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2021-12-31-accounts

Charity registration number 206312 (England and Wales)

Charity registration number SC039550 (Scotland)

RAILWAY BENEVOLENT INSTITUTION

( KNOWN AS THE "RBF")

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") REFERENCE AND ADMINISTRATIVE INFORMATION

Registered Name Railway Benevolent Institution Royal Charter Company (RC000430) Registered Charity Number (England and Wales) 206312 Registered Charity Number (Scotland) SC039550 Operating Name Railway Benefit Fund ("RBF") Registered Address 1st Floor Millennium House 40 Nantwich Road Crewe Cheshire CW2 6AD Chief Executive & Secretary Claire Houghton Honorary Patron Sir Peter Hendy CBE President Pete Waterman OBE Board Of Management Tim Shoveller (Chair) Janet Goodland (Vice Chair) Kevin Adlam Ciaran Barr Kay Boyden Michael Cash (from 1 December 2021) Jane English Mark Enright Paula Hayes Ian Jeffrey Frank Johnson John Kennedy Mark Newton (until 14 June 2021) Maggie Simpson OBE Samantha Turner (until 2 May 2022) Emma Wasley (from 1 December 2021) Auditor Geens Limited Chartered Accountants 68 Liverpool Road Stoke on Trent ST4 1BG Investment Advisers Rathbone Investment Management Port of Liverpool Building, Pier Head Liverpool , L3 1NW

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") REFERENCE AND ADMINISTRATIVE INFORMATION

Bankers

Honorary Solicitor

Vice Presidents

Benefits & Services Committee

Finance & General Purpose Committee

Nominations & Remuneration Committee

Scottish Management Committee

The Royal Bank of Scotland plc 62/63 Threadneedle Street London EC2R 8LA

Allied Irish Banks plc 40/41 Westmoreland Street Dublin 2 Sara Hollingworth David Allen Dominic Booth David Cobett ERD, TD Richard Goldson OBE Nigel Harris Tom Harris Keith Heller Simon Osborne Matthew Parris Paul Watkinson Joe Walsh Ivor Warburton Alan Whitehouse The Rt. Hon. The Lord Snape of Wednesbury Maggie Simpson OBE (Chair) Michael Cash Jane English Mark Enright Richard Goldson OBE Christopher Henley Andrew Litherland Janet Goodland (Deputy Chair) Kay Boyden Frank Johnson (Chair) Ciaran Barr Janet Goodland Samantha Turner Paula Hayes (Chair) Janet Goodland Tim Shoveller Emma Wasley

Ian Jeffrey (Chair) Emma Hall (Secretary) Phil McGarry

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") REFERENCE AND ADMINISTRATIVE INFORMATION

Scottish Management Committee

Irish Management Committee

Fundraising Committee

Mark Quinn William Welsh David Simpson Mark Ilderton Jim Gray John Kennedy (Chair) Ray Kelly (Secretary) Tom Devoy Bertie Corbett Geraldine Finucane Jane Cregan Monica Purcell Peter Cuffe Maeve Custy Catherine Cahill Joseph Walsh Anne Elliot Jim Meade CEO, Iarnród Éireann Rev Gregg Ryan Bill Rothwell Damien Milton Kev Adlam (Chair) Ian Jeffrey John Kennedy Maggie Simpson OBE Noel Dolphin Richard Stanton

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") CONTENTS

Page
Board of Management Report 1 - 9
Statement of responsibilities 10
Independent auditor's report 11 - 13
Statement of financial activities 14
Balance sheet 15
Notes to the financial statements 16 - 29

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The Board of Management present their annual report and financial statements for the year ended 31 December 2021.

Introduction

It comes as no surprise that most of 2021 and the prior year were dominated by the coronavirus pandemic, by the tragic loss of life, by the lockdowns and by the economic consequences of large-scale contraction in the UK economy. The early part of 2022 has seen signs of a return to some degree of normality as a result of, amongst other things, the ongoing successful vaccine programme.

The RBF adapted very well to these extraordinary challenges in 2020, both in terms of supporting beneficiaries but also by the way in which the entire team adapted their working practices to be able to provide a seamless service to those in need in the railway family through these exceptionally tough times. This provided a strong foundation for us to tackle the many challenges thrown our way in 2021, which are commented on elsewhere in this report.

Constitution and Objectives

The RBF is the operating name of the Railway Benevolent Institution which is registered charity number 206312 (in England & Wales) and SC039550 (in Scotland). It is governed by Royal Charter granted on the 29th December 1949, as subsequently amended. It is the sole trustee of the organisation’s assets. Its objects, as set out in the Royal Charter, are “to relieve aged or disabled or necessitous Railwaymen, their spouses or Children or other relatives or persons who were immediately or partly dependent on them”. The expressions “Railwaymen”, “Spouses” and “Children” are defined in Clause 2 of the Charter.

The Board adopted the Charity Governance Code in 2018 and reviewed its policies and working practices at that time to ensure that we align and adhere to the optimal charity governance standards detailed within this.

In 2018, the RBF applied to become a registered charity in the Republic of Ireland with the Irish Charity Regulator. Whilst the application has been assessed, this is currently being re-examined by the Board following Britain's departure from the EU.

The RBF’s vision and mission are as follows:

The Trustees refer to the Charity Commission's public benefit guides and its guidance on the prevention and relief of poverty for the public benefit to inform its decision making and when reviewing how the charity's activities and plans contribute to achieving its aims and objectives.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing documents outlined above, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and “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)” (as amended for accounting periods commencing from 1 January 2019).

