CHARITY REGISTRATION NUMBER: 208729
The Nuclear Industry Benevolent Fund Unaudited Financial Statements
30 June 2021
MORRIS LANE
Chartered Accountant 31/33 Commercial Road Poole Dorset BH14 OHU
The Nuclear Industry Benevolent Fund Financlal Ststements Year ended 30 June 2021 Page Trustees, annual report Independent examinerfs report to the trustees 10 statement of financial athvities 11 Statement of financial position 12 Notes lo the financial statements 13 The followlng pages do not forni part of the financial statements Detailed statement of finanaal a(aivities 21 Notes to the detailed statement of financaal activitses 22
The Nuclear Industry Benevolent Fund Trustees, Annual Report Year ended 30 June 2021 The trustees presentthoirrewrt aThJ tho Un8jited Iln8n(aal statsments of the charty frKth8 yearended 30 June 2021. Chales report The Fund has operated for Ihe ole of thls perk)d urKSer th8 r8st1tIonS imposed by the Co%Ad pandeml¢. Although changes to worklng pmtick had already been implemented during the first lockdown in early 2020. no one would have expected the siluatM)n to have continu8d for so long. Staff ontinue to work mainty from home with some VilS to the office and are happy wlh Ihls aangeMent. Despite this most unusu81 set of ms13, we bdiev& that TNIBF has ¢onlinu8d to provide a seamless s8Nce tr) those aprAying to receiving assistsnco from the Charlty. One might h8v8 expected the pand8mlc to give rise lo irK¥eased lovd of requests for help as individuals struggled th all the chaNJes', thls dces not appear to have been case with enqLiries remaIng at pre- pandemic levels. All meetings have keen hdd virtually and Ihis has been very effecllve and has also helped reduce costs. Although virtual meetings 8r8 a very v8luable t(KA, Ihe retum to at least somè clirecl contact is somelhing to look forwar(I lo in Ihe future. The problem of reaching In need has not dyninished despite contiwing effts to publicise the Fund lo the increasingty fragmented nwlear iThJusty. However, the bursary sch8m&, Introduced last year, has helped a number of people vkn fi)r ffinalK reasons were struggllng to undertake nuclear related qua11¢all0nS or to gin or fvrther their caroer within the nUcr fiekj. Publldty wll remain a major fcMXS of the Fund in the futwe. The number ofTrustees vrds redLKed with the resvJnation of Malcolm Andrew. who gave many years of service to the Fund. The aim for next year to rewrt Iwo twstees InSti81ty, who wll kjok tr) raise th8 Fund's aw8ren8ss in different parts of the I W(Id like lo thank all the Trustees for IheSr isdom and hard work on behalf of TNIBF. Finally, l like to thank Ihe Fund staff for their continugj hard w)rk and support. The future will necessitate further change and we need to LzrefLdly cons•Jer how best to take thè Fund fornard and continue to fulfil the needs of Fdenlial benefKiaries. Garelh Beynon
The Nuclear Industry Benevolent Fund Trustees, Annual Report (crf Year ended 30 June 2021 Rthrence and admlnlstratlve dotalls Rgglstered charlty nam The NLear Industy Benevoknt Fund Charlty registratlon numbgr 208729 PrIncI1 offlc• Uiil CUI. WarTington Business Park Long Lane Warrington WA2 8TX Th• trustses Mr G Bgynon - Chairn) Mr P Reilly- Chalnnan Mlss E M8nsfi8kJ Mr M J Andr&w Mr S J Frost- Treasurer MrDJWest Mrs K Wdkden Mr K Br8dw MrRFBo (Regned 27 October 20201 Independwrt èxaminèr MofriSLane 31133 Commwd Road tknrset BH14 OHU
The Nuclear Industry Benevolent Fund Trustees. Annual Report (¢ortthu8dJ Year ended 30 June 2021 structure. governan¢o and management The Nudear Industry BevOlent Fund. the UBA Benevolent FurKI and plO51Y the United lfjngdom Atomic Enèrgy Authority Benevol1 Fund is a registered charity {No 2087291 which s set up by the United Kingdom Atom Energy AUtt In 1957. Its acttwlies are govemed by its Rulas and Constitution, 1¢h We introduce(J at th8t tim8. have LEen up¥jatl as needed slnc8 then, the last update bdng in April 2017. The Iruslees are individua15 who have been appointed to 6twre that the charity c8rri88 Out Its purpose and 0.eCtIVeS in COrdanCe %wth its goveTnng thum1 an(1 the18w. They Serve for an initial period of one year after