thetrusteesareresponsibleforkeepingproperaccountingrecordsthatdisclosewithreasonableaccuracyatanytime
the financial position of the charity and to enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence
takingreasonablestepsforthepreventionanddetectionoffraudandotherirregularities.
Thetrusteesareresponsibleforthemaintenanceandintegrityofthecorporateandfinancialinformationincludedon
thecharitableCompany’swebsite.LegislationintheUnitedKingdomgoverningthepreparationanddisseminationof
financialstatementsmaydifferfromlegislationinotherjurisdictions.
Statementastodisclosuretoourauditors
Insofarasthetrusteesareawareatthetimeofapprovingourtrustees’annualreport:
•
thereisnorelevantinformation,beinginformationneededbytheauditorinconnectionwithpreparingtheir
report,ofwhichthegroup’sauditorisunaware,and
•
the trustees, having made enquiries of fellow directors and the group’s auditor that they ought to have
individually taken, have each taken all steps that he/she is obliged to take as a director in order to make
themselves aware of any relevant audit information and to establish that the auditor is aware of that
information.
ByorderoftheboardofTrustees
RobinWoolcock(Chair)
17November2016
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Independent Auditor’s Report To The Members Of Ben – Motor And Allied Trades
Benevolent Fund
WehaveauditedthefinancialstatementsofBen–MotorandAlliedTradesBenevolentFundfortheyearended31
March 2016 which comprise the Consolidated Statement of Financial Activities (including consolidated income and
expenditure),ConsolidatedBalanceSheet,ConsolidatedStatementofCashFlowsandtherelatednotes.Thefinancial
reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards(UnitedKingdomGenerallyAcceptedAccountingPractice).
This report is made solely to the charity’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 charity’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 charity and the charity’s
membersasabody,forourauditwork,forthisreport,orfortheopinionswehaveformed.
Respectiveresponsibilitiesoftrusteesandauditor
AsexplainedmorefullyintheStatementofTrustees’Responsibilities,thetrustees(whoarealsothedirectorsofthe
company for the purposes of company law) are responsible for the preparation of the financial statements and for
beingsatisfiedthattheygiveatrueandfairview.
Ourresponsibilityistoauditandexpressanopiniononthefinancialstatementsinaccordancewithapplicablelawand
International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Financial
Reportingcouncil’s(FRC’s)EthicalStandardsforAuditors.
Scopeoftheauditofthefinancialstatements
A description of the scope of an audit of financial statements is provided on the FRC’s website at
www.frc.org.uk/auditscopeukprivate.
Opiniononfinancialstatements
Inouropinionthefinancialstatements:
• giveatrueandfairviewofthestateofthecharity’saffairsasat31March2016andofitsincomingresourcesand
applicationofresources,includingitsincomeandexpenditure,fortheyearthenended;
• havebeenproperlypreparedinaccordancewithUnitedKingdomGenerallyAcceptedAccountingPractice;and
• havebeenpreparedinaccordancewiththerequirementsoftheCompaniesAct2006.
OpiniononothermattersprescribedbytheCompaniesAct2006
Inouropiniontheinformationgiveninthetrustees’report,whichincludesthestrategicreport,forthefinancialyear
forwhichthefinancialstatementsarepreparedisconsistentwiththefinancialstatements.
Mattersonwhichwearerequiredtoreportbyexception
WehavenothingtoreportinrespectofthefollowingmatterswheretheCompaniesAct2006requiresustoreportto
youif,inouropinion:
• adequateaccountingrecordshavenotbeenkept,orreturnsadequateforouraudithavenotbeenreceivedfrom
branchesnotvisitedbyus;or
• thefinancialstatementsarenotinagreementwiththeaccountingrecordsandreturns;or
• certaindisclosuresoftrustees’remunerationspecifiedbylawarenotmade;or
• wehavenotreceivedalltheinformationandexplanationswerequireforouraudit.
BDOLLP,StatutoryAuditor
Southampton
UnitedKingdom
Date: 21November2016
BDOLLPisalimitedliabilitypartnershipregisteredinEnglandandWales(withregisterednumberOC305127)
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BEN-MotorandAlliedTradesBenevolentFund
ConsolidatedStatementofFinancialActivities(includingconsolidatedincome
andexpenditureaccount)foryearending31March2016
Income:
Note
Unrestricted
Funds
Restricted
Funds
Group
2016
TotalFunds
Group
2015
TotalFunds
(restated)
£’000
£’000
£’000
£’000
Donationsandlegacies
4
Incomefromcharitableactivities:
Careofresidentsandhousing
5
8,615
8,615
7,006
5
18,680
18,680
979
Retirementcommunity
Incomefromothertrading
activities:
4,590
17
4,607
4,536
212
-
212
657
Commercialtradingoperations
6
Investmentincome
7
174
174
284
Totalincome
32,271
17
32,288
13,462
Expenditureon:
Raisingfunds:
Commercialtradingoperations
6
179
-
179
372
8
963
-
963
1,081
Fundraisingandpublicity
Expenditureoncharitable
activities:
12,815
-
12,815
9,429
Careofresidentsandhousing
8
Retirementcommunity
8
12,161
-
12,161
574
Supportservices
8
987
17
1,004
1,353
Totalexpenditure
27,105
17
27,122
12,809
19
386
-
386
335
5,552
-
5,552
988
27
4,507
(4,507)
-
-
131
-
131
(529)
10,190
(4,507)
5,683
459
17,756
4,507
22,263
21,804
Netgainsoninvestments
Netincome/(expenditure)
Transfersbetweenfunds
Otherrecognisedgains/(losses):
Actuarialgain/(loss)ondefined
benefitpensionscheme
Netmovementinfundsforthe
year
31
27
Reconciliationoffunds
TotalFundsbroughtforward–
(restated)
27
Totalfundscarriedforward
27
27,946
-
27,946
22,263
Thestatementoffinancialactivitiesincludesallgainsandlossesrecognisedintheyear.Allincomeandexpenditure
derivefromcontinuingactivities.