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Structure, governance and management

a) Board of Management

The RBF’s principal governing body is the Board of Management (“the Board”). It must consist of no fewer than 10 and no more than 20 persons. The Board members who served during the year and up to the date and signature of the financial statements are recorded on the first page. The appointment of all Board Members is by election at the Annual Meeting. All Trustees serve for a term of three years and are eligible for re-election for a maximum of two further terms. The Board elects from its number a Chair and Vice-Chair.

The Board of Management meets a minimum of four times each year. No Member of the Board has any beneficial interest in the company or is permitted to derive any pecuniary advantage from the RBF.

Both prior to and after their appointment all new Board Members are briefed by the Chairman of the Board of Management and/or the Secretary and provided with copies of the Royal Charter, Rules and Bye-laws, the most recent Board minutes and other key documents. Details of any new legislation or other developments are included on the agenda for Board meetings. The Trustees are provided with training as required, including on charity governance.

The day-to-day running of the charity is delegated to the Chief Executive and the key management personnel.

b) Committees

The Board is empowered to delegate all or any of its powers to Committees. Their composition is set out on the second page.

The Benefits & Services Committee is responsible for granting financial assistance to beneficiaries and monitoring the development of new services. It must consist of no fewer than three and not more than nine members of whom at least two must be Members of the Board of Management, who shall be Chair and Deputy Chair of the Committee. Members of the Committee are appointed by the Board.

The Finance & General Purpose Committee is responsible for overseeing the management of the RBF’s investment portfolio within agreed parameters established by the Board and recommending the appointment of investment managers. It also has oversight of the RBF’s finances. It must consist of no fewer than three and not more than six members, at least two of whom shall be members of the Board of Management.

The Fundraising Committee was formed in 2021. Its purpose is to support the work of the RBF fundraising team and to monitor progress and delivery against the fundraising strategy. It must consist of no fewer than two trustees and can involve other experts from the across the industry who can bring fundraising and engagement opportunities to the organisation.

The Nominations & Remuneration Committee is responsible for considering the skills and experience required and for providing advice on the appointment of nominated individuals to the Board of Management, all Committees and the Chief Executive of the charity. It must consist of no fewer than two and not more than four members.

The remuneration of key management personnel is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the Charity’s success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other charities to ensure that the Charity remains sensitive to the broader issues of pay and employment conditions elsewhere.

The Irish Committee is responsible for granting financial assistance in the Republic of Ireland. It consists of no fewer than three members of whom at least one must be a Member of the Board of Management.

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

The Scottish Committee was reconstituted as a liaison committee in 2021. It is responsible for raising awareness and funds within the region of Scotland. Scottish beneficiary awards are made using the due process in place for all RBF awards, via both the mechanism of the Services Team delegated authority and the Benefits and Services Committee.

c) Administration

The administration of the RBF is overseen by the Chief Executive who also holds the role of secretary. The administrative functions are separated out into services, fundraising, and marketing together with finance and administrative support.

Grant making is overseen by the Benefits & Services Committee, with the services team now making decisions on most grants on a delegated basis which has led to a significant reduction in the time taken for those in hardship to receive assistance.

Processes are in place to ensure that expenditure and performance is monitored, and that appropriate management information is prepared and reviewed regularly by the Board. The systems of internal control are designed to provide reasonable assurances against material misstatement or loss. These include:

All the RBF’s governance arrangements are reviewed annually.

Policies

a) Reserves Policy

The RBF’s reserves policy takes into account the Board’s forecast for future income and expenditure, including the potential for fund raising. In formulating the policy the Board determined that reserves are required to provide contingency to ensure continuity in the event of a large variation in the Board’s income for any one year equivalent to one year’s expenditure and to meet the Board’s potential future liabilities in respect of quarterly grants. The Board determined in 2021 that the reserves should be maintained at a minimum amount of £675k (2020: £675k).

At 31 December 2021 the RBF’s unrestricted reserves totalled £3,043k (2020: £2,919k).

The Board continues to work on increasing its fundraising activities to bring the income and expenditure account into balance year on year, whilst as far as possible maintaining grant giving at current levels as well as developing its services.

b) Investment Policy

The RBF’s investment policy has been formulated after taking full account of Part II of the Trustee Act 2000 and the advice of our Investment Managers. The policy seeks to achieve the efficient and prudent management of the RBF’s investments with the aim of maximising the return on these investments given the agreed risk level.

Investment performance is reviewed by the Finance and General Purpose Committee who report to the Board every quarter and the Investment Managers are required to attend a Board Meeting at least once a year.

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

c) Risk Management

The Board reviews the risks to which the RBF is exposed on an annual basis, including a detailed exercise carried out in early 2021. The major financial risk remains volatility in investment markets. Systems have been established to monitor this, including quarterly reports and assessments being provided by our Investment Managers, Rathbones. Our investment strategy allows for an agreed level of risk and volatility given the longterm nature of the investment: it is the underlying trends and performance over time that is important. As a matter of Board policy, no use is made of any financial derivative products. Other key risks identified related to GDPR, cyber security, the current funding shortfall and resource levels.

d) Grant Making Policies

Grant making is overseen by the Benefits & Services Committee, with the services team making decisions on most grants on a delegated basis. which led to a significant reduction in the time taken for those in hardship to receive assistance. This has reduced the time taken for decisions from 18 days in 2019 to 12 days in 2021.