whEth period they rnay be reappKAnted for fijrther pariods of three years. There musl be a minimurn of 8 trustees, and (sn i a rnaximum of 14. Trustee vacanc4es are filled by the Committee of Management. There is no fc4Th81 tralnlng programme for new trust8es. Th8y are provided with 8 welccMn8 p8(, includes a pY of the Rules and the latest Annual Rewrt. If they require further 8dvlce. Infomialion or trdining on paTticular aspects of their dulie5, affangoments be made for thls on an a hoc basi& New Iwst8es are aL80 invited to attend a maeung ofthe Cases Committee. The Committee ofmanagemenl normalty meets tsice a year.fien the1rustees agreethe kxoad strdlegy for Ihe FurKI, and general guidarLE on aDtIk)an making, Invosknent, staffing p)licy. re8eNes and risk management. for ils Sue0mMittees. The Committee ha5 set up 8 number of sub-commFltees to Oversee the mor8 detBiled implementation of pclicy and to make recommendations to the Committee. Individual trustees aTe appointed to these SubmMItteeS ond the membership is reMe¥4ed nualty. The Cases Commltte8 meets fve times 8 year. to n5jer appIatiOnS for assistrdnce. The Investment Su0mmIttee meets on(* ortwTh a year as requred, arKI agrees Ihe investment poliw with the Fund's investment managers. It Mor10T$ retums on the irweslmerrts. and agrees changes of strategy wih the manager5 as needed. All other SUbMmItteeS meet on an ad basls, when requid. The adm1n1strall( of Ihe FUNJ is ddegated to the Fund Smiary. The Fund Secretary. who Is not a trustee. is a member of the committ of Management. Cases C(Mnmittee Bnd Investment Sub- Committee. She reports to the Chalrman. Due to the size of the charity and small numbw of emIoYeeS the ca)arity does not have a separ818 remuneration commttteo. The remuner8tN)n of the ewnployees of the charrty is remewed annualty by the Commlttee of M8nag6menL Obj11¥8$ and actlvltlos The CX)ject of the Fund. as stsled In the Rules aj C0rksbtutM. is Ihe re5ief of financ581 h8rdship and islress 2moro past. preserit and future Thmb&rs of staff of Ihe United Kingdom Alomltt Energy Authorlty, Brilsh Nuclear Fuels and Amersham Intemational plc or any suowsor company or organlsalion to Sl¢h has b86n transferred and 0¢h 19 Carrying on the undertathg or part of Ihe undertaking previousty carried on by the AuthK)rity. British Nuthar Fuets pk or Amersh8m Intemational plc, any company has at anytime been a subsidiary of Britssh Nuclear Fuels plc or any ott)er company or organisation whKh is or has been engaged In the Nuclear Inthsty in the Ulmted lQngdom.
The Nuclear Industry Benevolent Fund Trustees. Annual Report Year ended 30 June 2021 Applications to thè Fund The initial o)nt8ct for 8prAicAnts is nomialty diwted to the Fund olfr%. Trknst of the requlred infomiauon Is gathered by the Fund staff, by posL decl[onal or by teleF4&. 0S1OnallY a visit may be required. Occasionally. we receNe appAicxtions from obr charItS on behaw of indivlduals who are eligible to apply lo more than one charity. These tend to inchK al the facts induded on our own forms togeth&r th observati(ffis by that cheriS reveStNe. Similaty, rf we can identrfy ather charity lo whlch appllcanl could apply, we advise hknlher to approach Ihem directy. In suth Gases the iwo tharilies 11 often work t(yJether, sharirvj the wst of the assistance awarded. Other Oryanlsatlons and Fur$ Netwot1(ing with other similar fvnts continues to be extremdy useful. It is helpful to have the p1)rIUnIty to discuss matters such as dema1 for assistsrKE. wblicity methods and recntrnent matters etc. This Is made e8siw by the Fund's membership of thè Assoo'ation of Charitable Organisalions (ACOI. Not ly is this a valuable SOU of information on beneffts. also ha% a wid8 knowl8OJe of other fwds and how they oper8te. It briws to light &mi18riti8s and drffwwKS in th8 way charities functKJn, all of whitth is extremely useful in formulating wllcy. Ttrwh It we we able to contact olher simli ar funds. 11 also has a Wbsite listing 811 members and therefore 18 a point of contrdct for potential benefiuaries, vthich is partlarlY Important in vi¢w of Ihe ne8d to re&h as many eligie people as FK)ssible.
