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## CHARITY REGISTRATION NUMBER: 208729
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# The Nuclear Industry Benevolent Fund Unaudited Financial Statements 30 June 2022
MORRISLANE Chartered Accountant
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31/33 Commercial Road Poole Dorset BH14 OHU
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## The Nuclear Industry Benevolent Fund
## Financial Statements
## Year ended 30 June 2022
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|Page|
|Trustees'|annual|report|1|
|Independent|examiner's|report|to|the|trustees|10|
|Statement|of|financial|activities|11|
|Statement|of financial|position|12|
|Notes to the financial|statements|13|
|The following pages do not form part ofthe financial statements|
|Detailed|statement|of financial|activities|21|
|Notes|to|the detailed|statement of financial|activities|22|
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# The Nuclear Industry Benevolent Fund
## Trustees’ Annual Report
## Year ended 30 June 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 Juné 2022.
## Chair's report
Last year’s Report registered the fact that the Covid restrictions had changed the way In which our staff and trustees were operating. The situation has changed but not fo a great extent; all the meetings have continued on Zoom but the staff have been able to meet together in the office afbelt on a samewhat limited basis. Although the cost savings using Zoom are worthwhile, | believe that the faca to face contact ls very beneficial and expect that at teast some of our meetings will be “in person” very shortly. Have these constraints reduced the effectiveness of the operation? Almost certainly not and the response from the staff to those seeking help has been exemplary. It is to the credit of the staff that they have continued to provide an excellent service to the “customers” and indeed to the trustees In trylng times; thank you. However, the gradua retum to working together has helped the staff to interact In a way not possible remotely and the benefits of direct personal relationships cannot be underestimated.
We have been fortunate in recruiting two new Trustees who have brought fresh eyes and new perspectives on the work of the Fund. | would like to express my thanks to all our Trustees for the time that they give often against a background of work and home pressures.
Despite the Covid problems and the emerging cost of Hving crisis, applications for help from the Fund have remained steady. This situation has persisted despite new initiatives to publicise the Fund through advertisements In relevant local newspapers In both hard and digital formats. There has been continued interest for the “bursary” schema and 4 growing number of people have been helped with grants to ease their financial burdens. Tha Publicity subcommittee will continue to explore new avenues to get the Fund aut there.
Time was spent on a Future Strategy for moving the Fund forward in the changing environment and recognising the challenges of operating In a diverse nuclear Industry. tt is very Ilkely that the Fund will change its emphasis In the caming years as the old UKAEA potential recipients fade from the picture.
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The assets of the Fund, as managed by Rathbones, have remained in a healthy state; the value of the Fund on paper Is determined by the stock market and will show variations. However, the International investment spread used by Rathbones looks to achieve the best possible results in a variable market
## Gareth Beynon
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## The Nuclear Industry Benevolent Fund
Trustees’ Annual Report (continued)
## Year ended 30 June 2022
Reference and administrative details
Registered charity name The Nuclear Industry Benevolent Fund Charity registration number = 208720 Principal office Unit CU1, Warrington Business Park Long Lane Warrington WA2 8TX
The trustees Mr G Beynon - Chairman Mr P Reilly - Vice Charman Miss E Mansfield Mr S J Frost - Treasurer Mr D J West Mrs K Walkden Mr K Bradshaw Mr R F Bowen Mrs J H Lane (Appointed 20 October 2021) Dr C L Grundy (Appointed 20 October 2021) (Resigned 19 October 2022)
independent examiner MorrisLane 31/33 Commercial Road Poole Dorset BH14 OHU
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## The Nuclear Industry Benevolent Fund
Trustees' Annual Report (continued)
## Year ended 30 June 2022
## Structure, governance and management
The Nuclear Industry Benevolent Fund, formerly the UBA Benevolent Fund and previously the United Kingdom Atomic Energy Authority Benevolent Fund Is a registered charity (No 208729) which was set up by the United Kingdom Atomic Energy Authority In 1957. Its activities are governed by its Rules and Constitution, which were Introduced at that time. These have been updated as needed since then, the last update being in April 2017.