14
BEN-MotorandAlliedTradesBenevolentFund
ConsolidatedBalanceSheetasat31March2016
Group
2016
FixedAssets:
TangibleAssets
Investments
TotalFixedAssets
Currentassets:
Propertyheldforresale
Stock
Debtors
Cashatbankandinhand
TotalCurrentAssets
Liabilities:
Creditors:fallingdue
withinoneyear
NetCurrentassets
Note
£’000
Totalassetslesscurrentliabilities
Creditors:fallingdue
aftermorethan1year
Netassetsexcludingpensionliability
PensionSchemeliability Netassetsincludingpension
Thefundsofthecharity: Unrestrictedfunds:
Generalfund
RevaluationReserves
Designatedfunds
Totalunrestrictedfunds
Restrictedfunds
TotalCharityFunds
Group
2015
(Restated)
£’000
Charity
2015
(Restated)
£’000
17,18
19
20
21
22,458
3,643
26,101
14,530
13
2,191
2,273
19,007
24,185
5,544
29,729
15,758
5
1,788
3,607
21,158
22,458
24,140
3,645
5,546
26,103
29,686
15,267
17,237
13 5
2,182
2,105
2,219
3,537
19,681
22,884
22
(4,099)
14,908
41,009
(4,057)
17,101
46,830
(4,039)
15,642
41,745
(4,306)
18,578
48,264
23
31
27
27
27
27
(12,339)
28,670
(724)
27,946
27,216
529
201
27,946
-
27,946
(23,504)
23,326
(1,063)
22,263
16,269
1,029
458
17,756
4,507
22,263
(12,339)
29,406
(724)
28,682
27,952
529
201
28,682
-
28,682
(23,504)
24,760
(1,063)
23,697
17,703
1,029
458
19,190
4,507
23,697
Thenotesatpages17to41formpartofthesefinancialstatements
ApprovedbytheBoardon17November2016andsignedonitsbehalfby:
Chairman
RobinWoolcock
.
15
Charity
2016
£’000
BEN-MotorandAlliedTradesBenevolentFund
ConsolidatedStatementofCashFlowsforyearending31March2016
Cashfromoperatingactivities
2016
TotalFunds
2015
TotalFunds
Note
£’000
£’000
29
9,365
(6,524)
Cashflowsfrominvestingactivities
Investmentincomereceived
7
174
270
Purchaseoftangiblefixedassets
17
(1,238)
(8,264)
Purchaseofinvestments
19
(1,088)
(1,776)
Proceedsonsaleofinvestments
3,375
4,454
Cashprovidedby(usedin)investingactivities
1,223
(5,316)
(756)
(481)
Interestpaid
28
Repaymentsofborrowings
(12,922)
-
Cashinflowsfromnewborrowings
1,756
13,614
Cash(usedin)/fromfinancingactivities
(11,922)
13,133
Netcash(outflow)/inflow
(1,334)
1,293
Cashandcashequivalentsatthebeginningoftheyear
21
3,607
2,314
Totalcashandcashequivalentsattheendoftheyear
21
2,273
3,607
16
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
1
AccountingPolicies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the
preparationofthefinancialstatementsareasfollows:
a)
Basisofpreparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January
2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of
Ireland(FRS102)andtheCompaniesAct2006.
BEN-MotorandAlliedTradesBenevolentFundmeetsthedefinitionofapublicbenefitentityunderFRS102.
Assetsandliabilitiesareinitiallyrecognisedathistoricalcostortransactionvalueunlessotherwisestatedin
therelevantaccountingpolicynote(s).
b)
ReconciliationwithpreviousGenerallyAcceptedAccountingPractice
Inpreparingtheaccounts,thetrusteeshaveconsideredwhetherinapplyingtheaccountingpoliciesrequired
byFRS102andtheCharitiesSORPFRS102therestatementofcomparativeitemswasrequired.
At the date of transition in considering all assets for impairment, the charity has taken the transitional
exemption to use a valuation at the date of transition as deemed cost. An adjustment has been made to
bringtheassetsheldatcosttotheirfairvalue,anddeemedcost,asat31March2014.Thiswasoffsetby
social housing grants being written back to reserves in line with the principles of the new SORP as the
obligations under the terms of the grant had been discharged as at the date of transition. No other
restatements were required. In accordance with the requirements of FRS 102 a reconciliation of opening
balancesisprovided.
Reconciliationofgroupfundsand
balances
Fundbalancesaspreviouslystated
Impairmentofassets–restatementto
marketvalueasdeemedcost
Write-backofgrants
21,833
Group
31March
2015
£’000
22,292
(900)
(900)
(2,410)
(2,410)
871
871
871
871
Fundbalancesasrestated
21,804
22,263
21,688
23,697
c)
Group
1April2014
£’000
23,227
Charity
31March
2015
£’000
25,236
Preparationoftheaccountsonagoingconcernbasis
TheCharityreportedacashoutflowof£1,334,000fortheyearonagroupbasis.
Basedonthegroup'scashflowprojectionsfortheperiodendingtwelvemonthsfromthedateofapprovalof
these financial statements the trustees consider that the group will continue to operate and meet all of its
committedexpenditureanddebtastheyfalldue.
On this basis the trustees consider it appropriate to prepare the financial statements on the going concern
basis.
17
Charity
1April2014
£’000
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
d)
Groupfinancialstatements
The financial statements consolidate the results ofthe charity and its wholly owned subsidiaries,BENTradeLtdand
RiseLodgeDevelopmentsLtd,onaline-by-linebasis.
A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been
presentedbecausetheCharityhastakenadvantageoftheexemptionaffordedbysection408oftheCompaniesAct
2006.
e)
Income
Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the
item(s)ofincomehavebeenmet,itisprobablethattheincomewillbereceivedandtheamountcanbemeasured
reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the
Charityhasentitlementtothefunds,anyperformanceconditionsattachedtothegrantshavebeenmet,itisprobable
thattheincomewillbereceivedandtheamountcanbemeasuredreliablyandisnotdeferred.
Forlegacies,entitlementistakenastheearlierofthedateonwhicheither:theCharityisawarethatprobatehasbeen
granted, the estate has been finalised and notification has been made by the executor(s) to the Charity that a
distributionwillbemade,orwhenadistributionisreceivedfromtheestate.Receiptofalegacy,inwholeorinpart,is
only considered probable when the amount can be measured reliably and the Charity has been notified of the
executor’sintentiontomakeadistribution.WherelegacieshavebeennotifiedtotheCharity,ortheCharityisaware
ofthegrantingofprobate,andthecriteriaforincomerecognitionhavenotbeenmet,thenthelegacyisatreatedasa
contingentassetanddisclosedifmaterial.
Income received in advance of an event taking place or provision of other specified service it is deferred until the
criteriaforincomerecognitionaremet.
Feesandrentsarerecordedinincomeoncetheservicehasbeenperformed.Feesandrentsinadvancearedeferred
andheldonthebalancesheet.