The Nuclear Industry Benevolent Fund Trustees. Annual Report Yoar ended 30 June 2021 Publk Bgngfft The trustees review the FurKls otiectves and 1VIleS on a rww18r basis and confim that ng so they hsve comkAi8d wrlh the under section 4 of the Charities Ac12011, to have regard to the Public Benefit guidance publtshed by Ihe Charity Commissiw of England & Wales. The sole aim ol th8 Fun(J is the relf of finwKt81 hardslip, which is dearty reccgnlsed In the guld8nc8 as a potential Publlc Benefit, sut¥'ect lo compli8 th the wnciples thich are laid d. The Fund relieves flnand dlgtress In tsrYdlbEe form by giving assisiance in the form of urants and intere8t-free loans. as summarised in detail elsewhere in 1his Report. Of equal wnportance is the signrfvnl kvel ot advice arn1 svJnpostlng the Fund provides to applicants wth financial prob18ms. The objectlves of the FLfftd limlt ben&fft to 8 sec1Jn of the putAlc. being present and past employe88 of the organisalons defined under Objectives arKI actNitte5. The trustees con5Kler Ihat limltation lo Ihis signifant das8 of people is reasonable and relevanL There Is no further restrictknn on the opportunlty to benefft. Because of the ntinUff pYrArferatSon of employers Ykno are carrying on parts of the undertakings of the named organisations, the Iruslo9s make every effort to maintain and conlirwally wse a record of such employer5. for referenc8 on recelving requests for assistance, lo ensLK8 as far as possltAe that no elvJible person is excluded. No fee arged for aesS lo any tenefft. The trustees are not aware of any detriment arising from the thldes of tha Fund. whkh would need to be offset 8g8insl the bonefil. The tsustees Ihereth (J)nsid8r that the FUNJ fijlly ¢omplie5 tho priwipFes laid (k)wn In the Commisslon's giAdance on Publlc BeneffiL Grant and Loan Making Pollcy Th• Cases Committee wnsidgrs r8qU8sts financial aslanCe from current and ex-employees. Requests may also come from the famllles dePts of those empk)yees. The Casescommittee eststlishes that Ihe appkant is efigibfr)ra5$lS18ncO, andthen considers hlslh8r fin8nci81 position. Hamng regard lo guIdeneS apwov8d by the Committ8e of Managemen( the Cases Commlttee decKles whether or not assistance WOLdd be approwiate. If so. help can be given in thè fomi of a one-off grant for a p8rllcular requirement, a regular grant that continue5 until the circumstances Improve. Altemativdy, the Commlttee may offer an interest free loan to be Sured against property, or repaid when circumstances improve. In most rrAjMStances, Ihe Fu£ is also able to offer ad on how the inthmdual's situation can be improved. and in some ca, IhL% L% all Ihal 18 required.
The Nuclear Industry Benevolent Fund Trustees. Annual Roport (eoJJthJtsed) Year ended 30 June 2021 Ach19Vgments arKI pgrfonnance The Fund made grants and allowances lo benthiaries of £46.038. 8 decrease of £7,273 CL¥npar@d with the prev$ year. Fund also awar(1gd bursams of£21,802 during the ye8r12020.. NID. The trustees remain concerned that the exlslence of the Fd is rKJt wdety known nongS1 both serving and ex- employees and is reller@ its efforts to publicise the Fd'S exist8n¢e. We ntinue lo use the reSoue$ alre avallable lo us and are ajso kn(ir at new Initiat6ves such as sodal nelwDrking sites to publicise the Fund. In 2017 the FuT)d changed its dwJiblty crrteria tr) (wn up the Fund to the Wmjer UK nud88r industy. Fund Asslstanc• Of £46.038 given in grants this year. the Lgrgest on&off grdnl gi to t¢nefici8ry vras for £2,000 {2020'. £2,050). As w811 as onelloff grants tr8 are ben8ficiaiies regular assistarKe. Bursary Scheme In eaty 2020 The Fund launched a buTrary scheme am1 in¢viduals k)oking to enter or develop a caTeer In the UK nuclear industry. During the year Bursaries amounted to £21,802 were given. This scheme has now b8en made a p8rn1anent addition to the offered by the Fund, the numbers of applic2tlons nthing to Increase. Monltorfng Achlovgm9nt Since the Fund can Y respo1 to the requ8sls It receives and llY give assist then thè applicant's circumstsnces merit help, it is rvjt possble to sel perforniance targets in reL91k)n lo its charitsble a¢Uvlties. It does. however. uguaNy set lats re]atirG to other aCtithe$. Because of the Coronavirus (cod-19l pandemK restrictsons the Fund dKI not set any targets last year. It was agreed to conunuo vhth the publicity c8mp8vJns Within nudear organisatK)llS.
The Nuclear Industry Benevolent Fund Truslees. Annual Roport Year ended 30 June 2021 Flnandal review In 2020r21, Furkl's capital increased by £463.806. Thi5 c#JnpaYes with a decrease of £176.572 in the pViouS y08r. This was due lo a w in the Yaluo of tt)e FurKfs investmènt portfollo. During the year, the Fund's inc(4ning fesources amwnted to £72.33912020.. £81.6). Of this, Staff and pénsioners of its supporting organrADns contrtr)uted £2,182 {2020: £2,488) and the twslees gratefully aCknOedge this continuirvJ svpporL InveStMt income and reali5ed gainswere£70.150 {2tr20'. 9.110) forthe year. a dewseof£8,960 12020.. Decrease of £8,305) ccfflpared wilh the prv¥ious year. The Fund made grdnts and alloKdncesto benthiarias of£46,038, a decroase of £7,273 on the prewous y8ar. Bursaries were awarded totalling £21,802 during the year (2020.. Nil) There was an increaso of £4.000 in the level of provision for future lte off of loans. AdministratN)n costs were £127,194 {2020'. £121,226) which was an )CreaSe of £5,96812020: £8.475} comp&ed lo the prewou$ year. Total gains on investments. realwj arKI unrealt8gJ, during the year. w8re £586,501 {2020.' Lc6se5 £83,851). Total Charityfimds, i.e. the acwmuloted excess of resources aValble, anfl investmentfunds genor8tsd since the Benevolent Fund was established, st(KKJ at £3.721.982 12020.. £3.258,176). This wa8 represented mainly by lnvestsrts with a marf(et valve of£3.61S.836 {2020.' £3,150.7851, cash on short lemi dep05ft of £52,911 (2020.. £48,164) arKI knans of £75,613(22D'. £77,312}. There is a provision ol £19,00012020.. £15,000) against possib18 r-repaYment of Invèstmènt Polky The Rules ConstitutKJn of the FUNI give Ihe trustees authority to invest funds whlch are surplus lo ex5$ng requirements Sn 1 tho pows conferred on trustees by sections 3 8nd 8 of the Trustee Act 2000. The trust have apwnted Rathbone Investrnent Management as the Fund's Investrment managers. In Markng the Inveslmenl Rathbones are required to take account ol the social, environmentsl arKI elhi¢xl requirements as laid dovffl from lime lo time by th& Chaty In the current year. the trustees continwd thelr exLsting of (tainlig a sati8tactory retum on the Fund's investrents. c(msistent viilh hobJing a Fludty managed pOrh). The trustees had premousty wJr*J a pc41cy of disposing of equity shares in favour of unlt trusts. and the Fun(J now has ro drrod e(wity share M)kliTrJs.