The criteria for awarding grants, used by the Benefits & Services Committee and the Irish Management Committee, are reviewed by the Board annually. All applications received are carefully vetted by RBF staff. Responsibility for many grant awards is delegated to staff, although all quarterly grants and those that are sensitive or of high value (above £1,500) are considered at Committee Meetings. Quarterly Grants and on-going grants are reviewed at least every two years. A brief description of each type of grant awarded is set out in Note 9 to the Accounts.

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Review of the Year

The Covid-19 crisis in 2020 became the catalyst for many charities to re-assess their funding and service provision. RBF was no exception. The changes made provided a strong foundation to allow us not only to providing a full range of services in 2021 but also to make progress on some key strategic initiatives which were encompassed in a new four-year strategy ratified by the Board in December 2020. Embedded within the strategy is a clear commitment to developing services aimed at early detection and intervention across a wide range of provisions, especially for current railway staff. Alongside this is the recognition of a need to develop a targeted marketing strategy to promote the new services and the need for a stronger technology platform to support our long-term ambitions. Good progress was made in 2021 evaluating options allowing implementation, which will continue throughout much of 2022, to commence in early 2022. The Board recognises that engaging and mobilising the support of the wider Rail Industry was and remains a priority. The Board of Management continues to pay due regard to its underlying constitution and guidance issued by the Charity Commission in deciding what activities the charity should undertake.

During 2021, the Board and staff team worked together to devise a three-year Fundraising Strategy. A new Fundraising Sub-Committee, comprised of trustees and external advisors, was established to support the delivery of this. Although some of our traditional income streams were adversely affected by the pandemic, notably from events, the response to our Covid campaigns was very encouraging. This resulted in a noticeable increase in individual donations during 2021. The RBF team astutely judged the mood of the industry when devising fundraising campaigns, including the inaugural Railway Family Week, which raised in excess of £50k. The Christmas campaign of 2021 was the most successful ever in fundraising terms and the team are planning to develop fundraising ideas throughout 2022.

We recognised the changing demands on our services caused by the pandemic, which resulted in some key innovations. A significant one was the RBF Home Schooling Campaign directly in response to the many new challenges caused by lockdown together with an increased awareness of ‘technology poverty’. The RBF’s resulting campaign which ran for one month in early 2021 resulted in 102 successful applications from current railway employees and total spend of £40k on laptops, printers and tablets. This showcases our determination to be nimble and responsive regardless of the challenges thrown at us.

Whilst there was an operating deficit in 2021, this was anticipated by the Board when approving the budget for the year. In terms of assets, the deficit was more than offset by an increase in the value of the investment portfolio resulting in the total value of the fund being £4.14m at 31 December 2021 (2020: £3.89m).

Despite the operating deficit, the Board of Management is committed to developing its services in line with the strategy and its mission to increase its reach and relevance within the rail industry. It is only through providing contemporary and relevant services to potential beneficiaries that RBF will garner sufficient external support, funding and engagement to allow us to support the wider railway family sustainably.

Although continuing operating deficits at the level seen in 2021 are not sustainable in the long-term, the Board has signalled its readiness to continue to invest in the short-term, with the aim of securing longer-term benefits. Two main areas of agreed investment are the RBF IT infrastructure and the development of early intervention services - projects which the Board consider to be essential to the future success of the charity.

The Board continues to review both income and expenditure carefully and, while willing to support a further operating deficit in 2022, expects to see progress in terms of starting to bridge the gap between income and expenditure in the next two years.

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

The Financial Results

For the year ended 31 December 2021 the RBF had net expenditure (i.e. a net deficit) before other recognised gains and losses (i.e. before Investment gains/losses) of £228,824 (2020: £200,558) as set out in the Statement of Financial Activities on page 14.

Total income was £404,636 (2020: £330,364), an increase of £74,272 compared to the previous year. The principal reason for this increase was due to increased individual and corporate donations and fund-raising events.

Total expenditure was £633,460 (2020: £530,922) an increase of £102,538 compared to the previous year, driven by an increase in charitable activities, notably the Home Schooling Fund, and higher marketing with the increased emphasis on events as Covid Restrictions began to ease.

The cost of raising funds totalled £120,902 (2020: £118,232), an increase of £2,670. This includes publicity, fund raising consultancy, event management costs and support costs. A breakdown of the costs of raising funds is set out in Note 6 to the Accounts.

Expenditure on charitable activities totalled £512,558 (2020: £412,690), an increase of £99,868 This includes grant expenditure of £281,202 (2020: £231,695). A brief description of each type of grant is set out in Note 8 to the Accounts.

Governance Costs totalled £37,748 (2020: £26,705). This relates to the general running of the charity and includes external audit, insurance costs, legal advice for trustees and costs associated with constitutional and statutory requirements such as the cost of trustee meetings and preparing the statutory accounts, plus a share of support costs. See Note 10 to the Accounts.

Support Costs are allocated across the RBF’s principal activities in line with the SORP and totalled £278,568 (2020: £241,126).

Investment performance in 2021 comprised investment gains of £474,896 (2020: gains of £249,422).

At 31 December 2021 the RBF’s Net Assets were £4,138,576 (2020: £3,892,504) including investments of £3,876,668 (2020: £3,770,482) and cash balances of £348,165 (2020: £226,788).

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Services & Grants

Expenditure on grants in 2021 was £281k (2020: £231k). The net increase was mainly in relation to the HomeSchooling Fund of £40k (2020: £nil). In line with the Committee’s objective, there continued to be a reduction in Quarterly Grants.