Income onthesaleofleaseholdinterestsrepresentsthefairvaluereceivedandreceivable,netofvalueaddedtax,
duringtheyear,andisrecognisedonlegalcompletionofproperties.
f)
Donatedservices,goodsandfacilities
Donated professional services, goods and facilities are recognised as income when the charity has control over the
item,anyconditionsassociatedwiththedonateditemhavebeenmet,thereceiptofeconomicbenefitfromtheuse
by the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the
CharitiesSORP(FRS102),thegeneralvolunteertimeisnotrecognised.Moreinformationabouttheircontributioncan
befoundinthetrustees’annualreport.
Onreceipt,donatedprofessionalservices,goodsandfacilitiesarerecognisedonthebasisofthevalueofthegiftto
theCharitywhichistheamounttheCharitywouldhavebeenwillingtopaytoobtainservicesorfacilitiesofequivalent
economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of
receipt. Goods donated for on-going use by the charity in carrying out its activities are recognised as tangible fixed
assetswiththecorrespondinggainrecognisedasincomefromdonations.
g)
Interestreceivable
DividendsfrominvestmentfundsandInterestonfundsheldondepositisincludedwhenreceivableandtheamount
canbemeasuredreliablybythecharity;thisisnormallyuponnotificationoftheinterestpaidorpayablebytheFund
ManagersandtheBank.
18
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
h)
Fundaccounting
Unrestrictedfundsareavailabletospendonactivitiesthatfurtheranyofthepurposesofcharity.Designatedfunds
are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a
specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular
areasoftheCharity’sworkorforspecificprojectsbeingundertakenbytheCharity.
i)
ExpenditureandirrecoverableVAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is
probablethatsettlementwillberequiredandtheamountoftheobligationcanbemeasuredreliably.Expenditureis
classifiedunderthefollowingactivityheadings:
• Costsofraisingfundscomprisethecostsoffundraisingactivitiesandcommercialtradingincludingthe
cateringoutletsandtheirassociatedsupportcosts.
•
Expenditureoncharitableactivitiesincludesdirectstaffcostsattributabletocareofresidents,housing
and welfare services and other activities undertaken to further the purposes of the charity and their
associatedsupportcosts.
• Otherexpenditurerepresentsthoseitemsnotfallingintoanyotherheading.
IrrecoverableVATischargedasacostagainsttheactivityforwhichtheexpenditurewasincurred.
j)
Allocationofsupportcosts
SupportcostsarethosefunctionsthatassisttheworkoftheCharitybutdonotdirectlyundertakecharitableactivities.
Support costs include back office costs, finance, personnel, payroll and governance costs which support the
Company’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable
activities.Thebasesonwhichsupportcostshavebeenallocatedaresetoutinnote11
k)
Operatingleases
Thecharityclassifiestheleaseoffrankingequipmentasoperatingleases;thetitletotheequipmentremains
with the lessor and the equipment is replaced every 5 years whilst the economic life of such equipment is
normally10years.Rentalchargesarechargedonastraightlinebasisoverthetermofthelease.
l)
Tangiblefixedassets
Individualfixedassetscosting£500ormorearecapitalisedatcostandaredepreciatedovertheirestimated
usefuleconomiclivesonastraightlinebasisasfollows:
UsefulLife
AssetCategory
50years
Freeholdbuildings
4to10years
Plant,equipmentandmotorvehicles
4years
Computerhardwareandsoftware
Nodepreciationisprovidedonfreeholdland.Leaseholdpropertyisdepreciatedoverthetermofthelease.
Nodepreciationischargeduntilassetisreadyforuse.
19
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
m) Investments
Investmentsarestatedatmarketvalue.ItisBEN'spolicytokeepvaluationsuptodatesuchthatwheninvestments
aresoldthereisnogainorlossarising.Asaresultthestatementoffinancialactivitiesonlyincludesthoseunrealised
gainsandlossesarisingfromtherevaluationoftheinvestmentportfoliothroughouttheyear.Disclosureismadein
note19ofthedifferencebetweenthehistoricalcostandthesaleproceedsoftheinvestmentssoldduringtheyear.
n)
Stock
Stockisincludedatthelowerofcostornetrealisablevalue.Donateditemsofstockarerecognisedatfairvaluewhich
istheamountthecharitywouldhavebeenwillingtopayfortheitemsontheopenmarket.
Propertyheldforresaleconsistsofassetsheldatthelowerofcostandnetrealisablevalue.
o)
Interestpayable
Interestiscapitalisedonborrowingstofinancedevelopmentstotheextentthatitaccruesinrespectoftheperiodof
development.
p)
Taxation
The company is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly the company is
potentiallyexemptfromtaxationinrespectofincomeorcapitalgainswithincategoriescoveredbyChapter3ofPart
11oftheCorporationTaxAct2010orSection256oftheTaxationofChargeableGainsAct1992,totheextentthat
suchincomeorgainsareappliedexclusivelytocharitablepurposes.Notaxchargearoseintheperiod.
The subsidiary companies make qualifying donations of all taxable profit to BEN. No corporation tax liability on the
subsidiariesarisesintheaccounts.
q)
Debtors
Tradeandotherdebtorsarerecognisedatthesettlementamountdueafteranytradediscountoffered.Prepayments
arevaluedattheamountprepaidnetofanytradediscountsdue.
o)
Cashatbankandinhand
Cashatbankandcashinhandincludescashandshorttermhighlyliquidinvestmentswithashortmaturityofthree
monthsorlessfromthedateofacquisitionoropeningofthedepositorsimilaraccount.
p)
Creditorsandprovisions
Creditorsandprovisionsarerecognisedwherethecharityhasapresentobligationresultingfromapasteventthat
will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be
measuredorestimatedreliably.Creditorsandprovisionsarenormallyrecognisedattheirsettlementamountafter
allowingforanytradediscountsdue.
20
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
q)
Financialinstruments
TheCharityonlyhasfinancialassetsandfinancialliabilitiesofakindthatqualifyasbasicfinancialinstruments.Basic
financialinstrumentsareinitiallyrecognisedattransactionvalueorinitialfairvalueandsubsequentlymeasuredat
their settlement value with the exception of bank loans and financial assets in respect of ground rent receivable
which are subsequently measured at amortised cost using the effective interest method. Future ground rents
receivablesunderthegrantofalongleaseholdinterestarerecognisedasafinancialassetwhentheleaseisgranted.
r)
Pensions
BENStaffPensionandAssuranceScheme(FinalSalaryScheme)wasclosedon31March2002.Theamountpaidinto
the Scheme by the employer in the year was £325,000 (2015: £315,000). The triennial actuarial valuation of the
Scheme was carried out in October 2013. The trustees are satisfied that any foreseeable change in employer’s
contributions can be budgeted for without detriment to the charity’s ongoing activities. The Scheme assets and
liabilities,anditsperformance,aredisclosedinnote34.