The Nuclear Industy Benevolent Fund Trustees. Annual Report (¢onthwd) Year ended 30 June 2021 Invèstmont P6rforman¢è At the beginning of the year. Investrnent funds under Thwnagement stCK)d at £3,150,785. By 30 Juna 2021. this had incTrased, after sales cl £117,450. by £586,50110 £3,619.836. Investment irKome genera during Ihe year wa8 £70,150 (21r20.. £79.110). For the coming year. our investment marHgers intend lo mantan the existing exposure lo intematlonal markets. particularty the US, seeking to tKeseNe income and capitsl growth, wlth a moderate level of rtsk. There a a number of faclors increaslro risk lo thg gk>bal e(¥JTh)my ir) paTbcular the ongoing Brexlt certainty and the trade tensions betEen China and the US. Commllmfrnts No expendllure commltments have been made ofmce than Iwefve mcrtis from the date ofthe Balance Sheet. Rlsks The trustees have assessed the major risks to whlch the charity is exposed. and have introdwd measures to minimi8e the possible effts of Ihose risk5. The tnJst88s have also arranged for the position lo be kept under regular revtèw. Re8erv•s Pollcy The Fund currentty has reserves of £3,721,982. Thetrustees have considered thè need lo hold reserves at this V. hawng regard to Ihe following faGtor5. In rent years the Fund's n8t outgoiro resource8 have been In defitiL This defiGit is expectsd to increase consideraw in the fuiure. GNen the CertaintieS f8ung the nuclear n(kJsty. it is obab thatthere 11 be grBaler 41$ on the Fund's resour in the c4)ming years. Th& thl of reserves at any time Is rdlant m fhe pOn of Ihe stoGk markets. %thich Is laryely outsKle the control of the trustees. T8ng COUnt of these tsclors, the trustees are of the op50 Ihat it 18 ¥Jet to Ibjld reserves 8t tr current level. but *ill raconsKJer this tx)1ry rflhere are any malor tharvJes lo the Fund's situatlon In the ture.
The Nuclear Industry Benevolent Fund
Trustees' Annual Report (continued)
Year ended 30 June 2021
Plans for future periods
With the easing of Coronavirus (Covid-19) restrictions the Fund intends to:
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Continue with regular publicity campaigns, especially within nuclear organisations.
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Recruit 2 new trustees from within the nuclear sector.
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Make necessary changes in order to streamline the running of the Fund.
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The trustees' annual report was approved on _\1 .... ���:?:��:l<!md signed on behalf of the board of trustees by:
MrG Beynon Chairman
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The Nuclear Industry Benevolent Fund Independent Examinerfs Roport to the Tteft3 of The Nuclear Industry Benevolent Fund Year ended 30 June 2021 I report lo Ihe trustees on my examination of the finarrAal slatemeftsof The Nuclear Industry Benevolent Fund I'the ch8rity'1 for the year ended 30 June 2021. Responslbllltl8s and basis of raport As the trustees of the charity you are reSpcb1e for Ihe preparation of the fin8nctal statements In 8ccedance wllh the requirements of the Charities Ad 2011 Ilhe Act). I report in r85P8Ct of my 8xamination of Ihe charFIVs n¢181 slatements rarried under sectlon 145 of the 2011 Act and In carrying out my exaTnination I have folkJwEd all th& Appl8& Directions given by th8 Charity Commission under sedon 145(5Xbl of the ACL Independent aMIn•S statement I have coMeted my examlnallon. l o)nfwm Ih81 malerial matters have com8 to my attention In nnedon wth the examination giving me cause to believe that in ar¢y materi81 resp6ct accL)unting rerdS ¥•ve Th)t kept in restrt of the charity as requlred by sacJon 130 of Ihe Ac¢ or the financ4al 8tatements do not a¢c4)rd ¥th rOrdS. or the finarla1 statements do noi crAnY the applicable ul[ements conmIng the fomi and wntenl of accounts set out in the Charilies {Accourts arKI Reports) Regulatlons 2008 other than any requirement that the accounts gNe a true and fairf view which Is not a matter nsidered as part of an StM1eFwthnt examlnaliffi. I have noconcerns and have ccthe across no olher Matte n crmnecuon wlth the examination to whh attention should k dravm in this rewl n order to enatAe 8 understandlng ofthe acc(nts to be reached. Inde nt Examiner 31133 Commer¢iai Road Poo Dorset BH140HU 10