Tha trustees are individuals who have been appointed to ensure that the charity carries out its purpose and objectives in accordance with its governing document and the law. They serve for an initlal period of one year after which period thay may be reappointed for further periods. There must be a minimum of 8 trustees, and can be a maximum of 14.
Trustee vacancies ara filled by the Committee of Management. There is no formal training programme for new trustees. They are provided with a welcome pack, which Includes a copy of the Rules and the latest Annual Report. If they require further advice, Information or training on particular aspects of thelr duties, arrangements can be made for this on an ad hoc basis. New trustees are also Invited to attend a mesting of the Cases Committee.
The Committee of Management normally meets twice a year, when the trustees agree the broad strategy for the Fund, and general guidance on grantloan making, investment, staffing policy, reserves and risk management, for Its sub-committees.
The Committee has set up a number of sub-committees to oversee the more detailed implementation of policy and to make recommendations to the Committes. Individual trustees are appointed to these sub-committees and the membership ts reviewed annually.
The Cases Committee meets five times a year, to consider applications for assistance. The Investment sub-committee meets once or twice a year as required, and agrees the Investment policy with the Fund's investment managers. It monitors retums on the Investments, and agrees changes of strategy with the managers as needed. All other sub-committees meet on an ad hoc basis, when required.
The administration of the Fund Is delegated to the Fund Secretary, The Fund Secretary, who Is not a trustee, is a member of the Committse of Management, Cases Committee and Investment SubCommittee. She reports to the Chairman.
Due to the size of the charity and small number of employees the charity dogs not have a separate remuneration committes. The remuneration of the employees of the charity is reviewed annually by the Committee of Management. .
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# The Nuclear Industry Benevolent Fund
# Trustees’ Annual Report (continued)
# Year ended 30 June 2022
## Applications to the Fund
The initial contact for applicants is normally directed to tha Fund office. Most of the required Information Ig gathered by the Fund staff, by post, electronicatly or by telephone.
Occasionally, we receive applications from other charities on behalf of Individuals who are allgible to apply to more than one charity. These tend to include all the facts included on our own forms together with observations by that charity's representative. Similarly, [f we can identify another charity to which an applicant could apply, we advise hinvher to approach them directly. In such cases the two charities wil often work together, sharing the cost of the assistance awarded.
## Other Organisations and Funds
Networking with other similar funds continues to be extremely useful. It is helpful to have the opportunity to discuss matters such as demand for assistance, publicity methods and recrultment matters etc, This is made easier by the Fund's membership of the Association of Charitable Organisations (ACO). Not only Is this a valuable source of Information on benefits, it also has a wide knowledge of other funds and how they operate.
It brings to tight similarities and differences In the way charities function, all of which Is extremely useful in formulating policy. Through it we are able to contact other similar funds. It also has a website listing all members and therefore is a point of contact for potential beneficiaries, which is particularly Important in view of the need to reach as many eligible people as possible.
## Objectives and activitlas
The Object of the Fund, as stated In the Rules and Constitution, is the relief of financlal hardship and distress among past, present and future members of staff of the United Kingdom Atomic Energy Authority, British Nuclear Fuels plc and Amersham International plc or any successor company or organisation to which has been transferred and which is carrying on the undertaking or part of the undertaking previously carrled on by the Authority, British Nuclear Fuels plc or Amersham International plc, any company which has at anytime been a subsidiary of British Nuclear Fuels plc or any other companyor organisation which is or has been engaged in the Nuclear Industry In the United Kingdom.
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# The Nuclear Industry Benevolent Fund
## Trustees’ Annual Report (continued)
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## Year ended 30 June 2022
## Public Benefit
The trustees review the Fund's objectives and activities on a regular basis and confirm that In doing so they have complied with the duty under section 4 of the Charities Act 2011, to have regard to the Public Benefit guidance published by the Charity Commission for England & Wales (the Commission).