The Group Personal Pension Plan (Defined Contributions Plan) was introduced on 1 April 2002 with BEN matching
employees’contributionupto3%ofemployees’grosssalary.TheannualcontributionstothePlanareshowninnote
12.
s)
TransitiontoFRS102
Theopeningfundbalancesatthedateoftransitionhavebeenrestated(seenote1b)duetoanimpairmentofassets
and a write-back of grants received in the past which have been required in making the transition to FRS 102. The
transitiondatewas1April2014.
t)
Criticalaccountingestimatesandjudgements--estimatedpensionliabilities
TheCharityoperatesadefinedbenefitpensionscheme,inaccordancewiththeaccountingpolicyasstatedabove.The
futurepensionliabilitiesthatwillariseandtheexpectedreturnonschemeassetsarebaseduponvariousassumptions
such as mortality rates, investment returns and future inflation. The calculations require the use of estimates (note
34).
2
LegalstatusoftheCompany
BEN-Motor and Allied Trades Benevolent Fund is a Company limited by guarantee and has no share capital. In the
event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the
charity.
21
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
3
FinancialPerformanceoftheCharity
TheconsolidatedstatementoffinancialactivitiesincludestheresultsoftheCharity’stwowhollyownedsubsidiaries
BENTradeLtd,whichoperatesthecateringfacilitiesandretailssundrygoods,andRiseLodgeDevelopmentsLtdwhich
providesdesignandbuildservicestothemembersoftheBENGroup.Bothsubsidiariesdonatealloftheirprofitsto
BEN;£756,000thisyear(2015:£1,887,000).
Thesummaryfinancialperformanceofthecharityaloneis:
2016
£’000
Income
2015
£’000
31,353
11,204
756
1,887
(27,641)
(10,888)
4,468
2,203
Netgainsoninvestments
386
335
Otherrecognisedgains/(losses)
131
(529)
4,985
2,009
Totalfundsbroughtforward–restated(note1b)
23,697
21,688
Totalfundscarriedforward
28,682
23,697
28,682
19,190
-
4,507
Giftaidfromsubsidiarycompanies
Expenditureoncharitableandfundraisingactivities
Netincome
NetMovementinfundsfortheyear
Representedby:
Unrestrictedfunds
Restrictedfunds
4
Incomefromdonationsandlegacies
Unrestricted Restricted
funds
Funds
£’000
£’000
Donationsandfundraisingevents
Legacies
Donatedgoodsandfacilities
2016
Total
Funds
£’000
Unrestricted Restricted
funds
Funds
£’000
£’000
2015
Total
Funds
£’000
4,423
45
17
-
4,440
4,250
19
4,269
45
130
-
130
122
-
122
137
-
137
Total
4,590
17
4,607
4,517
19
4,536
The Charity is grateful to the donors of goods and facilities. The estimated value of these of goods and facilities is
recognisedwithinincomingresourcesasadonation,andanequivalentchargeincludedwithintheCharity’scosts.The
donatedgoodsarevehiclesandaccommodationwhichareusedbytheCharityincarryingoutitsactivities.
TheCharitybenefitsgreatlyfromtheinvolvementandenthusiasticsupportofitsmanyvolunteers,detailsofwhich
are given in our annual report. In accordance with FRS 102 and the Charities SORP (FRS 102) the economic
contributionofgeneralvolunteersisnotrecognisedintheaccounts.
22
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
5
Incomefromcharitableactivities 2016
TotalFunds
£’000
Careandhousing-Feesandrents
2015
TotalFunds
£’000
8,615
7,006
Retirementcommunity-Leaseholdsales
18,680
979
Totalincomefromcharitableactivities
27,295
7,985
Allincomefromcharitableactivitiesin2016and2015relatestotheunrestrictedfund.
6
Commercialtradingactivities
Thecharityhastwowhollyownedsubsidiaries,incorporatedinEnglandandWales,BENTradeLtd(companynumber
01437707), ‘BENTrade’, which operates all commercial trading operations carried on at the BEN- Motor and Allied
Trades Benevolent Fund premises and retails sundry goods and Rise Lodge Developments Ltd (company number
7299615),‘RiseLodge’,whichprovidesdesignandbuildservicestothemembersoftheBENGroup.Bothsubsidiaries
donatealloftheirprofitstoBENandtheydonated£756,000thisyear(2015:£1,887,000).Bothsubsidiarieshavea31
Marchyearendandcontrolisachievedthroughownershipof100%oftheirrespectivesharecapital.
Thesummaryfinancialperformanceofthesubsidiariesis:
ProfitandLossfortheperiod
ended31March
Turnover
Costofsalesand
administrationcosts
Netprofit
Amountdonatedtothe
charity
Retainedinsubsidiary
BENTrade
RiseLodge
Subsidiary
Total
Elimination
Group
Total
Group
Total
2016
£'000
2016
£'000
2016
£'000
2016
£'000
2016
£'000
2015
£'000
212
8,034
8,246
(8,034)
212
657
(179)
(7,311)
(7,490)
7,311
(179)
(372)
33
723
756
(723)
33
285
(33)
(723)
(756)
723
(33)
(285)
-
-
-
-
-
-
19
(17)
1,469
(1,469)
1,488
(1,486)
-
-
1,488
(1,486)
1,880
(1,878)
Totalnetassets
2
-
2
-
2
2
Aggregatesharecapitaland
reserves
2
-
2
2
2
Theassetsandliabilitiesof
thesubsidiarieswere:
Currentassets
Currentliabilities
23
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
7
Investmentincome
The group’s investment income of £174,000 (2015: £284,000) arises from dividends from investment funds and
Interestonfundsheldondeposit.
8
Expenditureonraisingfundsandcharitableactivities:
ResourcedExpended
Activitiesundertakendirectly
Leasehold
Staff
salesand
Grants
Other
Depreciation
(note
(note12)
10)
£'000
£'000
£'000
£'000
Expenditureonraising
funds:
CommercialActivities
Support
Total
Total
(note11)
2016
2015
£'000
£'000
£'000
- -
- 179
179 -
372
Fundraisingandpublicity
893
-
-
-
70
963
1,081
Total
893
-
179
70
1,142
1,453
7,876
766
-
3,213
960
12,815
9,429
275
11,275
-
4
607
12,161
574
Supportservices
559
12
183
182
68
1,004
1,353
CentralsupportCosts
994
219
-
492
(1,705)
-
-
9,704
12,272
183
3,891
(70)
25,980
11,356
10,597
12,272
4,070
-
27,122
12,809
CharitableExpenditure
Careofresidentsand
housing
Retirementcommunity
Total
TotalExpenditure
183
Expenditureoncharitableactivitieswas£26,369,000(2015:£12,613,000)ofwhich£26,352,000wasunrestricted
(2015:£12,530,000)and£17,000wasrestricted(2015:£83,000).