RBF awarded 265 grants in 2021, reaching more beneficiaries than previous years. The overall total beneficiaries reached was 857. This is an increase of 55% compared to 551 beneficiaries reached in 2020. The success of the Home Schooling and Children’s fund grants have contributed to the increase. 75% of all applications received in 2021 were from current railway workers, a significant difference compared to 45% in 2020.

The Child Care Grant, Webb and McIntosh Funds focus on providing regular and one-off grants for the needs of children of current and former employees. There were 154 beneficiaries of the McIntosh Fund which provides Christmas presents for the children of those families who we helped in 2021, a significant increase from 96 in 2020.

The Crewe team continues to work with the Scottish Committee to consider how the take-up of grants in Scotland can be increased, and are identifying how publicity around the Children’s Fund and other initiatives can be improved.

Fundraising & Marketing

Fundraising activities during 2021 continued to be disrupted by the pandemic but to a lesser extent than in 2020 and we were able to reintroduce the annual golf day.

We were delighted with the success of the 2021 Railway Family Week and Christmas campaign which built on the foundations laid in the past two years and generated much-needed funds.

Acknowledgements

We acknowledge the generous support we receive from railway companies and supply chain partners.

We would also like to thank those grant awarding bodies who so generously supported the work of RBF during 2021.The Civil Service Insurance Society (CSiS) Charity Fund renewed its grant within the year and we are extremely grateful for their generous £20,000 grant. CSiS supports workers from across the spectrum of public services including the Rail Industry. CSiS continues to take considerable interest in the work of the RBF and has been a consistent source of support and guidance on the Charity’s development, particularly in supporting collaboration with other funded charities regarding the provision of services. We would also like to acknowledge the funding received from the Thales Foundation and the Rail Homes Housing Association.

We wish to thank to all our corporate and individual supporters over the year who have donated auction and raffle items and their time to support our events and campaigns. We are grateful to the organisations who have held raffles to benefit us at their annual dinners and award presentations and to those who have invited us to their team meetings, wellbeing days and exhibitions to raise our profile. We are also thankful to those who have supported our annual golf day, our new fundraising initiatives during the year such as Railway Family Week and sponsorship of our Heart of Gold Awards and those who offered their accommodation for meetings.

The Board thanks all those who have given so generously and enabled the RBF to pursue its work. We thank HM The Queen for her donation. Other fundraising income came from the generosity of individuals donating from their salaries and pensions. As always, we received a number of donations from the families, friends and colleagues of former railway staff who passed away during the year, who remember their loved ones by supporting their colleagues across the railway family.

Regular giving has decreased within the year, potentially reflecting the changing demographic of those that provide support via payroll, and emphasising the need to increase regular payroll and standing order giving among younger current staff. Payroll giving is concentrated however in a small number of rail employers including Irish Rail and Merseyrail where a significant proportion of staff provide regular donations to the RBF.

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

The Board’s overall objective remains securing the charity’s future by achieving a minimal funding gap, in order to enable the RBF to continue helping railway people in need. Our aim will be to adopt a dual approach when developing and offering services to current rail employees with an aim to promote financial support and payroll giving in parallel.

The work of RBF is, like most railway organisations, a team effort, and relies on the enthusiasm of its staff and volunteers. Thanks are due to our team in the RBF office at Crewe for their hard work and to the Board of Management, for their on-going support and guidance in ensuring that RBF continues to develop. We must thank the members of our Committees - the Benefits and Services Committee, the Nominations and Governance Committee, the Finance & General Purpose Committee, the Fundraising Committee, the Scottish and Irish Management Committees who give so freely of their time in support of the RBF.

We are extremely grateful for the enthusiastic support from our President, Pete Waterman. Pete has continued to work closely with the RBF team to engage with railway staff and raise the profile of the RBF and thanks are due to the many people providing valuable assistance to these initiatives.

Claire Houghton joined the RBF, in the first lockdown, as CEO in April 2020. Despite the many challenges caused by the pandemic Claire has provided inspirational leadership on the development of the charity’s strategy and plans, our detailed re-evaluation of risks and their management, our flexible response to the coronavirus crisis and to expanding the team to cope with the evolution of the business in line with our strategic aims.

The many successes would not have been possible without the hard work and collaborative approach adopted by every member of the RBF team who responded so well to the challenges caused by the pandemic. For the past two years much work was done from home although office attendance was maintained to ensure, amongst other things, that grant requests were responded to in a timely way. More recently there has been a return to the office and hybrid working arrangements are now a key part of the working week for the team. The commitment, ingenuity and flexibility of the team demonstrates that the RBF is in very safe and capable hands. Thanks are also due to those team members who are driving forward the strategic initiatives alongside their day-to-day roles.

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

The Year Ahead

One of our biggest future challenges is to ensure we remain responsive to the needs of current, former and retired rail staff and their families, including the provision of valuable financial support to those in extreme hardship. We are working hard to implement our strategy to transition from a charity primarily providing direct financial assistance to one that reflects a holistic approach to service delivery for those in need; whilst also addressing our funding shortfall.

Our plans in the past two years were clearly affected significantly by the coronavirus pandemic. Our fortunes are also linked closely to those of the wider rail industry which has seen significant changes in franchising arrangements such that train operating companies (TOCs) have moved back under government control with franchise companies operating on management contracts. TOCs have traditionally been an important source of corporate donations for the RBF and it is uncertain how these franchise changes will impact on our corporate income streams.