The Object of the Fund is the relief of financial hardship, which is clearly recognised In the guidance as a potentlal Public Benefit, subjact to compliance with the principles which are fald down. The Fund relleves financial distress in tangible form by giving assistance In the form of grants and interest-free loans, as summarised in detall elsewhere in this Report. Of equal Importanca is the significant level of advice which the Fund provides to applicants with financial problems.
The objectives of the Fund limit benefit to a section of the public, being present and past employees of the organisations defined under Objectives and activitles. The trustees consider that Ilmitation to this significant dass of people is reasonable and relevant.
There Is no further restrictlon on the opportunity to benefit. Because of the continulng proliferation of employers who are carrying on parts of the undertakings of the named organisations, the trustees make every effort to maintain and continually revise a record of such employers, for reference on recelving requests for assistance, to ensure as far as possible that no eligible person is excluded. No fee ts charged for access to any benefit.
The trustees are not aware of any detriment arising from the activitlas of the Fund, which would nesd to be offset against the benefit. The trustees therefore consider that the Fund fully complies with the principles laid down in the Commission's guidance on Public Benefit. Grant and and Loan Making Policy a
Grant and and Loan Making Policy a The Cases Committee considers requests for financial assistance from current and ex-employess, Requests may also come from the families or dependants of those employees. The Cases Committee establishes that the applicant is eligible for assistance, and then considers his/har financial position. Having regard to guidelines approved by the Committee of Management, the Cases Committees decides whetheror not assistance would bs appropriate. If so, help can be given in the form of a one-off grant for a particular raquirement, or a regular grant that continues until the circumstances Improve. In most circumstances, the Fund ts also able to offer advice on how the individual's sttuation can be Improved, and in some cases, this Is all that is required.
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# The Nuclear Industry Benevolent Fund
## Trustees' Annual Report (continued)
## Year ended 30 June 2022
## Achievements and performance
The Fuind made grants and allowances to beneficiaries of £42,362, a decrease of £3,676 compared with the previous year, The Fund also awarded bursarles of £54,670 during the year (2021: £21,802). The trustees remaln concerned that the existence of the Fund !s not widely known amongst both serving and ex-amployees and Is renewing Its efforts to publicise tha Fund's existence. We continue to use the resources already available to us and are also looking at new initiatives such as social networking sites to publicise tha Fund.
## Fund Assistance
Of £42,362 given in grants this year, the largest one-off grant given to one beneficlary was for £1,670 (2021: £2,000). As well as one-off grants there are beneficiaries who recelve regular assistance.
## Bursary Schame
In early 2020 the Fund launched a bursary scheme almed at individuals looking to enter or develop a career In the UK nuclear industry. This scheme has now been made a permanent addition to the benefits offerad by the Fund, with the numbers of applications continuing to increase. Payments under the scheme amounted to £54,670 In the year (2021; £21,802).
## Monitoring Achievement
Since the Fund can only respond to the requests It recelves, and can only give assistance when the applicant's circumstances merit help, It Is not possible to set performance targets in relatlon to its charitable activities. it does however, usually set targets relating to other activities.
Because of the Coronavirus (Covid 19) pandemic restrictions, the Fund did not set any targets last year. It was agreed to continue with the publicity campaigns within nuclear organisations which it did.
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# The Nuclear Industry Benevolent Fund
## Trustees’ Annual Report (continued)
## Year ended 30 June 2022
## Financial review
In 2021/22, the Fund's capital decreased by £406,703, which compares with an Increase of £463,806 in the previous year. The decrease in capital was due to a fall In the value of the Fund's Investment portfollo.
During the year, the Fund's Incoming resources amounted to £76,374 (2021: £72,339). Of this, individual donations contributed £1,832 (2021: £2,182} and the trustees gratefully acknowledge this continuing support.
Investment income and reallsed gains were £74,537 (2021: £70,150) for the year, an Increase of £4,387 (2021: Decrease of £8,860) compared with the previous year.