9
Incomeandexpenditurerelatingtocharitableactivities
Charitableactivity
Income
Expenditure
NetIncome
Careofresidentsandhousing
Retirementcommunity
Welfaresupportservices
Total
24
2016
2016
2016
£’000
£'000
£'000
8,615
12,815
(4,200)
18,680
12,161
6,519
-
1,004
(1,004)
27,295
25,980
1,315
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
10
Grantactivity
TheCharitymakeswelfaregrantstosupportindividualbeneficiarieswhenaneedisassessedbytheCharity’swelfare
servicesteam.Allgrantspayableinnote9weremadetoindividuals.
11
GovernanceandSupportcosts
Supportactivity
Allocationtocharitableactivities
Raisingfunds
Careof
residents
andhousing
Support
Services
Retirement
Community
Total
Expenditure
£'000
£'000
£'000
£'000
Basisof
Allocation
24 Expenditure
Governance
1
10
1
12
Management
21
272
22
301
HR
26
413
23
-
Finance
11
135
11
150
IT
5
58
5
64
132 ITUsers
Facilities
6
72
6
80
164 Expenditure
Total
70
12
Netincomefortheyear
960
68
607
616 Expenditure
Employees462
FTE
307 Expenditure
1,705
2016
£’000
Netincomeisstatedaftercharging:
Operatingleases–equipment
2015
£’000
8
8
996
397
390
-
Auditor’sremuneration: 22
11
8
2
Depreciation
Bankinterestpayable
Auditfees
Accountancyservices
25
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
12
Staffandtrusteecosts
2016
£’000
Staffcosts
Salariesandwages
2015
£’000
9,772
7,502
Socialsecuritycosts
675
508
Contributiontodefinedcontributionpensionscheme
150
78
10,597
8,088
Total
Thenumberofemployeesearningmorethan£60,000intheyearisasfollows:
EmployeeEarnings
2016
Number
2015
Number
£60,000-£70,000
1
2
£70,000-£80,000
1
1
£80,000-£90,000
1
1
£100,000-£110,000
-
1
£110,000-£120,000
1
1
£130,001-£140,000
1
1
ThetotalamountofcontributionspaidintotheBenGroupPensionSchemeinrelationtoemployeesearningmore
than£60,000intheyearwas£10,105(2015:£17,102).Thetotalnumberofstaffintheschemeon31March2016
was324(2015:324).
The Charity trustees were not paid or received any other benefits from employment with the Charity or its
subsidiariesintheyear(2015:£nil).OneBoardmemberreceivedreimbursementofexpensesfortravelintheyear
of£1,025(2015:£995).Notrusteereceivedremunerationfortheirservicesasatrusteeintheyear.
ThekeymanagementpersonneloftheCompany,comprisedthetrustees,theChiefExecutive,theChiefOperating
Officer, Finance and IT Director, Marketing & Communications Director, HR Director, Director of Business
Development,DirectorofSupportServicesandDirectorofCareServices. Thetotalemployeebenefitsofthekey
managementpersonnelofthecharitywere£718,423(2015:£405,846).Thisincludescarbenefitwhichrangesfrom
£3,751to£12,385perannum.VehiclesareloanedtoBENbycompaniesinthemotorindustryatnonetcosttoBen.
SuchvehiclesaretreatedasdonatedgoodsandareincludedintheStatementofFinancialActivities(seenote4).
26
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
13
Restructuringcosts
During the year the charity had restructured, this included closing a care home and a welfare office. In total
£605,000hadbeenexpensedintheyear,ofwhich£375,000wasoutstandingattheyear-end.
£’000
Payinlieuofnotice
132
Terminationpayments
360
Redundancy
79
Pensiontopup
34
Total
605
14
StaffNumbers
Asat31March2016,thenumberofemployeeswas380FTE(2015:353FTE).
Theaveragemonthlynumberofemployees(FTE)duringtheyearwasasfollows:
CareofresidentsandHousing
2016
2015
315
264
17
15
6
6
Administrationandmanagement 20
23
Fundraising
18
19
376
327
WelfaresupportServices Retirementvillage
Total
15
Relatedpartytransactions
RiseLodgeLimitedprovidesDesignandBuildservicestotheCharity.Thecostoftheservicesduringtheyearwas
£8,034,664(2015:£17,667,843).TheCharityprovidesstaffservicestoRiseLodgeLimited.Thecostoftheservices
was£275,492(£2015:£362,517).RiseLodgeLimiteddonateditsprofitstotheCharity.Thedonationwas£723,094
(2015:£1,601,995).Attheyear-endthenetamountoutstandingfromtheCharitytoRiseLodgeDevelopmentswas
£1,413,671(2015:£1,475,901).
BENtradeLimiteddonateditsprofitstotheCharity.Thedonationwas£32,895(2015:£285,368).Attheyear-end
thenetamountoutstandingfromBENtradetotheCharitywas£12,137(2015:£337,906).
Gerald Lee, a trustee of the Charity, provided care consultancy services of £8,012 (2015:£4,524) to Rise Lodge
DevelopmentsLtd.£nilwasoutstandingattheyear-end(2015:£nil).
TheaggregateamountofdonationsreceivedbytheCharityfromTrusteesandotherrelatedpartiesincludingRise
LodgeLimitedandBENTradeLimitedwas£755,989(2015:£1,761,269).
27
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
16
CorporationTaxation
Thecharityisexemptfromtaxonincomeandgainsfallingwithinsection505oftheTaxesAct1988orsection
252oftheTaxationofChargeableGainsAct1992totheextentthattheseareappliedtoitscharitableobjects.
17
Tangiblefixedassets–Group
Freehold
property
£’000
Property
under
construction
Leasehold
property
Furniture
fixtures
andfittings
Computer
equipment
Motor
vehicles
Total
£’000
£’000
£’000
£’000
£’000
£’000
Cost:
12,074
16,017
366
1,298
554
317
30,626
(814)
983
(151)
34
(81)
-
(29)
11,260
17,000
215
1,332
473
317
30,597
Additions
-
-
-
869
280
70
1,219
Transfers
13,528
(17,000)
-
(24)
-
Disposals
24,788
-
215
(871)
(526)
(29)
1,306
227
358
26,894
4,552
-
215
963
385
297
6,412
473
-
-
294
205
23
995
(1,545)
-
-
-
-
-
(1,545)
-
-
-
(871)
(526)
(29)
(1,426)
3,480
-
215
386
64
291
4,436
21,308
-
-
920
163
67
22,458
6,708
17,000
-
369
88
20
24,185
Asat1April2015
FRS102adjustment
(note32)
Asat1April2015restated
Asat31March2016
Depreciation:
Asat1April2015
Chargefortheyear
Transfers
Ondisposals
Asat31March2016
Netbookvalue
Asat31March2016
Asat1April2015restated
Transfersareforassetsheldforresaleasat31March2016.
