2022-06-30-accounts - The Institution Of Engineering And Technology Benevolent Fund

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The Institution of Engineering and Technology Benevolent Fund

Annual Report and Financial Statements for the year ended 30 June 2022

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Charity No: 208925

Company Registration No: 00441284

Registered Office:

Unit A, 82 James Carter Road, Mildenhall Industrial Estate, Suffolk, IP28 7DE, United Kingdom

The Institution of Engineering and Technology Benevolent Fund (Foothold) Annual Report For the year ended 30 June 2022

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The Institution of Engineering and Technology Benevolent Fund (Foothold) Annual Report For the year ended 30 June 2022

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The Institution of Engineering and Technology Benevolent Fund (Foothold) Annual Report For the year ended 30 June 2022

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The Institution of Engineering and Technology Benevolent Fund (Foothold) Annual Report For the year ended 30 June 2022

13 March 2023

Independent auditor’s report to the members of The Institution of Engineering and Technology Benevolent Fund

Opinion

We have audited the financial statements of The Institution of Engineering and Technology Benevolent Fund (the ‘charitable company’) for the year ended 30 June 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Give a true and fair view of the state of the charitable company’s affairs as at 30 June 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
Have been prepared in accordance with the requirements of the Companies Act 2006

Basis for opinion

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

Conclusions relating to going concern

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

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

Independent auditor’s report to the members of The Institution of Engineering and Technology Benevolent Fund

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

Other Information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

The information given in the trustees’ annual report, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The trustees’ annual report, has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
The financial statements are not in agreement with the accounting records and returns; or
Certain disclosures of trustees’ remuneration specified by law are not made; or
We have not received all the information and explanations we require for our audit; or

Independent auditor’s report to the members of The Institution of Engineering and Technology Benevolent Fund

The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:

Independent auditor’s report to the members of The Institution of Engineering and Technology Benevolent Fund

Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations.
We inspected the minutes of meetings of those charged with governance.
We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
We reviewed any reports made to regulators.
We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the

Independent auditor’s report to the members of The Institution of Engineering and Technology Benevolent Fund

charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Fleur Holden (Senior statutory auditor)

17 March 2023

for and on behalf of Sayer Vincent LLP, Statutory Auditor

Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

The Institution of Engineering and Technology Benevolent Fund (trading as Foothold)

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 30 June 2022

Unrestricted General Fund £ 588,377 263,191 461 409,813	Restricted Speirs Fund £ - - - 91,660	Speirs Permanent Endowment £ - - - 120,230	2022 Total £ 588,377 263,191 461 621,703	Unrestricted General Fund £ 548,795 180,874 343 383,133	Restricted Speirs Fund £ - - - 78,444	Speirs Permanent Endowment £ - - - 105,726	2021 Total £ 548,795 180,874 343 567,303
1,261,842	91,660	120,230	1,473,732	1,113,145	78,444	105,726	1,297,315
243,629 114,554 33,436 1,893,635	19,395 - 156,953	24,975 - -	287,999 114,554 33,436 2,050,588	205,056 219,307 161,011 2,135,354	16,879 - - 158,690	21,413 - - -	243,349 219,307 161,011 2,294,044
2,285,253	176,348	24,975	2,486,576	2,720,728	175,569	21,413	2,917,711
(1,023,411) (1,151,257)	(84,688) (282,220)	95,255 (354,738)	(1,012,844) (1,788,215)	(1,607,583) 2,759,286	(97,125) 581,766	84,313 762,105	(1,620,396) 4,103,157
(2,174,669) -	(366,907) 114,257	(259,483) (114,257)	(2,801,059) -	1,151,703 -	484,641 103,717	846,418 (103,717)	2,482,761 -
(2,174,669) 17,946,412	(252,650) 3,833,313	(373,740) 5,084,147	(2,801,059) 26,863,872	1,151,703 16,794,709	588,358 3,244,955	742,701 4,341,446	2,482,761 24,381,110
17,946,412	3,833,313	5,084,147	26,863,871	16,794,709	3,244,955	4,341,446	24,381,110
15,771,743	3,580,663	4,710,407	24,062,813	17,946,412	3,833,313	5,084,147	26,863,871

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Notes 15 to the financial statements.