The Fund made grants and allowances to beneficiaries of £42,362, a decrease of £3,676 on the previous year. Bursaries were awarded totalling £54,670 during the year (2021: £21,802), Administratlon costs were £115,048 (2021: £127,194) which was a decrease of £12,146 (2021: Increase £5,968) compared to the previous year.
Total fosses on investments, realised and unrealised, during the year, were £270,997 (2021: Gains £586,501). ‘
Total Charity funds, I.e. the accumulated excess of resources available, and investment funds generated since the Benevolent Fund was established, stood at £3,315,279 (2021: £3,721,982). This was represented mainly by investments with a market value of £3,237,666 (2021: £3,619,836), cash on short term deposit of £45,544 (2021: £52,911) and loans of £54,835 (2021: £75,613).
There is a provision of £16,000 (2021: £19,000) against possible non-payment of loans.
## Investmont Policy
The Rules and Constitution of the Fund give the trustees authority to invest funds which are surplus to existing requirements in accordance with the powers conferred on trustees by sections 3 and 8 of the Trustee Act 2000. The trustees have appointed Rathbone Investment Management as the Fund's investment managers. In managing the Investment porifollo Rathbones are required to take account of the social, environmental and ethical requirements as laid down from time to time by the Charity
In the current year, the trustees continued their existing policy of obtaining a satisfactory retum on the Fund's investments, consistent with holding a prudently managed portfolio.
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The trustees had previously agreed a policy of disposing of equity shares in favour of unit trusts, and the Fund now has no direct equity share holdings.
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# The Nuclear Industry Benevolent Fund
## Trustees’ Annual Report continued) Yoar ended 30 June 2022
Investment Performance
At the beginning of the year, investment funds under management stood at £3,619,836. By 30 June 2022, this had decreased by £382,170 to £3,237,6866.
Income from investments generated during the year was £74,537 (2021: £70,150).
For the coming year, our Investment managers Intend to maintain the existing exposure to intemational markets, particularly the US, seaking to preserve income and capital growth, with a moderate level of risk. There are a number of factors Increasing risk to the global economy in particular the ongoing Brexit uncertalnty and the trade tensions batween China and the US. In additlon, Russia's Invasion of Ukraine has exacerbated pressures on global supply chains, particularly for energy and agricultural commodities.
## Commitments
No expenditure commitments have been made of more than twelve months from the date of the Balance Sheet .
## Risks»
The trustees have assessed the major risks to which the charity is exposed, and have Introduced measures to minimise the possible effects of those risks. Tha trustees have also arranged for the position to be kept under regular review.
## Reserves Policy
The Fund currently has reserves of £3,315,279. The trustees have considered the need to hold reserves at this level, having regard to the following factors,
- e In recent years the Fund's net movement in resources has been in deficit. This deficit is expected to Increase considerably in the future.
- e Glven the uncertainties facing the nuclear industry, It Is probable that there will be greater cails on the Fund's resources in the coming years.
- e Theoutsideleveltheofcontrol reservesof theat anytrustees. time is relianton the position of the stock markets, which is largely
Taking account of these factors, the trustees are of the opinion that it is prudent to hold resarves at the current level, but will reconsider this policy if there are any major changes to the Fund's situation In the future.
## Plans for future periods
This year the Fund intends to:
- e - Continue with regular publicity campaigns, especially within nuclear organisations. ; e Make necessary changes In order to streamline the running of the Fund. « Recrult 2 further trustees. e Update the current rules.
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## The Nuclear Industry Benevolent Fund
Trustees’ Annual Report (contirueg)
Year ended 30 June 2022
The trustees' annual report was approved on AW Sheet 20At ng signed on behalf of the board of trustees by: .
Mr G Beynon Chalrman
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# The Nuclear Industry Benevolent Fund
# Independent Examiner's Report to the Trustees of The Nuclear Industry Benevolent Fund
## Year ended 30 June 2022
| report to the trustees on my examination of the financial statements of The Nuclear Industry Benevolent Fund (‘the charity’) for the year ended 30 June 2022.
## Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
| report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## Independent examiner's statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Co»< q —_YY Independent Examiner
31/33 Commercial Road Poole Dorset BH14 OHU
229 Mad lo273
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## The Nuclear Industry Benevolent Fund
## Statement of Financial Activities
## pe
## Year ended 30 June 2022
|||2022|2022|2021|
|---|---|---|---|---|
|:||Unrestricted|||
|||funds|Total funds|Total funds|
||Note|£|£|£|
|Income and endowments|||||
|Donatlons and legacles
Investment Income|4
5|4,832
74,542|1,832
74,542|2,182
70,157|
|Total Income||76,374|76,374|72,338|
|Expenditure
Expenditureoncharitable activities|6,7|212,080|212,080|185,034|
|Totalexpenditure||212,080|212,080|195,034|
|Net(losses)/gains on Investments|8|(270,997)|(270,997)|586,501|
|Net(expenditure)income and netmovement infunds||(406,703)|(406,703)|463,806|
|Reconcltlation offunds|||||
|Total funds brought forward||3,721,982|3,721,982|3,258,176|
|Totalfundscarriedforward||3,315,279|3,315,279|3,721,982|
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The statement of financial activities Includes all gains and losses recognised in the year. All incame and expenditure derive from continuing activities.
The notes on pages 13 to 19 form part of these financial statements.
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## The Nuclear Industry Benevolent Fund
## Statement of Financial Position
## 30 June 2022
|||Note|2022
£|2021
£||
|---|---|---|---|---|---|
|Fixed assets||||||
|Investments||12|3,237,666|3,619,836||
|Current assets||||||
|Debtors
Cash at bankand tn hand|;|13|40,788
45,544|58,581
52,911||
||||86,332|111,492||
|Creditors: amounts falling due within one year||14|8,719|9,346||
|Netcurrent assets|||77,613|102,146||
|Total assotsloss current Ilabllitles|||3,315,279|3,721,982||
|Netassets|||3,315,279|3,721,982|-|
|Funds ofthe charity||||||
|Unrestricted funds|||3,315,279|3,721,982||
|Total charityfunds||16|3,315,279
_—|3,721,982
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These financial statements were approved by the board of trustees and authorised for Issue on 3,4)0 SSene4.2922ond are signed on behalf of the board by:
ON Mr G Beynon - Chalrman 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 Financlal Statements
:
## Year ended 30 June 2022
## 1. General information
The charity Is a public benefit entity and a registered charity in England and Wales and fs unincorporated, The address of the principal office is Unit CU1, Warrington Business Park, Long Lane, Warrington, Cheshire, WA2 8TX.
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## 2. Statement of compllance
These financial statements have been prepared In compliance with FRS 102, The Financial Reporting Standard applicable In the UK and the Republic of Ireland’, the Statement of Recommended Practice applicable to charities preparing thelr accounts In accordance with the Financlal Reporting Standard applicable in the UK and Republlc of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. :
## 3. Accounting policies
## Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financlal assets and llabllittes and investment properties measured at fair value through income or expenditure.
The financlal statements are prepared In sterling, which Is the functional currency of the entity.
## Golng concerm
There are no material uncertainties about the chartty’s ability to continue.
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## Disclosure exemptions
The entity satisfies the criteria of belng a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions avaliable under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the Charity.
(b) Disclosures in respect of financial Instruments have not been presented.
## Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the chanrlty’s purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subject to restrictions on thelr expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted Income funds or endowment funds.
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# The Nuclear Industry Benevolent Fund
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## Notes to the Financial Statements (continued)
## Year ended 30 June 2022
3. Accounting policies (continued
## Incoming resources
All incoming resources are Included in the statement of financial activities when entltlament has passed to the charity; it is probable that tha economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The folowing specific policies are applied to particular categories of Income:
- . income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured rellably.
- : legacy income is recognised when receipt is probable and entitlement Is established. .