Despite these challenges, RBF remains committed to its core objective to help the railway family in these unprecedented times through our well-established grant programme and access to advice. Indeed, it is likely that the need for the help and support we are able to provide is greater now than at any stage in contemporary times. The RBF team has adapted and is continuing to provide a full service to beneficiaries while hybrid working from the office and home, and their efforts during this time are greatly appreciated.

It is not possible at this stage to assess accurately the medium-term adverse impacts to many of our traditional income streams, as outlined above. Our reserves are relatively strong however and well in excess of the minimum set out in our reserves policy. The development of a robust and targeted fundraising strategy aims to increase and diversify our income over the next 3-5 years. We are therefore able to continue providing a full service in the short-term, when there may well be an increase in demand for our services, and we are working within the rail industry to achieve this. At the same time the Board recognises the need to tackle the gap between income and expenditure.

Conclusion

Although 2021 was extremely challenging, progress continues to be made in our strategic goals, including the development of service initiatives to complement our traditional grant-giving role and enhancing our IT infrastructure and capabilities.

Our response to the coronavirus crisis, including the Home-Schooling Campaign, serves as a clear reminder that our ongoing challenge remains to develop flexible, sustainable services that meet our ever-changing environment. Our principal purpose remains as ever: to provide responsive, high quality support to the railway’s biggest asset, its staff, both in the short term and in due course as we emerge from the pandemic.

The report was approved by the Board of Management.

Tim Shoveller Chairman of the Board

24 June 2022

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") STATEMENT OF RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

The board of management is responsible for preparing the Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales and in Scotland requires the board of management to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the board of management is required to:

The board of management is responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity 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

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") INDEPENDENT AUDITOR'S REPORT

TO THE BOARD OF MANAGEMENT OF RAILWAY BENEVOLENT INSTITUTION

Opinion

We have audited the financial statements of Railway Benevolent Institution (the ‘charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the board of management with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The board of management are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE BOARD OF MANAGEMENT OF RAILWAY BENEVOLENT INSTITUTION

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

Responsibilities of board of management

As explained more fully in the statement of responsibilities, the board of management is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the board of management determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the board of management are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board of management either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

Using our knowledge of the charity, together with the discussions held with the charity at the planning stage, we formed a conclusion the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF") INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE BOARD OF MANAGEMENT OF RAILWAY BENEVOLENT INSTITUTION The key pro(xdures w8 undertook to detect Irregularfti8$ includlng fraud durlng the course of the audll Included: Idenlrfying and lesling joumal enlri8s and the overall accounting records. In partkyjlar those that were Slgnffieant and unusual. Reviewing the financi81 ststemonl disclosures and detormining whether accounting policies have been appropriately applied. Reviewing and challenging the assumptions and Sudgements used by management in their significant a¢¢ounting estimates. Assesslng the extent of compliance, or lack of, with relevant laws and regulations. Assessing the validity of Ihe dassification of income, gxpgnditurg, assets and IlabilNle8 betrNeon unre51ricted and restricted fijnds. Obtaining Ihir¢J party confirmation of malerfal bank balances and Inve$lmenl valuations. Documenting and v¢rifying all 8lgnlflcanl related party balances and tr8nsaction$. Revlewing documenlatlon such as charity board mlnules for discussions of irregularitias including fraud. Becau59 of the inherent Ilmilations of an audit. Iher6 Is a risk that we wlll not dele¢t all Irregulari￿e5, Induding those leading to a material misstatement in tho financial stalemenls or non-compliance wlth regulation. The nsk increases trjo more that compllance with a law or regula￿On Is removod from the events and trans8cllons reflected In thé financial slalomenls, as we will be less Ilkaly lo b0￿me aware of instances of non-¢ompliance. The rlsk 1$ also greater regarding irregularltles occurring du8 lo fraud rather than error, a8 fraud involves Intentional concealment, forgery. eollusion, omisslon or m15Tgpresentatlon. A lurther description of our responsibilill8$ is available on lh• Financial Reportlng Coun¢ll'$ websita at https:11 W•¥W.Irc.org.ukJaudltor8responsibilitEes. This do¥Gription form8 part ol our audlto¢s report. U89 of our report Thls report 18 made solaty lo the thall￿S trustees, as a bo(ty. In accordance wlh part 4 of the Ch8rllies (Accounts and Reports) Regulalions 2008 and regulation 10 of the Charities Accounts ISGoUand) Regulalions 2006. Our audlt work has been undertaken $0 that we mlght slal• lo thg charitvs trustees those mattor5 we are required lo slate to them in an audltors, report and for no other purpose. To thè fullesl fjxlenl permiited by law, wo do not a¢¢epl or assume responsibility lo anyone other than th8 chadty and the ¢hartys Iru3te&s as a body, for our audit work. for this report, or for the ownions we have formed. 24 June 2022 Ch•rt•ved Accountsnts Statutory Audltor Geens Limited is eligible for appointment as auditor of the charity by virtue of Its ellglbllity for appointment as audttor of a company under of $oCtion 1212 of the Companles Act 2006. 13-