The Institution of Engineering and Technology Benevolent Fund (trading as Foothold)

Balance sheet

Balance sheet
As at 30 June 2022			Company no. 00441284
Note Fixed assets: 9 10 11 Current assets: 12 Liabilities: 13 14 15a 15a 15a Total unrestricted funds Investments Cash at bank and in hand Tangible assets Debtors Repayable grants Restricted income funds Unrestricted income funds: Designated funds Revaluation reserve Endowment The funds of the charity: Creditors: amounts falling due within one year Net current assets Total net assets Creditors: amounts falling due after one year Total assets less current liabilities General funds Total charity funds	£ 568,125 165,039	2022 £ 10,880 23,565,726 279,558	£ 256,584 277,630	2021 £ 20,471 26,506,342 359,784
		23,856,164 251,649		26,886,597 37,275
	733,164 481,515		534,214 496,939
	13,890,084 1,239,377 642,282		15,180,728 2,670,647 95,037
		24,107,813 45,000		26,923,872 60,000
		24,062,813		26,863,872
		3,580,662 4,710,407 15,771,743		3,833,313 5,084,147 17,946,412

		24,062,813		26,863,872

Approved by the trustees on 13 March 2023 and signed on their behalf by

Dr D Byrne OBE BSc MBA PhD CEng HonFIET Chairman

The Institution of Engineering and Technology Benevolent Fund (trading as Foothold)

Statement of cash flows

For the year ended 30 June 2022
Note 17 Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Change in cash and cash equivalents in the year Cash flows from operating activities Net cash provided by investing activities Net cash used in operating activities Cash flows from investing activities: Dividends and interest from investments Proceeds from sale of investments Purchase of investments (Increase)/Decrease in cash held for investment by investment managers	£ £ (1,886,695) 621,703 5,228,113 (3,676,076) (399,636) 1,774,104 (112,591) 277,630 165,039 2022		£ £ (2,407,998) 567,303 9,503,391 (8,485,092) 814,959 2,400,561 (7,437) 285,067 277,630 2021

		(112,591) 277,630		(7,437) 285,067
		165,039		277,630

The Institution of Engineering and Technology Benevolent Fund (trading as Foothold)

Notes to the financial statements

For the year ended 30 June 2022

1 Accounting policies

a) Statutory information

The Institution of Engineering and Technology Benevolent Fund is a charitable company limited by guarantee and is incorporated in the United Kingdom.

The registered office address is Napier House, 24 High Holborn, London, WC1V 6AZ.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees has considered key risks and consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.

g) Investment income and dividends

Investment income is included when receivable.

The Institution of Engineering and Technology Benevolent Fund (trading as Foothold)

Notes to the financial statements

For the year ended 30 June 2022

1 Accounting policies (continued)

h) Fund accounting

The assets managed by the charitable company are divided between two funds, the General Fund and the Speirs Fund. The Speirs Fund is further sub divided into two funds: Speirs Restricted Fund and Speirs Permanent Endowment Fund.
The General Fund is an unrestricted fund, which receives funds, which are expendable at the discretion of the trustees in furtherance of the objects of the group.
The Speirs Fund has a broader remit than the General Fund in terms of who it can assist and it will be used primarily in the area of care, assistance for the disabled and promoting independence where possible and assistance for carers.

Transfers may take place from the General Fund to the Speirs Fund but not vice versa in accordance with the Charity Commission scheme.

Designated Funds represents the value of unrestricted non current assets (fixed assets, investments and repayable grants) which are not freely available as reserves for the charity.
The Revaluation Reserve represents the accumulated unrealised gains made on the Charity’s unrestricted investment portfolio.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
Expenditure on charitable activities includes the costs undertaken to further the purposes of the charity and their associated support costs.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grants payable

Grants paid comprise amounts paid to individuals needing financial assistance.

The full costs of grants are included in the statement of financial activities in the year in which they are approved and communicated to the recipient. If grants that are approved during the year have not been paid, in part or in full, by the end of the year, any unpaid amounts are included, as creditors in the balance sheet.

k) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Administration and support costs and governance costs have been allocated on the proportion of time spent. These costs have then been reallocated to charitable activities and raising funds on the proportion of direct expenditure under each activity.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

l) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

The Institution of Engineering and Technology Benevolent Fund (trading as Foothold)

Notes to the financial statements

For the year ended 30 June 2022

1 Accounting policies (continued)

m) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Furniture and fittings
Leasehold improvements

10% straight line 10% straight line

n) Repayable grants

These are loans that have been made as part of our charitable activities and are included in the accounts at cost less any impairments and amounts repaid. An annual impairment review is undertaken and any impairment identified is charged to resources expended on charitable activities.

Outstanding grants are accounted for as assets of Foothold, and in some cases may be repaid after more than one year from the balance sheet date.

o) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a revaluation reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The Charity does not acquire put options, derivatives or other complex financial instruments.

p) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

q) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

r) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

s) Financial instruments

With the exception of the listed investments described above the charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

The Institution of Engineering and Technology Benevolent Fund (trading as Foothold)

Notes to the financial statements

For the year ended 30 June 2022

1 Accounting policies (continued)

t) Pensions

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the Charity to the fund.

