2023-06-30-accounts

CHARITY REGISTRATION NUMBER: 208729

The Nuclear Industry Benevolent Fund Unaudited Financial Statements 30 June 2023

MORRIS LANE

Chartered Accountants 31/33 Commercial Road Poole Dorset BH14 0HU

The Nuclear Industry Benevolent Fund

Financial Statements

Year ended 30 June 2023

	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 of the financial statements
Detailed statement of financial activities	21
Notes to the detailed statement of financial activities	22

The Nuclear Industry Benevolent Fund

Trustees' Annual Report

Year ended 30 June 2023

The trustees present their report and the unaudited financial statements of the charity for the year ended 30 June 2023.

Chair's report

The best way to describe this past 12 months is "business as usual". This is not to say that there has been no progress; in this ever-changing environment the Fund has been proactive in the way it has responded. Yet again one would have expected the ongoing cost of living crisis to have resulted in an increase in requests for help from past and present members of the industry; these have however remained much on a par with previous years. Efforts to ensure that people are aware of the help available have continued with considerable help from the trustees who have used their contacts within the industry to promote the Fund. We would like to thank the organisations who have supported this and helped raise awareness of the Charity. The Bursary scheme continues to provide support to individuals struggling financially whilst undertaking education and training opportunities with a view to them starting or furthering their professional career in the UK nuclear industry. The financial burdens experienced by these, often young people, are considerable and it is really pleasing that the Fund can help alleviate some of these concerns.

Two of the trustees regrettably resigned during the year and I would like to thank David West and Collette Grundy for the contribution they both made during their time as trustees. We were able to recruit two new trustees this year and we have identified a further two who will be joining the Fund next year. Without diminishing the significant contribution made by the longer standing trustees, the addition of new faces and ideas is most refreshing.

The trustees held their Spring meeting "face to face", which is the first time they have done this since the pandemic. The Autumn meeting and other sub-committee meetings have continued to be held online. Meeting in person is certainly preferable but must be balanced against the costs and time spent, particularly for the Fund staff and those trustees who are in employment. The smooth running of the Fund is a credit to our three members of staff who show a great deal of dedication and patience in their work. Even though they continue to work mostly from home the effectiveness of the operation is in no way compromised. Their support for one another both professionally and personally is exemplary.

Gareth Beynon

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The Nuclear Industry Benevolent Fund

Trustees' Annual Report (continued)

Year ended 30 June 2023

Reference and administrative details

Registered charity name The Nuclear Industry Benevolent Fund Charity registration number 208729 Principal office Unit CU1, Warrington Business Park Long Lane Warrington WA2 8TX

The trustees

Mr G Beynon - Chairman Mr P Reilly - Vice Chairman Mr K Bradshaw Mr R F Bowen Mr S J Frost - Treasurer Dr C L Grundy (Resigned 3 October 2022) Mr P Lambeth (Appointed 13 June 2023) Mrs J H Lane Miss E Mansfield Mrs M Pearse (Appointed 13 June 2023) Mrs K Walkden Mr D J West (Resigned 9 April 2023) Independent examiner Morris Lane 31/33 Commercial Road Poole Dorset BH14 0HU

- 2 -

The Nuclear Industry Benevolent Fund

Trustees' Annual Report (continued)

Year ended 30 June 2023

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.

The 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 initial period of one year after which period they may be reappointed for further periods of three years. There must be a minimum of 8 trustees, and can be a maximum of 14.

Trustee vacancies are 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 their duties, arrangements can be made for this on an ad hoc basis. New trustees are also invited to attend a meeting 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 grant 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 Committee. Individual trustees are appointed to these sub-committees and the membership is reviewed annually.

The Cases Committee meets five times a year, to consider applications for assistance. The Investment sub-committee meets as required, and agrees the investment policy with the Fund's investment managers. It monitors returns 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 Committee 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 does not have a separate remuneration committee. The remuneration of the employees of the charity is reviewed annually by the Committee of Management.

- 3 -

The Nuclear Industry Benevolent Fund

Trustees' Annual Report (continued)

Year ended 30 June 2023

Structure, governance and management (continued)

Applications to the Fund

The initial contact for applicants is normally directed to the Fund office. Most of the required information is gathered by the Fund staff, by post, electronically or by telephone.

Occasionally, we receive applications from other charities on behalf of individuals who are eligible 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, if we can identify another charity to which an applicant could apply, we advise him/her to approach them directly. In such cases the two charities will 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 recruitment 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 light 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 activities

The Object of the Fund, as stated in the Rules and Constitution, is the relief of financial 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 carried 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 company or organisation which is or has been engaged in the Nuclear Industry in the United Kingdom.