The Nuclear Industry Benevolent Fund Statement of Financial Actlvlties Year ended 30 June 2021 2021 Unreslrfcted nth Total funds Total funds 2020 Income and èndo0nts Donations arKJ legacies Investment ino)mé 2,182 70.157 2,182 70.157 2,488 79,148 Total Income 72,339 72.339 81,636 Expendltura ExpendibJr8 on charitstAe actiMbes Total oxpgndrturo 195.034 195.034 174.537 195.034 195.034 174,537 Net galnsl{lossesl on IDvestrnents 586.XJ1 &86.501 183.851) Nèt incomèl(exponditurè) and nèt movèrnent In fwds 463,8 463. 1176,752} Reconclliatlon of funds To¢ funds brought fonyard Total furbds carrfed fq¥TbvI 3,258,176 3.258.176 3,434,928 3,721,982 3.721,W2 3.258,176 The stalement of financial ac11S inckKles all gains and losses recrgnised in the ye8r. All Income 8nd expenditure derive fr continuing activilies. Tho nots¥ 4)n p#g•s 13 to 19 fonn part of flnab)¢lal stalements. 11
The Nuclear Industry Benevolent Fund
Statement of Financial Position
30 June 2021
| 30 June 2021 | |||
|---|---|---|---|
| 2021 | 2020 | ||
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 12 | 3,619,836 | 3,150,785 |
| Current assets | |||
| Debtors | 13 | 58,581 | 66,230 |
| Cash at bank and in hand | 52,911 | 48,164 | |
| -- | |||
| 111,492 | 114,394 | ||
| Creditors: amounts falling due within one year | 14 | 9,346 | 7,003 |
| Net current assets | 102,146 | 107,391 | |
| Total assets less current liabilities | 3,721,982 | 3,258,176 | |
| Net assets | 3,721,982 | 3,258,176 | |
| Funds of the charity | |||
| Unrestricted funds | 3,721,982 | 3,258,176 | |
| Total charity funds | 16 | 3,721,982 | 3,258,176 |
These financial statements were approved by the board of trustees and authorised for issue on 1"\".". ��:r,.':-:-:�.'�,�nd are signed on behalf of the board by: \/ �·(>;,��·-· [Mr G Beynon - Chairman] Trustee
The notes on pages 13 to 19 form part of these financial statements.
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The Nuclear Industry Benevolent Fund Notes to the Financial Statements Year ended 30 June 2021 General Infom)atlon The charity is a Publ benefit entity and a registered charity wi England and Wales and Is unincorpor8ted. The 8ddr8ss of the princip81 office 18 un CU1. Warrington Business Park, Long Lane, Waryinglon, Cheshire. WA2 ffrx. Statement of compliance These ffinanctal stat8ments have ten prepared in mplianCe th FRS 102. The Financl81 ResY)rting Slan¢¥d applcable in the UK and th8 Republic Df Ireland,, the Statement of R8c(nmended Practice aptAi¢able to chities PTeparirwJ their Unts in 8c¢ord8nce with the nclal Reporflng SlarKlard applicable in the UK and Republic of Irela1 IFRS 1021 (Charilies SORP (FRS 1021) and the chare$ A( 2011. Accountlng polkl•s Basis of prw>aration Tho finarKial statements have been prepared on the Nslorical (J)st basis, 8$ modified by the revaluation of certain ffinanaI asseis a1 liabilities a investsnent k¥opertles measured at fair value through income or expenditure. The financial statements are prepared In sterlng. wtuch is the functional rrencY of th& entlty. Golng conc•rn There are rK) materfal uncertainties atr*)ut the chaws atality to coftllnue. Dlsclosure exemptlons entity satlsfies the criteria of belng a qu81tlying entity as defined li FRS 102. AS such. 8dvantage has taken ofthe fcAlowng thscJosuTr exemptions availatAe under paragraph 1.12 of FRS 102: (a} No cash flow statement has been presented fwthe tharity. (bl Discknsures in respect of financial instruments have not Lwn KKesented. Fund a¢countlng Unrestrkted funds are avallable for use at the discrelk)n of 1ho trustees to further any of the chariws purposes. Dgnated fvnds Unre$trkt funds earmark by Ihe Inle&S for partlar ftrture WLyeGI or commhmenL R&stricled funds 8re Ihose Ih8tare sut4ecl to use as declared by donr)r, or thn)ugh the tem)s of an aKye81. and fall Into one of Iwo sutKlasses: rtricted incom& funds or endowment funds. 13