The pension charge in the accounts also relates to employees who are members of the IEE Superannuation and Assurance Scheme, a defined benefit pension scheme. Foothold is unable to identify its share of the underlying assets and liabilities in the scheme on a consistent and reasonable basis to meet the full requirements of the Financial Reporting Standard on Pensions, FRS 102. Therefore Foothold’s contributions to the scheme are accounted for as if the scheme was a defined contribution scheme.

2 Detailed comparatives for the statement of financial activities

Total funds brought forward (as restated) Total funds brought forward Total funds carried forward Transfers between funds Net (expenditure) /income Net movement in funds Net (expenditure)/ income before gains / (losses) on investments Income from: Donations Expenditure on: Net (losses) on investments Advice and guidance Financial Support Total expenditure Legacies Events and sundry income Investment income and interest Total income Charitable activities expenditure: Raising funds	Unrestricted £ 480,121 71,505 799 482,905 1,035,330 185,973 414,745 1,848,786 2,449,504 (1,414,174) (695,807) (2,109,981) - (2,109,981) 18,904,690 18,904,690 - 16,794,709 -	Speirs Fund £ - - - 84,141 84,141 15,441 - 100,860 116,301 (32,160) (113,393) (145,553) 117,931 (27,622) 3,272,577 3,272,577 - 3,244,955 -	Permanent Endowmen t £ - - - 116,776 116,776 20,943 - - 20,943 95,833 (152,280) (56,447) (117,931) (174,378) 4,515,824 4,515,824 - 4,341,446 -	2021 Total £ 480,121 71,505 799 683,822
				1,236,247
				222,357 414,745 1,949,646
				2,586,748
				(1,350,501) (961,480)
				(2,311,981) -
				(2,311,981) 26,693,091
				26,693,091 24,381,110

The Institution of Engineering and Technology Benevolent Fund (trading as Foothold)

Notes to the financial statements

For the year ended 30 June 2022

3a Analysis of expenditure (current year)

Raising funds £ 115,986 0 126,105 - 356 618 - - - - 44,934	Charitable activities	Charitable activities		Governance costs £ 131,919 3,200 - - - - 1,233 16,150 5,390 - 930	Support costs £ 146,090 1,967 - - 53,431 277,732 - - - 9,591 159,534	2022 Total £ 525,348 5,167 126,105 1,256,747 53,787 278,350 1,398 19,296 5,390 9,591 205,398	2021 Total £ 559,094 13,762 121,563 1,669,713 75,884 275,226 212 29,633 9,130 9,570 153,923
	~~Welfare,~~ employment/ career, legal, money and general advice £ 33,559 - - 35,792 - - - 3,146 - - -	Employment beyond redundancy £ 10,382 - - 10,779 - - - - - - -	Financial Assistance £ 87,412 - - 1,210,176 - - 165 - - - -
287,999 - -	72,497 33,781 8,275	21,161 9,860 2,415	1,297,753 604,704 148,131	158,822 (158,821)	648,345 (648,345)	2,486,577 - -	2,917,710 - -
287,999	114,554	33,436	2,050,588	-	-	2,486,577	2,917,710
243,348	219,307	161,011	2,294,044	-	-	2,917,710

All Grants are to individuals

The Institution of Engineering and Technology Benevolent Fund (trading as Foothold)

Notes to the financial statements

For the year ended 30 June 2022

3b Analysis of expenditure (prior year)

Raising funds £ 88,839 - 121,563 - 1,709 288 - - - - 30,949	Charitable activities	Charitable activities	Charitable activities	Governance costs £ 108,355 - - - - - 212 11,675 9,130 - -	Support costs £ 189,633 13,762 - - 74,175 274,938 - - - 9,570 122,961	2021 Total £ 559,094 13,762 121,563 1,669,713 75,884 275,226 212 29,633 9,130 9,570 153,923
	Welfare, employment/ career, legal, money and general advice £ 63,581 - - 72,615 - - - 17,958 - - -	Employment beyond redundancy £ 19,180 - - 92,967 - - - - - - -	Financial Assistance £ 89,507 - - 1,504,131 - - - - - - 13
243,348 - -	154,154 54,803 10,350	112,147 41,102 7,762	1,593,651 589,133 111,260	129,372 (129,372)	685,039 (685,039)	2,917,710 - -
243,348	219,307	161,011	2,294,044	-	-	2,917,710

The Institution of Engineering and Technology Benevolent Fund (trading as Foothold)

Notes to the financial statements

For the year ended 30 June 2022

4 Net income / (expenditure) for the year

This is stated after charging:

This is stated after charging:
	2022	2021
	£	£
Depreciation	9,591	9,570
Operating lease rentals:
Property	153,449	119,155
Auditor's remuneration (excluding VAT):
Audit	8,700	8,300
Other services	2,000	2,000

5 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
	2022	2021
	£	£
Salaries and wages	448,918	484,285
Social security costs	46,626	49,099
Employer’s contribution to defined contribution pension scheme	18,040	25,710
Redundancy costs	11,765	-
	525,349	559,094

The Senior Management Team’s employee remuneration including national insurance and pension totalled £225,151 (2021: £219,731). Foothold now operates a defined contribution pension scheme for all permanent staff.