- 4 -

The Nuclear Industry Benevolent Fund

Trustees' Annual Report (continued)

Year ended 30 June 2023

Objectives and activities (continued)

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.

The sole aim of the Fund is the relief of financial hardship, which is clearly recognised in the guidance as a potential Public Benefit, subject to compliance with the principles which are laid down. The Fund relieves financial distress in tangible form by giving assistance in the form of grants, as summarised in detail elsewhere in this Report. Of equal importance 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 activities. The trustees consider that limitation to this significant class of people is reasonable and relevant.

There is no further restriction on the opportunity to benefit. No fee is charged for access to any benefit.

The trustees are not aware of any detriment arising from the activities of the Fund, which would need 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 Loan Making Policy

The Cases Committee considers requests for financial assistance from current and ex-employees. 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/her financial position. Having regard to guidelines approved by the Committee of Management, the Cases Committee decides whether or not assistance would be appropriate. If so, help can be given in the form of a one-off grant for a particular requirement, or a regular grant that continues until the circumstances improve. The Committee has offered interest free loans, secured on property, in the past and will continue to service existing loans moving forward. However, The Committee has no intention to issue any further loans in future.

A Bursary Scheme, launched in 2020, is aimed at individuals looking to enter or develop a career in the UK nuclear industry. Applications are considered by a separate sub-Committee. The scheme continues to grow, with grants awarded in the year totalling £75,996 (2022: £54,670).

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The Nuclear Industry Benevolent Fund

Trustees' Annual Report (continued)

Year ended 30 June 2023

Achievements and performance

The Fund made grants and allowances to beneficiaries of £43,190, an increase of £828 compared with the previous year. The Fund also awarded bursaries of £75,996 during the year (2022: £54,670). The trustees remain concerned that the existence of the Fund is not widely known amongst both serving and ex-employees and is renewing its efforts to publicise the 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 the Fund.

Fund Assistance

Of £43,190 given in grants this year, the largest one-off grant given to one beneficiary was for £3,980 (2022: £1,670). As well as one-off grants there are beneficiaries who receive regular assistance.

Monitoring Achievement

Since the Fund can only respond to the requests it receives and can only give assistance when the applicant’s circumstances merit help, it is not possible to set performance targets in relation to its charitable activities. This year the Fund set 4 targets relating to other activities.

The results of these activities have been the continued publicity campaigns within as many nuclear organisations as possible. The recruitment of 2 new trustees during the year has helped this exercise as they have brought with them new contacts and new ideas. The Fund staff continued to look at current operating processes and make necessary changes in order to streamline the running of the Fund. A small group of trustees have updated the Rules to bring them in line with the current UK nuclear industry.

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The Nuclear Industry Benevolent Fund

Trustees' Annual Report (continued)

Year ended 30 June 2023

Financial review

In 2022/23, the Fund's capital decreased by £183,969, which compares with a decrease of £406,703 in the previous year. The decrease in capital was due to a fall in the value of the Fund's investment portfolio.

During the year, the Fund's incoming resources amounted to £85,110 (2022: £76,374). Of this, individual donations contributed £1,511 (2022: £1,832) and the trustees gratefully acknowledge this continuing support.

Investment income and realised gains were £83,479 (2022: £74,537) for the year, an increase of £8,942 (2022: £4,387) compared with the previous year.

The Fund made grants and allowances to beneficiaries of £43,190, an increase of £828 on the previous year. Bursaries were awarded totalling £75,996 during the year (2022: £54,670). Administration costs were £114,141 (2022: £115,048) which was a decrease of £907 (2022: £12,146) compared to the previous year.

Total losses on investments, realised and unrealised, during the year, were £35,752 (2022: Loss £270,997).

Total Charity funds, i.e. the accumulated excess of resources available, and investment funds generated since the Benevolent Fund was established, stood at £3,131,310 (2022: £3,315,279). This was represented mainly by investments with a market value of £3,045,305 (2022: £3,237,666), cash on short term deposit of £52,716 (2022: £45,544) and loans of £54,835 (2022: £54,835). There is a provision of £16,000 (2022: £16,000) against possible non-payment of loans.

Investment 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 portfolio 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 return on the Fund's investments, consistent with holding a prudently managed portfolio.

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)

Year ended 30 June 2023

Financial review (continued)

Investment Performance

At the beginning of the year, investment funds under management stood at £3,237,666. By 30 June 2023, this had decreased by £192,361 to £3,045,305.

Investment income generated during the year was £83,479 (2022: £74,537).

For the coming year, our investment managers intend to maintain the existing exposure to international markets, particularly the US, seeking 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 war in Ukraine.

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. The trustees have also arranged for the position to be kept under constant review.