The Nuclear Industry Benevolent Fund Notes to tho Financial Statements (conthw Year ended 30 June 2021 A¢¢ountlrwJ polldg$ (¢0rfth¥odJ Incoming r•sour¢•8 Ail incomir¥J resources are irthded in the statement of finaThJal thjltlos vthen entruement has passed lo the tharity: il is proLEble thal the economic berS a550(Jaj wth the transaCtn will flow to the charity th8 amount can be rellabty measured. T1 fdlowing spectfic policies are applled to partlcldar categorth of inwme: incorne from donations or grants 1$ reDnI1 when there Is evidence of entrtlemenl to the gift, receipt Ss probatAe and Ks amount can be measured reliabty. acy incrxne is rwnLsed TiptI8 wobable and enulement is establlshed. inD)Tne from donated gorxts is Mred at fair value of the goods unléss Ihl8 Is impraGtiGal to measure reliaw. In (xse the value is derived from th& cost to the dongr or the eslim81ed rgsal8 value. Donated falties and Serv are recognised In the accounts when recW If the value can be retiaW measured. No amounts are included for the Contsiti0n of general volunteers. come from contracts for the supply of seNces is recognised thè delivery of the contracted servk%. This is classthed as unrestricte(J fu1$ unless there is a contractual requirement for it lo be spent on a Particu purpose and retumd IF unspenL in bthich case it may be regarded as restricted. R6sources oxp•nded ExpenditLTr is reColSed on an accruds basis as a liabllity nrred. Expenditure indud&s any VAT whith cannot be fvlly recovered. and is ckgssified under tadings of the statement of finarla1 activities lo it relates.. expenditwe on raising fu15 ndudes ts costs of all fundraising act[ties. events. non- charit8bl8 trlIng activIts. and the sal8 of donated gocth. expendibJre C charitable actS indudes all costs inwrred by a charity in undertakSng 8divities Ihat fvrther its charitsbie 8ims for the benefit of ts beneficiaries, includlng those support costs and costs relatir)g to the ¥eman of the charity apporOned to charitable 8clivities. other expendiknre includes all expenditure Ihat is neilher related to rakslng funds f¢xthe chaTty nor part of its expenditure on tharitable acliwbes. All costs are BllrKaled to expeNgiture cateIeS refleGting the use of Ihe resource. Direct costs 8ttributsble to a single acbvlty 8re allo(*d direcuy lo that acthwty. Shared costs are apportiled bafven the ate$ they contrlbute lo on a reasonab. justiflable and cunsistent basis. Unli81&1 equty invesknents 8re inillally r&orded at cost. aThJ sutwuenlly measured atfair valu8. If falr value cannot be rellabty measured. assets are me8sur8d at cost less impalmenl. sled inv&stments are measured 8t fair value 7hilh changes In fair value b8ing recognlsed in income or expenditure. 14
The Nuclear Industry Benevolent Fund Notss to the Flnanclal Ststements Year ended 30 June 2021 Accountlng pollcl89 (eotrthued) Impalrmont of fixed assots A review for IndItOrS of Impairment is carrd out at each ertIng dale, with the recoverable amount being estimated where such indutors esl the canySrKJ valu6 exceeds the recoverable amount, the asset is Impared 8(tcKd¥uly. Prior impairTll8nts are also reMewed for ssbl8 reversal at each rewrling date. For the purposes of lwnpairmI testing. il is not possitAe to estimate the T8verable amount of an indmdual asse( an estimate is made of the recoverable 8mounl of the caSherAting unit to whh fhe asset belongs. Th8 cAsh-genwating unit is Ihe smallest Idenufiable group of assets that indudes the asset and generates cash k)fh)wE that laryely Indep8ndent of the cash infiows from other assets or groups of assets. For impawmenl testing of goothbill. the goothMII acquired in a busin8ss combination Is. from the Acquisition date, a110&7ted lo each of the h-gertra1lrNj units Ihat are expeclod to benefit frtj the ergIeS of tre combination. WreSVe of Mthether othor assats or liabllitwds of the charfty 8r8 assigned lo thos8 unils. Flnanclal Instruments A financial asset or a finanaal liability i8 renI1 onty then the charity borneS a paty to the oonlraotual provisions of the instwmenL Baslc fin8nrAal InslrtKnents 8r8 inrtialty reLwnised at the amtnI recivalAe or peyabie irKluding any relat transaclion wsts. Current ass81s rrentl131itleS are subsequ8nty measured atthe cash orother consid8ration expected lo be p8id or recei1 and not dlsCwn1. Debt instruments are wbsaquerty measured at amortised WSL Where irhveslrnents in shares are publ tr&Jed OT thoir tsir value can olheTvise be m8a$ured rdiably, the invesbnent is subs8qU8ntly measu1 al fair value with changes in fair value recognised in In¢(ne and exporKliture. All other such inveslments are subseqLHIIty m8asured al cx)st16ss imp81m)8nt. Other finan81 instruments. induding derwafives. are Initial rwnised at fair value, unless paym8nt for an a&sel is def8rred beyond rnal tMJslness lems or fanCed at a rate of interest