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- , income from donated goods is measured at the fair value of the goods unless this is impractical to measure rellably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facifties and services are recognised in the accounts when recelved if tha value can be reliably measured. No amounts are Included for the contribution of general volunteers. —.
- . income from contracts for the supply of services Is recognised with the delivery of the contracted service. This is classified as unrestricted funds unfess there is a contractual requirement for it to be spent on a particular purpose and ratumed if unspent, in which case it may be regarded as restricted.
## Resources expended
Expenditure is recognised on an accruals basis as a Habllity Is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activitles to which it refates:
- : expenditure on ralsing funds Includes the costs of all fundralsing activities, events, non"charitable trading activities, and the sale of donated goods. ;
- : expenditure on charttable activites Inchides all costs Incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportloned to charitable activities. .
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- + other expenditure Includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated diractly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
## Investments
Unlisted equity Investments are initially recorded at cost, and subsequently measured at falr value. If fair value cannot be reliably measured, assets are measured at cost less Impairment.
Listed Investments are measured at falr value with changes in fair value belng recognised In income or expenditure.
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# The Nuclear Industry Benevolent Fund
## Notes to the Financial Statements (continued)
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Year ended 30 June 2022
## 3. Accounting policies (continued)
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## Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of Impalrment testing, when it is not possible to estimate the recoverable amount of an Individual asset, an estimate ts made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit Is the smallest Identifiable group of assets that Includes the asset and generates cash Inflows that are largely Independent of the cash Inflows from other assets or groups of assets.
For Impairment testing of goodwil, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, Irrespective of whether other assets or liabllitlas of the charity are assigned to those units. ,
## Financial Instruments
A financial asset or a financial liability ls recognised only when the charity becomes a party to the contractual provisions of the instrument
Basic financial instruments are initially recognised at the amount recelvable or payable including any related transaction costs.
Current assets and current !labitttes are subsequently measured at the cash or other consideration expacted to be pald or received and not discounted.
## Debt instruments are subsequently measured at amortised cost
Where investments in shares are publicly traded or thelr falr value can otherwise be measured reliably, the investment Is subsequently measured at fair value with changes in falr value recognised in income and expenditure. All other such investments are subsequently measured at cost less Impairment.
Other financlal Instruments, including derivatives, are initially recognised at fair value, unless payment for an asset Is deferred beyond nonnal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financlal instruments are subsequently measured atfair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments In a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities - in which the initial galn was recognised.
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# The Nuclear Industry Benevolent Fund Notes to the Financlal Statements (continue)
## Year ended 30 June 2022
## 3. Accounting pollcles (continued)
## Financial instruments (continued)
For all equity instruments regardiess of significance, and other financial assets thal are individually significant, these are assessed individually for impairment. Other financial assets are elther assessed individuaby or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised Immediately, to the extent that the reversal does not result In a carrying amount of the financial asset that exceeds what the carrying amount would have been had the Impalrment not previously been recognised.
## Defined contribution plans
Contributlons to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction In future payments or a cash refund. .
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period In which It arises.
## 4. Donations and legacies
**----- Start of picture text -----**
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
. £ £ £ £
5. InvestmentDonations Income 1,832 1,832 2,182 2,182
Unrestricted Total Funds Unrestricted Total Funds
_ Funds 2022 Funds 2021
. £ £ £ £
Income from listed Investments 74,537 74,537 70,150 70,150
Bank interest recelvabla 5 5 7 7
74,542 74,542 70,157 70,157
6. Expenditure on charitable activities by fund type
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Charitable activities 491,771 191,771 175,197 175,197
Support costa 20,309 20,309 19,837 19,837
212,080 212,080 195,034 195,034
**----- End of picture text -----**
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## The Nuclear Industry Benevolent Fund
## Notes to the Financial Statements (continued)
## Year ended 30 June 2022
## 7. Expenditure on charitable activities by activity type
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|Activities|
|undertaken|Support|Totalfunds|=Total|fund|
|directly|costs|2022|2021|
|£|£|£|£|
|Charitable|activities|191,771|-|191,771|175,197|
|Governance costs|-|20,308|20,309|19,837|
|194,771|20,309|212,080|195,034|
**----- End of picture text -----**
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|&|Net (loases)/gains|on|investments|
|,|Unrestricted|Total|Funds|Unrestricted|Total|Funds|
|Funds|2022|Funds|2021|
|£|£|£|£|
|Gains/(losses) on|listed|Investments|(270,997)|(270,997)|§86,501|586,501|
|9.|Independent|examination fees|
|,|2022|2021|
|£|£|
|Fees|payable|to|the|independent examiner|for:|
|Independent examination|of the|financial|statements|2,280|2,043|
**----- End of picture text -----**
## 10. Staff costs
,
The average haad count of employees during the year was 3 (2021: 3).