Reserves Policy

The Fund currently has reserves of £3,131,310. The trustees have considered the need to hold reserves at this level, having regard to the following factors.

• In recent years the Fund's net resource movements have been in deficit. This deficit is expected to increase considerably in the future.

• Given the uncertainties facing the nuclear industry, it is probable that there will be greater calls on the Fund's resources in the coming years.

• The level of reserves at any time is reliant on the position of the stock markets, which is largely outside the control of the trustees.

Taking account of these factors, the trustees are of the opinion that it is prudent to hold reserves at the current level, but will reconsider this policy if there are any major changes to the Fund's situation in the future.

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The Nuclear Industry Benevolent Fund

Trustees' Annual Report (continued)

Year ended 30 June 2023

Plans for future periods

This year the Fund plans to:

• Recruit 2 further Trustees.

• Extend contacts within the nuclear industry who can help raise awareness.

• Review office roles and procedures.

29 Feb 2024

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

Gareth Beynon

Gareth Beynon (Feb 29, 2024, 5:50pm) Mr G Beynon Chairman

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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 2023

I 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 2023.

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’).

I 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 I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I 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.

I 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.

Ro er Morris g

Roger Morris (Mar 13, 2024, 4:58pm) Independent Examiner

31/33 Commercial Road Poole Dorset BH14 OHU

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The Nuclear Industry Benevolent Fund

Statement of Financial Activities

Year ended 30 June 2023

		2023	2023	2022
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	1,511	1,511	1,832
Investment income	5	83,599	83,599	74,542
		----------------------------	----------------------------	----------------------------
Total income		85,110	85,110	76,374
		============================	============================	============================
Expenditure
Expenditure on charitable activities	6,7	233,327	233,327	212,080
		--------------------------------	--------------------------------	--------------------------------
Total expenditure		233,327	233,327	212,080
		================================	================================	================================
Net losses on investments	8	35,752	35,752	270,997
		--------------------------------	--------------------------------	--------------------------------
Net expenditure and net movement in funds		(183,969)	(183,969)	(406,703)
		================================	================================	================================
Reconciliation of funds
Total funds brought forward		3,315,279	3,315,279	3,721,982
		-----------------------------------------	-----------------------------------------	-----------------------------------------
Total funds carried forward		3,131,310	3,131,310	3,315,279
		=========================================	=========================================	=========================================

The statement of financial activities includes all gains and losses recognised in the year. All income 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 2023

		2023	2022
	Note	£	£
Fixed assets
Investments	12	3,045,305	3,237,666
Current assets
Debtors	13	41,052	40,788
Cash at bank and in hand		52,716	45,544
		----------------------------	----------------------------
		93,768	86,332
Creditors: amounts falling due within one year	14	7,763	8,719
		----------------------------	----------------------------
Net current assets		86,005	77,613
		-----------------------------------------	-----------------------------------------
Total assets less current liabilities		3,131,310	3,315,279
		-----------------------------------------	-----------------------------------------
Net assets		3,131,310	3,315,279
		=========================================	=========================================
Funds of the charity
Unrestricted funds		3,131,310	3,315,279
		-----------------------------------------	-----------------------------------------
Total charity funds	16	3,131,310	3,315,279
		=========================================	=========================================

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

Gareth Beynon

Gareth Beynon (Feb 29, 2024, 5:50pm) 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 2023

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Unit CU1, Warrington Business Park, Long Lane, Warrington, Cheshire, WA2 8TX.

2. Statement of compliance

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 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic 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 financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.

(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 charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for a particular future project or commitment.

Restricted funds are subject to restrictions on their 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.

- 13 -

The Nuclear Industry Benevolent Fund

Notes to the Financial Statements (continued)

Year ended 30 June 2023

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following 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 reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the 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 unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes 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 governance of the charity apportioned to charitable activities.

• 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 directly 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 fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

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The Nuclear Industry Benevolent Fund

Notes to the Financial Statements (continued)

Year ended 30 June 2023

3. Accounting policies (continued)

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 impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is 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 goodwill, 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 liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal 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 financial instruments are subsequently measured at fair 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 gain was recognised.

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The Nuclear Industry Benevolent Fund

Notes to the Financial Statements (continued)

Year ended 30 June 2023

3. Accounting policies (continued)

Financial instruments (continued)

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually 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 impairment not previously been recognised.