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
Restricted Endowment
funds
funds
funds
2021
2021
2021
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
257,506
161
-
Charitable activities
4
55,539
-
-
Investments
5
69,204
-
22,226
Other income
7
-
-
-
Total income and endowments
382,249
161
22,226
Expenditure on:
Raising funds
6
114,770
-
6,132
Charitable activities
8
512,558
-
-
Total expenditure
627,328
-
6,132
Net gains/(losses) on investments
13
345,966
-
128,930
Net incoming resources before transfers
100,887
161
145,024
Gross transfers between funds
22,226
-
(22,226)
Net movement in funds
123,113
161
122,798
Fund balances at 1 January 2021
2,919,562
7,901
965,041
Fund balances at 31 December 2021
3,042,675
8,062
1,087,839		 Total
2021
£
257,667
55,539
91,430
-
404,636
120,902
512,558
633,460
474,896
246,072
-
246,072
3,892,504
4,138,576		 Total
2020
£
216,571
23,096
80,697
10,000
330,364
118,232
412,690
530,922
249,422
48,864
-
48,864
3,843,640
3,892,504

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes
Fixed assets
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds - general
18
Income funds
Restricted funds
21
Unrestricted funds
Designated funds
20
General unrestricted funds		 2021
£
£
3,876,668
19,512
348,165
367,677
(105,769)
261,908
4,138,576
1,087,839
8,062
68,149
2,974,526
3,042,675
4,138,576		 2020
£
£
3,770,482
11,180
226,788
237,968
(115,946)
122,022
3,892,504
965,041
7,901
88,094
2,831,468
2,919,562
3,892,504		 2020
£
£
3,770,482
11,180
226,788
237,968
(115,946)
122,022
3,892,504
965,041
7,901
88,094
2,831,468
2,919,562
3,892,504
3,892,504
965,041
7,901
2,919,562
3,892,504

The financial statements were approved by the Board of Management on 24 June 2022

Tim Shoveller Frank Johnson
Chairman of the Board Trustee

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

Railway Benevolent Institution is an incorporated charity, (Charity No.206312), registered in England & Wales and is also registered in Scotland (Charity No. SC039550). The charity's registered address and principal place of business is 1st Floor, Millennium House, 40 Nantwich Road, Crewe, CW2 6AD.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, or transaction value unless otherwise stated in the relevant accounts policy note. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the board of management has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the board of management continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the board of management in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income from other sources is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of the charity's activities.

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.

The cost of Raising Funds include costs of generating voluntary income, fund raising trading and investment fees, plus a share of support costs. The costs of generating voluntary income do not include the costs of disseminating information in support of the charitable activities.

Charitable Activities comprise grants made plus a share of support costs. All grants are paid in accordance with the RBF'S Royal Charter, Rules and Bye-laws. Grants are accounted for only when paid with the exception of Quarterly Grants which are accrued to the end of the year and pledges made in respect of Single Benevolent Grants which are dependent on specific conditions which fall outside the control of the charity. No provision is included in respect of Quarterly Grants or Residential Care Grants for future years.

Governance costs are those associated with the governance arrangements of the charity which relate to the general running of the charity. This includes internal and external audit, insurance costs. legal advice for trustees and costs associated with constitutional and statutory requirements such as the cost of trustee meetings and preparing the statutory accounts, plus a share of support costs.

Support costs are those costs incurred in the support of the fund raising, governance and charitable activities which cannot be directly attributed. They have been attributed to activities as described in the notes to the financial statements.

1.6 Tangible fixed assets

Tangible fixed assets costing more than £5,000, are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 3 Years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

1.7 Fixed asset investments

Investments are stated at market value. Realised gains and losses are calculated as the difference between sales proceeds and their market value at the start of the year, or subsequent cost on purchase. Unrealised gains and losses represent the movement in market value during the year. Realised and unrealised gains and losses are combined in the appropriate section of the SOFA.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity 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.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the board of management is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

At the year end there were no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2021
2021
£
£
Donations and gifts
257,506
161
Donations and gifts
Regular Giving
82,411
-
Individuals
63,619
-
Civil Service Insurance Society
20,000
-
Railway Companies
44,705
-
Other businesses and charitable bodies
16,874
-
Legacies
18,603
-
Gift Aid
11,294
161
257,506
161		 Total
2021
£
257,667
82,411
63,619
20,000
44,705
16,874
18,603
11,455
257,667		 Total
2020
£
216,571
85,814
47,600
30,000
10,816
17,154
14,220
10,967
216,571

Regular Giving comprises regular payments made by current employees of railway companies through their company payroll and by former railway employees through the pensions payroll system or by standing order.

Individual donations includes generous donations from the families, friends and colleagues of former railway staff who have passed away and monies by collections made at Railway Staff Clubs, at BTPF branches, and a donation from HM The Queen.

4 Charitable activities

Charitable Charitable
Income Income
2021 2020
£ £
Fund-raising events and awards 55,539 23,096

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

5 Investments

Unrestricted Endowment
funds
funds
general
2021
2021
£
£
Income from listed investments
69,022
22,226
Interest receivable
182
-
69,204
22,226
For the year ended 31 December 2020
61,620
19,077		 Total
2021
£
91,248
182
91,430		 Total
2020
£
80,640
57
80,697
80,697

6 Raising funds

Unrestricted Endowment
funds
funds
2021
2021
£
£
Fundraising and publicity
Staging fundraising events
7,460
-
Support costs
84,960
-
Fundraising and publicity
92,420
-
Investment management costs
22,350
6,132
114,770
6,132
For the year ended 31 December 2020
Fundraising and publicity
92,573
-
Investment management
20,078
5,581
112,651
5,581		 Total
2021
£
7,460
84,960
92,420
28,482
120,902		 Total
2020
£
5,737
86,836
92,573
25,659
118,232
92,573
25,659
118,232