No employee recelved employee benefits of more than £60,000 during the year (2021: £Nil). — Trustee remuneration and expenses expenses ; :
11. Trustee remuneration and expenses expenses
Trustees received no emoluments for thelr services in the year (2021: ENil).
During the year the charity paid fees totalling £10,604 (2021: £10,722) to Frost and Company Chartered Accountants, a business in which Mr S Frost, a Trustee, is a partner. These fees were for accountancy services under normal commercial terms.
Included in prapayments is a payment on account of £1,551 (2021: £1,611) paid to Frost & Company and Included in accruals Is an amount of £2,918 (2021: £2,916) owed to Frost & Company.
:
During the year, there were no reimbursements for travel & accommodation costs to 8 trustees (2021: £Nil).
-17+
12. Investments
| | |
|
## The Nuclear Industry Benevolent Fund
## Notes to the Financlal Statements (continued
## Year ended 30 June 2022
.
|||Listed|
|---|---|---|
|||investments|
||;|£|
|Costorvaluation|||
|At 1 July 2021||3,619,836|
|Additions
Disposals||20,294
(131,487)|
|Fairvalue movements||(270,997)|
|At30June 2022||3,237,666|
|Impalrment
At 1 July2021 and 30 June2022|||
|Carryingamount
At 30June 2022||.
3,237,666|
|At30 June2021||3,619,836|
All investments shown above are held at valuation.
## Financlal assets held at falr value
The Charity's investments are managed by Rathbone Investment Management Limited, who provide a valuation at the year-end date. Investments in equitias and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of falr value for quoted Investments Is equivalent to the market value, using bid price. Asset sales and purchases are recognised at the date of trade at cost (that fs thelr ransaction value).
|Debtors||.|
|---|---|---|
||2022|2021|
||£|£|
|Provision for unrecoverableamounts|(16,000)|(19,000)|
|Prepayments and accrued income|1,953|1,968|
|Otherdebtors|54,835|75,613|
||40,788|58,581|
|Creditors: amounts falling duewithin oneyear|||
||2022|2021|
||£|£|
|Trade creditors|48|2,088|
|Accruals and deferred Income|7,476|5,196|
|Social securityand othertaxes|1,154|2,062|
|Other creditors|41|-|
||8,719|9,346|
13. Debtors
## 14, Creditors: amounts falling due within one year
- 18 «
## The Nuclear Industry Benevolent Fund
## Notes to the Financlal Statements (continued)
## Year ended 30 June 2022
## 15. Penslons and other post retirement benefits
## Defined contribution plans
The amount recognised in income or expenditure as an expense in relation fo defined contribution plans was £5,564 (2021: £5,526).
## 16. Analysis of charitable of charitable charitable funds
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Analysis of charitable of charitable charitable funds ‘
Unrestricted funds .