Defined contribution plans

Contributions 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

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Donations
Donations	1,511	1,511	1,832	1,832
	=======================	=======================	=======================	=======================
Investment income
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Income from listed investments	83,479	83,479	74,537	74,537
Bank interest receivable	120	120	5	5
	----------------------------	----------------------------	----------------------------	----------------------------
	83,599	83,599	74,542	74,542
	============================	============================	============================	============================

5. Investment income

6. Expenditure on charitable activities by fund type

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Charitable activities	212,971	212,971	191,771	191,771
Support costs	20,356	20,356	20,309	20,309
	--------------------------------	--------------------------------	--------------------------------	--------------------------------
	233,327	233,327	212,080	212,080
	================================	================================	================================	================================

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The Nuclear Industry Benevolent Fund

Notes to the Financial Statements (continued)

Year ended 30 June 2023

7. Expenditure on charitable activities by activity type

	Activities
	undertaken	Support	Total funds	Total fund
	directly	costs	2023	2022
	£	£	£	£
Charitable activities	212,971	–	212,971	191,771
Governance costs	–	20,356	20,356	20,309
	--------------------------------	----------------------------	--------------------------------	--------------------------------
	212,971	20,356	233,327	212,080
	================================	============================	================================	================================

8. Net losses on investments

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Gains/(losses) on listed investments	(35,752)	(35,752)	(270,997)	(270,997)
	============================	============================	================================	================================
ndependent examination fees
			2023	2022
			£	£
Fees payable to the independent examiner for:
Independent examination of the financial	statements		1,918	2,280
			=======================	=======================

9. Independent examination fees

Fees payable to the independent examiner for: Independent examination of the financial statements

10. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2023	2022
	£	£
Wages and salaries	74,866	69,555
Social security costs	1,916	2,159
Employer contributions to pension plans	5,913	5,564
	----------------------------	----------------------------
	82,695	77,278
	============================	============================

The average head count of employees during the year was 3 (2022: 3).

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

11. Trustee remuneration and expenses

Trustees received no emoluments for their services in the year (2022 £Nil).

During the year the charity paid fees totalling £10,643 (2022: £10,604) 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 prepayments is a balance of £1,792 (2022: £1,551) to Frost & Company and included in accruals is an amount of £2,807 (2022: £2,916) owed to Frost & Company.

During the year, £294 was reimbursed for travel & accommodation costs to 3 trustees (2022: Nil).

- 17 -

The Nuclear Industry Benevolent Fund

Notes to the Financial Statements (continued)

Year ended 30 June 2023

12. Investments

	Listed
	investments
	£
Cost or valuation
At 1 July 2022	3,237,666
Additions	–
Disposals	(156,609)
Fair value movements	(35,752)
	-----------------------------------------
At 30 June 2023	3,045,305
	=========================================
Impairment
At 1 July 2022 and 30 June 2023
Carrying amount
At 30 June 2023	3,045,305
	=========================================
At 30 June 2022	3,237,666
	=========================================

All investments shown above are held at valuation.

Financial assets held at fair value

The Charity's investments are managed by Rathbone Investment Management Limited, who provide a valuation at the year-end date. Investments in equities 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 fair 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 is their transaction value).

13. Debtors

	2023	2022
	£	£
Provision for bad debts	(16,000)	(16,000)
Prepayments and accrued income	2,217	1,953
Other debtors	54,835	54,835
	----------------------------	----------------------------
	41,052	40,788
	============================	============================
Creditors: amounts falling due within one year
	2023	2022
	£	£
Trade creditors	47	48
Accruals and deferred income	5,088	7,476
Social security and other taxes	1,182	1,154
Other creditors	1,446	41
	-----------------------	-----------------------
	7,763	8,719
	=======================	=======================

14. Creditors: amounts falling due within one year

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The Nuclear Industry Benevolent Fund

Notes to the Financial Statements (continued)

Year ended 30 June 2023

15. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £5,913 (2022: £5,564).

16. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
		At			Gains and	At
	1	July 2022	Income	Expenditure	losses	30 June 2023
		£	£	£	£	£
General funds		3,315,279	85,110	(233,327)	(35,752)	3,131,310
		=========================================	============================	================================	============================	=========================================
		At			Gains and	At
	1	July 2021	Income	Expenditure	losses	30 June 2022
		£	£	£	£	£
General funds		3,721,982	76,374	(212,080)	(270,997)	3,315,279
		=========================================	============================	================================	================================	=========================================

17. Analysis of net assets between funds

	Unrestricted	Total Funds
	Funds	2023
	£	£
Investments	3,045,305	3,045,305
Current assets	93,768	93,768
Creditors less than 1 year	(7,763)	(7,763)
	-----------------------------------------	-----------------------------------------
Net assets	3,131,310	3,131,310
	=========================================	=========================================
	Unrestricted	Total Funds
	Funds	2022
	£	£
Investments	3,237,666	3,237,666
Current assets	86,332	86,332
Creditors less than 1 year	(8,719)	(8,719)
	-----------------------------------------	-----------------------------------------
Net assets	3,315,279	3,315,279
	=========================================	=========================================

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