that Is nol a marfiel rate, In which cas8 Ihe asset is measwed al the present value of the future payments diswunled al a market rat& of interestfor a swnilar debt instrument. Ottierfin8rKiBI instruments are subsUentty measured atfalrvalue, with any chwges recognised In the statement of financlal acliwbes. tho eXtiOn of hedgi instnjments in a deslgnated hèdging TelalKJnship. Financial assets that are measured at cost or amortwl cost are remved for otrlective evidence of impaimient at the end of each reporting dale. Ir there is obieGtive eviden(x of imp8imient, an Impainient loss is recognised urthr Ihe apprOlate hea(fjng in the sfatemenl of financial activit Sn thlch the InHlal galn was recwii5ed. 15
The Nuclear Industry Benevolent Fund Notes to the Flnanclal SL*ements Year ended 30 June 2021 AGcountlng polkles (¢onlthue(lJ Flnanolal Inslruments (¢i¥rtlnu Forall equity instruments regard8$ of &gnifiCa. and otherffinancwl a55ots that are Individual 9nificawrt. these are awssed indmdually for impairnienL Other financial assets are &ilh¢r assessed IndidUallY or grouped on th8 basis crf wmilar credit rlsk chamleristics. Any r8V8rsals of imp8imi&tt 8r& ranised inmediatsty, to the extent that the reversal does not result a carrylng amount of the flnancial asset that ex(wds what the carrying anN)unt WOLAd have been had the impairment not premously been recogn. Dof ngd ¢ontrlbullon plans Conlrtbullons to defined ¢trIbut)n pL8ns arE rewnised as an expense in the p70d #i wh Ihe relatad serVe is prowded. Prepaid contributK)ns are recognised as an asset to the extent that the prepayment will lead to a redwtK)n in fulure payments or a cash rnfund. When Contributior are rK)t exFted to be sellled vAihn 12 months of the end of tha reporting date in lch the employees rend Ihe r1 the liability is measured on dlscounled present value b8&s. The Unwding of the dlseount is rwnised as an eXpe in the period in whlch it arises. DIX50n$ and legacles Unrestrlcted Total Funds Umestrided Tolal Funds Furvjs 2021 Funds 2020 Donations 2.1K2 2,1W2 2.488 2.488 Invqstrn8nt incomo Unrgstrthl Total FurKls UnrestrKted Total Funds Funds 2021 Funds 2020 Income frcffl listed investsnents Bank interest rlab 70.150 70,150 79.110 79.110 70.157 70,151 79,148 79.148 Expendlture on charltable actlvttles by fund typg Unr8strthd Total Funds Unréstricted Total Funds Funds 2021 Furnls 2020 charftab activmles Support costs 175.197 19.837 195.034 175,197 19.837 154.971 19,566 174,537 1 S4.971 19,566 195.034 174,537 16
The Nuclear Industry Benevolent Fund Notes to the Flnanclal Ststements (¢oJrfhJuo Year ended 30 June 2021 Expendlture on charftablo actlvltles by actlvlty tyPP urKl&rtak&n direcuy Support Totsl fvnds sts 2021 Total fund 2020 Charltable activities Gov8m8nce costs 175,197 175.197 19,837 154,971 19,566 19,837 175,197 19,837 195.034 174,537 Net gainsl{losses) on Invaslm&nts Unrestricted Total Funds unStrted TotBI Funds FuThgs Funds 2020 Gainslllosses) on listed wivestrnents 586,501 586,501 183.851) {83,851) Ind8perKlent examlnatlon fees 2021 2020 Fees pay8tAe to the IJendent examknw for. Independent examination of the finaTh81 statements 2.040 10. Staff costs The total staff ¢x)sts arKI emFAoyee t¢nefits forts rePthg riCl are analysfjd as follows.. 2021 21)20 Wages 88laries Social security costs Employw cor)tTityJlions to per)shJn plan5 72.065 2.602 5,526 80.193 68.877 3,141 5.289 77,307 The average head count of employees during the year was 3 (2020.. 31. No employee rwAved empbyee benefits of nr? than £60,(KX) during the y8ar (21T20.' Nil). 11. Trnstso r•muneratlon and exn8•S Trustees received remuneration for their seTVkX in the year (2020 £NiQ. During the year the charity paid fees totallirKJ £10.722 (2020.. £10.725) to Fr05t and Company Chartered Accountants, a business *) Mr S Fr05t. a Trustee. is a pather. These fe6s were for awuntancy seNces under normal (x)mmercBI terms. Iluded in prepayments is a balae 01 £1,611 12020.. £3.568) owed to Frost & Comp8ny and Include(J in 8ccruaL8 is an anY)unl of £2,916 {2020: £3,655) owed to Frost & Company. During the year, there were no reimbursamenlsfortr8vel & ac(x)mmcrfJaUon wsts to the 8 trusteDs 12020.. £1.596 for 8 trustees). 17