28
(3,496)
(1,426)
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
18
Tangiblefixedassets–Charity
Freehold
property
£’000
Cost:
Property
under
construction
Leasehold
property
Furniture
fixtures
andfittings
Computer
equipment
Motor
vehicles
Total
£’000
£’000
£’000
£’000
£’000
£’000
12,074
17,482
366
1,298
554
317
32,091
(814)
(527)
(151)
34
(81)
-
(1,539)
11,260
16,955
215
1,332
473
317
30,552
Additions
45
869
280
70
1,264
Transfers
13,483
(16,955)
-
-
(24)
-
Disposals
24,788
-
215
(871)
(526)
(29)
1,306
227
358
26,894
4,552
-
215
963
385
297
6,412
473
-
294
205
23
995
(1,545)
-
-
-
-
-
(1,545)
-
-
-
(871)
(526)
(29)
(1,426)
3,480
-
215
386
64
291
4,436
21,308
-
-
920
163
67
22,458
6,708
16,955
-
369
88
20
24,140
Asat1April2015
FRS102adjustment
(note32)
Asat1April2015restated
Asat31March2016
Depreciation:
Asat1April2015
Chargefortheyear
Transfers
Ondisposals
Asat31March2016
Netbookvalue
Asat31March2016
Asat1April2015restated
Transfersareforassetsheldforresaleasat31March2016.
29
(3,496)
(1,426)
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
19
Fixedassetinvestments
Marketvalueat1April2015
Group
£'000
Charity
£'000
5,544
5,546
Additions
1,088
1,088
Disposals
(3,375)
(3,375)
386
386
3,643
3,645
3,114
4,470
529
3,116
4,472
529
Netinvestmentgain
Marketvalueat31March2016
Historicalcostat31March2016
At1April2015
Unrealisedgainsat31March2016
Realisedgainsbasedonhistoricalcost
(886)
(886)
FixedassetinvestmentsfortheCharityincludes£2,500(2015:£2,500)ofinvestmentsinsubsidiariesheldatcost
Thefollowinglistedinvestmentsrepresentedmorethan5%ofthe
valueoftheportfolioasat31March2016:
Number
Market
%of
ofunits
value
portfolio
£'000
EquityIncomeTrustCharities-Inc
1,261
1,091
25.9%
MajedieUKEquityFund-X-GBPInc
400
512
12.2%
TrojanFund-S-GBP-Inc
111
253
6.0%
SchroderStratCredit-C-GBP-Dis
2
216
5.1%
SchroderUKCorpBd-C-GBP-Inc
369
215
5.1%
30
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
20
Debtors
Group
Group
2016
2015
£’000
£’000
Groundrentreceivable
753
-
Tradedebtors
244
199
Otherdebtors
985
1,259
Prepaymentsandaccruedincome
209
330
-
-
2,191
1,788
Amountduefromsubsidiaryundertaking
Total
21
Charity
Charity
2016
2015
£’000
£’000
753
-
244
199
964
1,238
209
330
12
338
2,182
2,105
Cashandcashequivalents
CashwithTheCo-opBank
Group
Group
2016
2015
£’000
£’000
501
1,024
Cashinhand
1,772
2,583
Total
2,273
3,607
Charity
Charity
2016
2015
£’000
£’000
501
1,024
1,718
2,513
2,219
3,537
TheCharityisrequiredtomaintainaminimumreservedepositaccountbalanceof£500,000withtheCo-opBank.
TheBankmaydebitanyamountduetoitfromtheCharitywithoutnotice.
22
Creditors:amountsfallingduewithinoneyear
Group
Group
Charity
Charity
2016
2015
2016
2015
£’000
£’000
£’000
£’000
Bankloan
933
933
933
933
Financeleases(note24)
15
17
15
17
Creditorsandaccruals
3,118
3,078
1,644
1,537
Taxationandsocialsecuritycosts
33
29
33
29
Duetosubsidiaries
-
-
1,414
1,790
Total
4,099
4,057
4,039
4,306
31
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
23
Creditors:amountsfallingdueaftermorethanoneyear
Group
Group
2016
2015
£’000
£’000
HousingCorporation(note26)
30
30
-
15
Bankloans(note25)
12,309
23,459
Total
24
Financeleases
12,339
23,504
Financeleases(note24)
Duewithinoneyear
Group
2016
£’000
Duewithintwotofiveyears
Total
25
Bankloans
Duewithinoneyear
Duewithintwotofiveyears
Dueinmorethanfiveyears
Group
2015
£’000
Charity
2016
2015
£’000
£’000
30
30
-
15
12,309
23,459
12,339
23,504
Charity
2015
£’000
16
15
31
15
-
16
15
Charity
2016
£’000
15
-
15
31
15
Group
2016
£’000
933
12,309
-
Charity
Group
2015
£’000
933
23,459
-
Charity
2016
£’000
933
12,309
-
Charity
2015
£’000
933
23,459
-
Total
13,242
24,392
13,242
24,392
TheCo-OpBankhasafixedchargeoverBen’sassets.
The Charity’s loan from the Co-op bank is repayable quarterly at 1/60th of the amount due with the balance
repayableinApril2018.ThecostoftheloanfacilityisLIBORplus3%.TheCharityhasundrawnloanfacilitiesas
attheyear-endof£6,000,000.