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

7 Other income

Total Unrestricted
funds
2021 2020
£ £
Other income - 10,000
Charitable activities
Charitable Charitable
Expenditure
Expenditure
2021 2020
£ £
Grant funding of activities (see note 9) 281,202 231,695
Share of support costs (see note 10) 193,608 154,290
Share of governance costs (see note 10) 37,748 26,705
512,558 412,690
Grants payable
Charitable
Charitable
Expenditure Expenditure
2021 2020
£ £
Grants to institutions:
Quarterly Grants 36,399 55,200
Single Benevolent Grants 155,756 144,479
Webb Fund Grants 24,694 25,703
Child Care Grants 200 800
Children's Fund (Other Charitable Grants) 8,810 1,420
Discretionary Grants (Other Charitable Grants) 800 4,093
Emergency Grants 1,630 -
Citizens Advice/Legal referals 1,620 -
Home Schooling Fund 39,795 -
Partnerships 5,640 -
Other Grants 5,858 -
281,202 231,695

8 Charitable activities

9 Grants payable

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

9 Grants payable

(Continued)

Quarterly Grants

An annual monetary grant (paid quarterly) where a continuing need is identified. Quarterly grants are being phased out.

Single Benevolent Grants

One off grant of up to £3,000 to alleviate financial hardship. This grant can support, but not limited to, costs relating to priority debts, financial hardship, white goods and household items, funeral costs, and costs of disability equipment.

Webb Fund Grants

These grants continue the work of the Webb Orphans Fund which was transferred into the RBF during 2002. They are quarterly payments to assist the parents of dependent children where a continuing need has been identified.

Child Care Grants

A grant for child related expenses such as disability equipment, clothing and furniture.

Other Charitable Grants (Family Support Fund & Discretionary Grants) - £9,610 (2020: £5,513)

1) Children’s Fund - £8,810 (2020: £1,420)

Children’s Fund is a small grants programme (up to £300) that provides support to current railway staff with dependent children where the annual gross household income does not exceed £40,000. This fund can support with child related expenses e.g., school trips, children’s activities, clubs, school uniform. The Children’s Fund was rebranded from the previous Family Support Fund.

2) Discretionary Grants - £800 (2020: £4,093)

A one-off discretionary grant with a maximum award of £400 accessible to former quarterly grant recipients and SBG applicants once they have reached their maximum award limit. Discretionary grants can also be paid if an SBG has not met full need.

3) MacIntosh Grants

A one-off voucher of £40 per child at Christmas for applicants with dependent children who have accessed RBF support through other grant schemes within the year.

Emergency Grants

A small one-off grant of £250 to those that require short term immediate assistance for expenses such as electricity or food.

Citizens Advice/Legal referrals.

A partnership with Citizens Advice (CA) to offer free, confidential advice for debt, benefits and budgeting. The team will make a referral to CA who will then contact the client to help with further support. Legal referrals will be made to Law Express to offer legal advice.

Home Schooling Fund

A campaign that launched from January to February 2021 in response to the lockdown in the UK. This fund helped families where children were being home schooled during lockdown. The fund helped to provide laptops, printers or tablets to those in need.

Partnerships

Law Express - maintain RBF legal Advice app and access to legal specialists through their helpline. Citizens Advice Manchester - referrals to debt specialists offering support listed above.

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

10
Support costs
Staff costs
Information technology
Marketing
Other costs
Audit Fees
Accountancy
Insurance
Other direct costs
Analysed between
Fundraising
Charitable activities		 Support
costs
Governance
costs
2021
2021
£
£
196,965
21,410
14,575
1,619
48,932
-
18,096
4,252
-
4,740
-
1,140
-
2,572
-
2,015
278,568
37,748
84,960
-
193,608
37,748
278,568
37,748		 Total
2021
£
218,375
16,194
48,932
22,348
4,740
1,140
2,572
2,015
316,316
84,960
231,356
316,316		 Support
costs
Governance
costs
2020
2020
£
£
178,303
12,583
15,694
1,744
26,964
-
20,165
1,677
-
4,987
-
1,158
-
1,786
-
2,770
241,126
26,705
86,836
-
154,290
26,705
241,126
26,705		 Total
2020
£
190,886
17,438
26,964
21,842
4,987
1,158
1,786
2,770
267,831
86,836
180,995
267,831

11 Board Of Management

Neither Board Members or any persons connected with them received any remuneration during the year (2020: £nil). The aggregate amount of expenses reimbursed to one (2020: one) Board Member(s) during the year amounted to £62 (2020: £189).

12 Employees

The average monthly number of employees during the year was:

Management and administration
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2021
Number
8
2021
£
192,744
13,890
11,741
218,375		 2020
Number
8
2020
£
170,640
11,881
8,365
190,886

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

12 Employees

(Continued)

The Key Management Personnel are the members of the Senior Management Team. The Senior Management Team was officially formed in December 2021, took effect from January 2022 and consists of the Chief Executive, Finance Manager, Fundraising Manager and Welfare Services Manager. In the year 2020, the Senior Management Team only consisted of the Chief Executive.

The total employee benefits of the key management personnel of the charity was £54,069 (2020: £38,958). These figures only consist of the Chief Executive as the others in the Senior Management Team did not start until January 2022.

There were no employees whose annual remuneration was more than £60,000.