The Nuclear Industry Benevolent Fund Notos to the Financial SL2tements (con& Year ended 30 June 2021 11 Inv05tm•nts Listed Inv•stmèr Cost or valuatlon At 1 July 202Q Athtsitions Disposals Fair value movements 3,150,785 (117.450) 586,501 At 30 June 2021 3,619,836 Impalrment At 1 July 2020 and 30 June 2021 Carrylng amount At 30 June 2021 3,619,836 At 30 June 2020 3,150,785 All Investments sh(xvn above are held at Yaluati Financial assets held * falr valuo Th& Charity's inveslm8nts are m8n8ged by Raltthne Investment Management Limlled, who promde a valuation at the year*rKI date. Investments in equities fix8d int@r8sl Securities are al trdded in quoted publ markets. prwnarity the London Stock Exchange. HoldSngs in Common investmenlfunds, unrt trusts and open-ended investment (ompani85 are at th8 bid wice. The basls of fair value for quoted inVestmtS ig 8qurvalent to the market value, using bld price. Asset sales and purchases are recagnisod at lh& (late of trade al cost {thal is theirtwsacfion valuejl. 13. Debtors 2D21 2020 Tr8d8 debtors Prepayments ac¢rt[ irtome Other debtors {19,0001 1,8 75,613 {1 S.OLX)) 3,918 77,312 58,581 66,230 14. Cyedltors: omounts falllng due wlthln one y 2021 2020 Tr8de credilors AC(al$ and deferred income soal securrty and other taxes 5.196 2,062 5,935 1,018 7,003 18
The Nuclear Industry Benevolent Fund Notes to the Financial SLrytementS (Ggnlh¥sdJ Yoar ended 30 June 2021 15. Ponslons and other post reflrem?nt bendlts Doflned cortrlbutlon plans The amovnl recTrJnised in income oreX[dIbjr8 88 an explse in relation to defined contrfbutlon plans was £5,52612020: £5,289). 16. Anatysls of charttable funds Unrostrlctgd funds At Gaiis and 30 Juno 202 losses 1 Juty 2020 IrK¥)me ExKEndibJre General funds 3.258.176 72.339 (195.034) s86.1 3.721,982 At 1 Juty2019 Gains and At loss&s 30 June 2020 Income Expenditure General funds 3.434.¥28 81.636 (174.537) 183,851) 3.258,176 17. Analysls of n•t assets b6t**en funds Unrestrlcted Total Funds Funds 2021 Investments Current assets Creditors less than 1 year Net a55ets 3.619,836 111,492 {9.346) 3,721,982 3.619,836 111.492 {9.3461 3.721.982 Unrestricted Total Funds Funds 2020 Investments Current assets Credltors less than 1 year Net a$sots 3,150,785 114.394 {7.(K13) 3258.176 3.150.785 114.394 (7.0031 3.258,176 19
The Nuclear Industry Benevolent Fund Management Infomiation Year ended 30 June 2021 Thg followlng paggs do not forni part ol th• financlal stat•monts.
The Nuclear Industry Benevolent Fund Detailad sLement of Financlal Activities Year ended 30 June 2021 2020 Income and ondowments Donatlons and18gacloS Donations 2.182 2,488 Investmènt Incom• Income from listed investmts Bank interest rec*Nabl8 70,15) 79,110 70,157 79,148 Total Incomo 72.339 81,636 Expandltwa Expendltwe on charltable actmt Wages sal8ries Employels NIC Pension (xts Rent Rates and Wdter RepaKs and mainlenan InSUrae Other molorltrav81 Costs Legal arKI professlonal fees Telephone Other office costs Grants payaLle Bursarfes Subscriptions Investment manwJement fees Staff welfare Bank ¢harges Computer costs B8d dgbl proMsK)n Offi¢8 8ouipmenl & fixtums Web site & promotlon Sponsorship 72.065 2,602 5,526 10,294 68,877 3,141 5.289 10,053 103 522 2.886 14.255 2.449 14,094 1,993 46,038 21.802 53.311 6,682 162 119 151 2.429 2,OCK) 2.812 1.803 2.280 4.000 4,954 195,034 174,537 Total expendituro 195.034 174.537 Ngt galnsl(10ssg¥1 on Investsngnts Gainsl{lossesl on listed inveslmenls 586.501 183,8511 Net incomo1{exp•ndhuro) 463,806 {176.752) 21
The Nuclear Industry Benevolent Fund Notes to the Detalled Statement of Flnanclal ActFvities Yaar ended 30 June 2021 2021 2020 Expenditure on charitable actiyltles Charitablg activiti8S Actlvftles undertaken dlrn¢ty Waggsls818ries Employerfs NIC Pension costs Rent R8tes & water RepaSrs & maIntsCe Insurance Tmvel & subsnCe Legal and professMThl fees Telephone Postage, printing & ststionery Grants p8yaNe Bursarfes Subscriptions Investment management fees Staff welfwe Bank charges Computer costs Bad debt prowsion Office 8quipm8nl & rtUreS Web she & promotlon Sponsorship 64,993 2,602 5,526 10294 522 62,077 3,141 5,289 10,053 566 103 522 2,886 1,489 2,449 538 53,311 1,329 1.993 300 46.038 21,802 658 6,682 162 119 2.599 4,000 408 157 2,429 2,000 2,812 1,803 2,280 154,971 175,197 Govornanco costs G0vem8r8 costs- wageslsaL4ri&s GovemarKe costs- accountancy fees GovemarKe costs- independent examlnabon 7.072 10,722 2,043 6,800 10,725 2,041 19,837 19.566 Expondlture on ¢harft*lo actlvft169 195.034 174,537