32
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
26
HousingCorporationLoans
The mortgage advance from the Housing Corporation, which is secured by a charge on a social housing part of
Ben's Lynwood property, is repayable by instalments under the annuity method over a period of 60 years (first
paymentMarch1983)atarateofinterestof14%asfollows:
Group
Group
Charity
Charity
2016
2015
2016
2015
£’000
£’000
£’000
£’000
Duewithinoneyear
-
Duewithintwotofiveyears
1
-
-
1
1
1
29
29
30
30
Restricted
funds
TotalFunds
£’000
£’000
Dueinmorethanfiveyears
29
29
Total
30
30
27
Analysisofnetmovementinfunds
Group
Asat1April2014as
previouslystated
FRS102transitional
adjustments(note1b):
Impairmentofassets–
restatementtomarket
valueasdeemedcost
Write-backofgrants
UnrestrictedFunds
Generalfund
Revaluation
reserve
Designated
funds
Total
£’000
£’000
£’000
£’000
16,108
694
524
17,326
4,507
21,833
-
-
(900)
-
-
(900)
-
(900)
871
-
-
871
-
871
16,079
694
524
17,297
4,507
21,804
Netmovementinfunds
190
335
(66)
459
-
459
Asat31March2015as
restated
16,269
1,029
458
17,756
4,507
22,263
Netmovementinfunds
5,325
386
(28)
5,683
-
5,683
Transferbetweenfunds
5,622
(886)
(229)
4,507
(4,507)
-
27,216
529
201
27,946
-
27,946
Asat1April2014as
restated
Asat31March2016
33
-
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
27 Analysisofnetmovementinfunds(continued)
Charity
Asat1April2014as
previouslystated
FRS102transitional
adjustments(note1b):
Impairmentofassets–
restatementtomarket
valueasdeemedcost
Write-backofgrants
UnrestrictedFunds
Generalfund
Revaluation
reserve
Designated
funds
Total
£’000
£’000
£’000
£’000
Restricted
funds
TotalFunds
£’000
£’000
17,502
694
524
18,720
4,507
23,227
-
-
(2,410)
-
-
(2,410)
-
(2,410)
871
-
-
871
-
871
15,963
694
524
17,181
4,507
21,688
Netmovementinfunds
1,740
335
(66)
2,009
-
2,009
Asat31March2015as
restated
17,703
1,029
458
19,190
4,507
23,697
Netmovementinfunds
4,627
386
(28)
4,985
-
4,985
Transferbetweenfunds
5,622
(886)
(229)
4,507
(4,507)
-
27,952
529
201
28,682
-
28,682
Asat1April2014as
restated
Asat31March2016
The restricted funds represent donated funds for the original conversion of residential home. As the relevant
conditions no longer apply the balance of the reserves were transferred to the general fund. The designated
fundisinrespectofmaintenancecostsforsocialhousing.Therevaluationreservearisesfromthefairvalueof
fixedassetinvestments(note19).Allassetsandliabilitiesrelatetounrestrictedfunds.
28 Interestpayable
Interest payable related to loans and overdrafts repayable within 5 years of which £389,739 (2015: £nil) was
expensed in the year and Lynwood Development loan interest payments of £252,754 (2015: £481,306) and
interestroll-upof£nil(2015:£195,014)werecapitalisedintheyear.
34
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
29 Reconciliationofnetmovementinfundstonetcashflowfromoperatingactivities
Group
2016
£’000
Netincome/(expenditure)forthereportingperiod(asperthestatementof
5,552
financialactivities)
Paymentsintodefinedbenefitpensionscheme
(325)
Group
2015
£’000
988
(315)
Netfinancechargeondefinedbenefitpensionscheme
117
87
Depreciationcharge
995
397
(174)
(267)
389
-
Changeinpropertiesforresale
1,228
(8,909)
Transferfromfixedassetstopropertiesforresale
1,951
(8)
321
(403)
95
43
1,079
9,365
(6,524)
Interestincomeshownininvestingactivities
Interestpayable
Changeinstock
Changeindebtors
Changeincreditors
Netcashfromoperatingactivities
30 Capitalcommitmentsandcontingentliabilities
At 31 March 2016 the Company committed £ 12,201,787 in contracted amounts due to the development of its
Lynwood site (2015: £14,292,924) by a Guarantee to the trading subsidiary, Rise Lodge Developments Limited,
whohadsignedthedesignandbuildcontract.
31 Definedbenefitpensionscheme
Following the closure of the scheme to all future benefit accrual from 1 April 2002, the scheme is now funded
exclusively by the Company. The pension cost is assessed in accordance with the advice of a professionally
qualifiedactuaryandthemostrecentactuarialvaluation,whichwasunderthedefinedaccruedbenefitmethod,
wascarriedoutasat1October2013.
The valuation of the scheme as at date showed the market value of the assets to be £7,197,000 (1 October
2010:£6,406,000)andthevalueofliabilitiestobe£8,578,000
(2010:£6,937,000),resultinginadeficiencyof£1,381,000(2010:£531,000).
Duringtheyearended31March2016BENmadepaymentstotalling£325,995(2015:£315,225).Overallexpected
rateofreturnonplanassetsisbaseduponhistoricalreturnsoftheinvestmentperformance,adjustedtoreflect
expectationsoffuturelongtermreturnsbyassetclass.
35
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
31 Definedbenefitpensionscheme(continued)
FinancialReportingStandard102‘RetirementBenefitPlans’(FRS102)
ExcludedfromtheFRS102disclosureisassetsandliabilitiesof£500,000relatingtoinsuredpensioners.Thesehave
notbeendisclosedonthebasisthatthenetimpactis£nil.
Theactualreturnonthescheme'sassetsovertheyearwas£259,000(2015:£381,000).