13 Net gains/(losses) on investments

Unrestricted Endowment
funds
funds
2021
2021
£
£
Gain/(loss) on investments
345,966
128,930
For the year ended 31
December 2020
187,653
61,769		 Total
2021
£
474,896		 Total
2020
£
249,422
249,422

14 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2021 3,770,482
Additions 399,839
Realised gain/(loss) 82,925
Unrealised gain/(loss) 391,971
Disposals (768,549)
At 31 December 2021 3,876,668
Carrying amount
At 31 December 2021 3,876,668
At 31 December 2020 3,770,482

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

15
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Notes
Deferred income
17
Trade creditors
Accruals for grants payable
Accruals
17
Deferred income
Other deferred income		 2021
£
10,094
9,418
19,512
2021
£
8,425
6,369
73,737
17,238
105,769
2021
£
8,425		 2020
£
3,109
8,071
11,180
2020
£
15,557
4,450
78,829
17,110
115,946
2020
£
15,557

Endowment funds Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Transfers
Revaluations
Balance at
Incoming
Resources
Transfers
Revaluations
Balance at		 1 January 2020
resources
expended
gains and
1 January 2021
resources
expended
gains and
31 December		 losses
losses
2021		 £
£
£
£
£
£
£
£
£
£
£		 Permanent endowments Webb Fund
776,471
16,298
(4,768)
(16,298)
52,772
824,475
18,989
(5,238)
(18,989)
110,150
929,387		 Proprietary Annuities Fund
89,445
1,877
(549)
(1,877)
6,079
94,975
2,187
(603)
(2,187)
12,689
107,060		 Langton Home Fund
33,276
699
(205)
(699)
2,262
35,334
814
(225)
(814)
4,721
39,830		 General Webster Wright Fund
9,661
203
(59)
(203)
656
10,258
236
(65)
(236)
1,370
11,563		 908,853
19,077
(5,581)
(19,077)
61,769
965,041
22,226
(6,132)
(22,226)
128,930
1,087,839
18
Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Revaluations,
Balance at
Incoming
Resources
Transfers Revaluations,
Balance at		 1 January 2020
resources
expended
gains and
1 January 2021
resources
expended
gains and
31 December		 losses
losses
2021		 £
£
£
£
£
£
£
£
£
£		 St Christopher's Fund
60,400
1,252
(4,892)
3,783
60,543
1,432
(1,000)
-
7,174
68,149		 The Sheppard Education Fund
25,431
527
-
1,593
27,551
651
-
(31,467)
3,265
-		 85,831
1,779
(4,892)
5,376
88,094
2,083
(1,000)
(31,467)
10,439
68,149		 The St Christopher's Fund has been designated by the Board of Management for the benefit of dependent children. It was formed from the JS Forbes, LM Appeal Committee and G Bass Funds previously associated with St Christopher's Railway Orphanage to provide for the care and maintenance of children (including educational needs) and from legacies made by E Little and L A Maffey in 1994/95 where the donors expressed a preference for the monies to be used for the benefit of children. The Sheppard Education Fund was created following the transfer of all the remaining assets of the Sheppard Education and Training Trust to the RBF on 21st April 2011 on the understanding that the funds and any associated income will be used for the relief of necessitous Railwaymen, their spouses or children and for the promotion of education and training for the public benefit. Allen Sheppard (subsequently Lord Sheppard of Didgemere) was a Non-executive Director of the BRB for many years and subsequently Chairman of GB Railways. Funds of £31,467 were transferred from The Sheppard Education Fund to General Reserves to cover the Home-Schooling Grants of £39,795 during the year. The other £8,328 were expended from General Reserve.
20

RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

21 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement
in funds
Movement
in funds
Balance at
1 January 2020
Incoming
resources
Balance at
1 January 2021
Incoming
resources
Balance at
31 December
2021
£
£
£
£
£
Carers Support Fund
7,901
-
7,901
161
8,062		 Movement
in funds
Movement
in funds
Balance at
1 January 2020
Incoming
resources
Balance at
1 January 2021
Incoming
resources
Balance at
31 December
2021
£
£
£
£
£
Carers Support Fund
7,901
-
7,901
161
8,062		 Movement
in funds
Movement
in funds
Balance at
1 January 2020
Incoming
resources
Balance at
1 January 2021
Incoming
resources
Balance at
31 December
2021
£
£
£
£
£
Carers Support Fund
7,901
-
7,901
161
8,062		 Movement
in funds
Movement
in funds
Balance at
1 January 2020
Incoming
resources
Balance at
1 January 2021
Incoming
resources
Balance at
31 December
2021
£
£
£
£
£
Carers Support Fund
7,901
-
7,901
161
8,062		 Movement
in funds
Movement
in funds
Balance at
1 January 2020
Incoming
resources
Balance at
1 January 2021
Incoming
resources
Balance at
31 December
2021
£
£
£
£
£
Carers Support Fund
7,901
-
7,901
161
8,062
Carer's Support Fund
A fund in partnership with other charities to		 launch a carers helpline in 2019.
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Endowment
funds
2021
2021
2021
£
£
£
Fund balances at 31 December
2021 are represented by:
Investments
2,788,829
-
1,087,839
Current assets/(liabilities)
253,846
8,062
-
3,042,675
8,062
1,087,839		 Total
2021
£
3,876,668
261,908
4,138,576		 Total
2020
£
3,770,482
122,022
3,892,504

22 Analysis of net assets between funds

23 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2021
£
8,400
16,800
25,200		 2020
£
8,400
-
8,400

24 Related party transactions

There were no disclosable related party transactions during the year (2020 - none).