At
At Galns and 30 June 202
1 July 2021 Income Expenditure losses 2.
£ ‘ £ £ £ £
General funds 3,721,982 76,374 (212,080) (270,997) 3,315,279
At Gains and At
1 July 2020 Income Expenditure losses 30 June 2021
E £ £ £ £
General funds 3,258,176 72,339 (195,034) 586,501 3,721,982
Analysis of net assets net assets assets between funds
Unrestricted Total Funds
Funds 2022
£ £
Investments 3,237,666 3,237,686
Current assets 86,332 86,332 -
Creditors less than 1 year (8,719) (8,719)
Net assets 3,315,279 3,315,279
Unrestricted Total Funds .
Funds - 2021
£ " £
Investments 3,619,836 3,619,836
Current assets 111,492 111,482
Creditors less than 1 year - (9,346) (9,346)
Net assets 3,721,982 3,721,982
**----- End of picture text -----**
## 17. Analysis of net assets net assets assets between funds
**----- Start of picture text -----**
|
**----- End of picture text -----**
.
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|
.
| |
## The Nuclear Industry Benevolent Fund
## Management Information
Year ended 30 June 2022
The following pages do not form part of the financial statements.
;
- 20 -
## The Nuclear Industry Benevolent Fund
## Detalled Statement of Financlal Activities
## Year ended 30 June 2022
.
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|||||||
|---|---|---|---|---|---|
|.|2022|2021|
|£|£|
|Income|and|endowments|
|Donations|and|legacies|.|
|Donations|1,832|2,182|
|Investment|Income|
|Income from Hsted|Investments|.|74,537|70,150|
|Bank|interest|recelvable|5|7|
|74,542|70,157|
|Total|Income|76,374|72,339|
|Expenditure|
|Expenditure on|charitable|activities|
|Wages and|salaries|69,555|72,065|
|Employer's|NIC|2,159|2,602|
|Pension|costs|5,564|5,526|
|Rent|8,209|10,294|
|Rates and water|522|522|
|Repairs|and|maintenance|80|80|
|Insurance’|602|564|
|Legal|and|professional|fees|12,884|14,094|
|Telephone|1,408|1,993|
|Other office|costs|351|300|
|Grants|payable|42,362|48,038|‘|
|Bursaries|54,670|21,802|
|Subscriptions|940|638|
|Investment|management|fees|7,312|6,682|
|Staff welfare|116|162|
|Bank|charges|:|117|119|
|Computer costs|1,330|2,599|
|Bad|debt provision|(3,000)|4,000|
|Web|site & promotion|8,899|4,954|
|212,080|195,034|
|Total expenditura|212,080|185,034|
|Net losses/gains|on|Investments|
|(Gains\losses|on|IIsted|Investments|270,997|(586,501)|
|Net (expenditure}/Income|(406,703)|463,806|
**----- End of picture text -----**
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| | | i |
| | |
## The Nuclear Industry Benevolent Fund
## Notes to the Detalled Statement of Financial Activities
## Year ended 30 June 2022
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|2022|2021|
|£|£|
|Expenditure on|charitable|activities|
|Charitable|activities|
|Activities|undertaken|directly|
|Wages/salaries|62,130|64,993|
|Employer's|NIC|2,159|2,602|
|Pension|costs|5,564|5,526|
|Rent|8,209|10,294|
|Rates|& water|§22|§22|
|Repairs|&|maintenance|80|80|
|Insurance|602|564|
|Lega! and|professional fees|-|41,329|
|Télaphone|1,408|1,993|‘|
|Postaga,|printing &|stationery|351|300|
|Granta|payable|42,362|46,038|
|Bursaries|54,670|21,802|
|Subscriptions|940|638|
|Investment management fees|7,312|6,682|
|Staff welfare|116|162|
|Bank charges|117|119|
|Computer costs|1,330|2,699|
|Bad debt provision|(3,000)|4,000|
|Web|site &|promotion|6,899|4,054|
|191,771|175,197|
|Governance|costs|||
|Governance costs|- wages/salaries|7,425|7,072|
|Govemance costs|- accountancy|fees|10,604|10,722|
|Governance costs|- independent examination|2,280|2,043|
|20,309|18,837|
|Expeniiture on|charitable|activities|212,080|195,034|
**----- End of picture text -----**
.
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