ForthepurposesofFRS102,theactuaryhasprojectedtheresultsfromthe1October2013actuarialvaluationto
providethefollowinginformationaboutthefinancialpositionoftheschemeasat31March2016:
Projectedshortfallasat31March
2017
2016
2015
2014
2013
Shortfallbfw
£'000
£'000
£'000
£'000
£'000
(724)
(1,063)
(762)
(1,103)
(1,103)
(294)
(288)
(343)
(338)
(338)
Interestincomeonassets
275
260
385
354
354
Expectedexpenses
(64)
(62)
-
-
-
Contributionstobepaid
335
325
305
308
308
(472)
(828)
(415)
(779)
(779)
Interestcost
Projectedshortfallcfw
31 Definedbenefitpensionscheme(continued)
Projectedamountcreditedtotheprofitandlossaccountfor
Expectedexpenses
Interestincomeonassets
Interestcost
2016
2015
2014
£'000
£'000
£'000
2013
£'000
2012
£'000
64
62
-
-
-
(275)
(260)
(385)
(354)
(354)
294
288
343
338
338
83
90
(42)
(16)
(16)
Projectedcredittotheprofitandloss
account
AnAnalysisinthepresentvalueofdefinedbenefitobligations:
Openingdefinedbenefitobligations
Interestcost
Actuarial(gain)/loss
Changeinactuarialassumptions
2016
2015
2014
2013
£'000
£'000
£'000
£'000
2012
£'000
9,445
8,117
8,165
7,487
6,812
287
341
335
338
367
-
-
128
-
-
(544)
1,346
(142)
611
588
Benefitsreceived/(paid)
(382)
(359)
(369)
(271)
(280)
Closingdefinedbenefitobligations
8,806
9,445
8,117
8,165
7,487
36
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
31 Definedbenefitpensionscheme(continued)
Ananalysisofchangesinthefairvalueofassets:
Openingvalueofassets
2016
2015
£'000
£'000
2014
£'000
2013
£'000
2012
£'000
8,382
7,355
7,132
6,384
6,260
Interestincome
259
381
395
414
442
Expenses
(89)
Employer'scontribution
Differencebetweenactualreturnand
interestincome
Benefitspaid
325
315
315
308
300
(413)
690
(118)
297
(338)
(382)
Closingvalueofassets
8,082
Surplus/(deficit)=Changeinobligationslessvalueofassets
Openingyear
(359)
(369)
(271)
(280)
8,382
7,355
7,132
6,384
2016
2015
2014
£'000
£'000
£'000
2013
£'000
2012
£'000
1,063
762
1,033
1,103
552
Closingyear
724
1,063
762
1,033
1,103
Decrease/(increase)
339
(301)
271
70
(551)
(325)
(315)
(315)
(308)
(300)
117
87
(60)
(75)
(75)
131
(529)
(104)
(313)
(926)
Contributionspaid
Interestincomeonassetslessinterest
cost
Actuarial(loss)/gain
Valuation
method
Discountrate
Inflationrate
(RPI)
Pensionincreaseindeferment(CPI)
Pensionincreaseinpayment(RPI,max
5%)
BaseMortalityTables
MortalityProjectionBasis
FutureLifeExpectancyatage65:
-Male/Femalecurrently65
-Male/Femalecurrently45 2016
2015
ProjectedUnit
ProjectedUnit
3.4%
3.1%
3.1%
3.1%
2.1%
2.1%
3.1%
3.1%
S2PMA/S2PFA
S2PMA/S2PFA
CMI(2014)core
projectionwith
1.5%p.a.long
termrate
CMI(2015)core
projectionwith1.5%
p.a.longtermrate
22.4/24.5
24.6/26.8
37
22.6/24.7
24.7/27.0
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
31 Definedbenefitpensionscheme(continued)
Theexpectedreturnonassetsreflectsthefollowingbreakdownoftheassetsintothemajorcategoriesof
investmentsattheyear-end,asapercentageofthetotalschemeassets:
2016
2015
Equities
49%
50%
Gilts
20%
20%
Corporate
30%
29%
bonds
Cash
1%
1%
Themarketvalueofthescheme’sassetsandthepresentvalueoftheliabilitiesattheyear-endwereasfollows:
Valueat
Valueat
31March
31March
2016
2015
£'000
£'000
Marketvalueofassets
8,082
8,382
(8,806)
(9,445)
Shortfall
(724)
Ananalysisoftheamountchargedtotheprofitandlossaccountduringtheyearisasfollows:
(1,063)
Presentvalueofschemeliabilities
Interestincome
Interestcost
2016
2015
£'000
£'000
(259)
(315)
287
341
89
61
117
87
Expenses
Totaldebittoprofitandlossaccount
Ananalysisofchangesinthepresentvalueofdefinedbenefitobligations:
Openingdefinedbenefitobligations
2015
£'000
£'000
9,445
8,117
287
341
Changeinactuarialassumptions
(544)
1,346
Benefitsreceived/(paid)
(382)
(359)
Closingdefinedbenefitobligations
8,806
9,445
Interestcost
38
2016
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
31 Definedbenefitpensionscheme(continued)
Ananalysisofchangesinthefairvalueofassets:
Openingvalueofassets
2015
£'000
£'000
8,382
7,355
Interestincome
259
315
Expenses
(89)
(61)
Employer'scontribution
325
315
Differencebetweenactualandexpectedreturn
(413)
817
Benefitsreceived/(paid)
(382)
(359)
Closingvalueofassets
Amountsforthecurrentandfourpreviousyears:
8,082
8,382
Marketvalueofassets
2016
2015
2014
2013
2012
£'000
£'000
£'000
£'000
£'000
8,082
8,382
7,355
7,132
6,384
(8,806)
(9,445)
(8,117)
(8,165)
(7,487)
Surplus/(shortfall)
(724)
(1,063)
(762)
(1,033)
(1,103)
Recoverablesurplus
N/A
N/A
N/A
N/A
N/A
Irrecoverablesurplus
N/A
N/A
N/A
N/A
N/A
Experiencegains(losses)onassets
N/A
690
(118)
297
(338)
Experiencegains(losses)onliabilities
N/A
-
(128)
-
-
Valueofliabilities
ProjectedSurplus/(Shortfall)asat31March2017
Surplus/(shortfall)at31March2016
£'000
(724)
Currentservicecost
-
Pastservicecost
-
Interestcost
(294)
Interestincomeonassets
275
Expectedexpenses
(64)
Contributionspaid
335
Surplus/(shortfall)at31March2017
(472)
39
2016
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
31 Definedbenefitpensionscheme(continued)
ProjectedamountchargedtotheSOFAfor2016/17
Interestincomeonassets
£'000
(275)
Interestcost
294
Expectedexpenses
64
ChargedtotheSOFAfor2016/17
83
TheprojectedamountstobechargedtotheSOFAwereassessedinApril2016andmaynotreflectsubsequent
changesinmarketconditions.
Sensitivityanalysis
Increase/decreasediscountrateby0.1%p.a.
DefinedBenefit
Obligations
asat
31March2016
£'000
(141)/+146
Increase/decreaseassumedrateofinflationby0.1%p.a.
40
+64/(67)
BEN-MotorandAlliedTradesBenevolentFund
Notesontheaccounts
32 Registeredsocialhousingproviderrequirements
Financial statements in the format required by the Accounting by Registered Social Housing Providers (Update
2010)areshowninnote32.ThedetailsrequiredbytheHomesandCommunitiesAgencyinrelationtoregistered
socialhousingproviders’costsareshownbelow:
BirchHill
Lynwood
Town
Total
Total
Thorns
2016
2015
Rentsreceivable
£'000
£'000
£'000
£'000
£'000
Grossrentsreceivable
49
204
178
431
419
Lessrentlossesfromvoids
(27)
(56)
(22)
(105)
(114)
Netrentsreceivable
22
148
156
326
305
Expenditureonlettings
Services
Management
Routinemaintenance
Othercosts
17
57
55
129
129
5
3
6
19
18
17
26
22
10
50
43
33
50
42
21
TotalExpenditure
30
111
113
255
242
Surplus/(loss)
(9)
37
44
71
62
Housingstock
units
units
Shelteredhousingrented
Hostel
Sharedownership
9
-
1
40
-
-
Totalunits
10
40
Voids
-56% -27%
41
units
units
units
10
-
27
59
-
28
63
1
28
37
87
92
-12%
-24%
-28%