In 2022 one member of staff (2021: 1) received a salary excluding national insurance between £70,000 and £80,000.

Payments under the previous deficit reduction plan continue to be made until March 2027. Following the 2017 triannual review, an agreement was made and Foothold will continue to make additional contributions to reduce the share of the deficit on past service at the previous rate of £1,000 a month, which has been recognised with staff costs. This was fully recognised in 2018.

6 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 14 (2021: 15).

7 Related party transactions

No members of the Board of Trustees received any remuneration for the services to Foothold for the year. During the year travel and subsistence cost totalling £1,072 were reimbursed to 6 trustee (2021: £117 to 1 trustees), and £4,131 was incurred by Foothold on behalf of the trustees for meetings, training and recruitment costs (2021: £95). Foothold provides and pays for trustee indemnity cover.

Donations were made by Trustees in the year totalling £419 by 5 trustees, there were donations totalling £260 from 4 trustees in the prior year.

8 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

The Institution of Engineering and Technology Benevolent Fund (trading as Foothold)

Notes to the financial statements

For the year ended 30 June 2022

9 Tangible fixed assets

Leasehold improvements £ 73,973 -	Furniture & equipment £ 22,660 -	Total £ 96,633 -
73,973	22,660	96,633
59,177 7,397	16,985 2,194	76,162 9,591
66,574	19,179	85,753
7,399	3,481	10,880
14,796	5,675	20,471

All of the above assets are used for charitable purposes.

10 Listed investments

Cash held by investment broker pending reinvestment Fair value at the start of the year Purchases Sales proceeds Realised and unrealised gain/(loss) Fair value at the end of the year	General fund (Unrestricted) £ 17,471,120 2,279,999 (3,760,838) (1,151,257)	Speirs Fund (Restricted) £ 3,808,200 634,695 (610,924) (282,220)	Speirs Permanent Endowment (Restricted) £ 4,957,176 761,383 (856,351) (354,738)	£ 26,236,496 3,676,076 (5,228,113) (1,788,215) 2022 Total
	14,839,023 238,109	3,549,751 229,753	4,507,470 201,620	22,896,244 669,482
	15,077,132	3,779,504	4,709,090	23,565,726

10b Listed investments (prior year)

Fair value at the start of the year Purchases Fair value at the end of the year Sales proceeds Realised and unrealised gain/(loss) Cash held by investment broker pending reinvestment	General fund (Unrestricted) £ 15,954,731 5,535,411 (6,778,308) 2,759,286	Speirs Fund (Restricted) £ 3,047,120 1,332,606 (1,153,292) 581,766	Speirs Permanent Endowment (Restricted) £ 4,149,787 1,617,075 (1,571,791) 762,105	£ 23,151,638 8,485,092 (9,503,391) 4,103,157 2021 Total
	17,471,120 78,150	3,808,200 62,558	4,957,176 129,138	26,236,496 269,846
	17,549,270	3,870,758	5,086,314	26,506,342

The Institution of Engineering and Technology Benevolent Fund (trading as Foothold)

Notes to the financial statements

For the year ended 30 June 2022

For the year ended 30 June 2022
11 12 13 Trade creditors 14 Grants payable Trade debtors Creditors: amounts falling due within one year Other creditors Creditors: amounts falling due after one year Defined benefit pension scheme Defined benefit pension scheme Other debtors Accrued income & prepayments Repayments Accruals Repayable grants at the end of the year Repayable grants Repayable grants at the start of the year Debtors	2022 Total £ 359,784 (80,226)	2021 Total £ 360,384 (600)
	279,558	359,784
	2022 £ 21,085 - 547,040	2021 £ 12,948 6,416 237,220
	568,125	256,584
	2022 £ 39,771 47,991 155,961 12,000 225,792	2021 £ 151,766 3,793 106,331 12,000 223,049
	481,515	496,939
	2022 £ 45,000	2021 £ 60,000
	45,000	60,000

At 30 June 2022 Foothold had future commitments of £60,000 in respect of the pension scheme (2021: £72,000). £12,000 is within current liabilities. Contributions of £1,000 a month will continue to be made until March 2027.

The Institution of Engineering and Technology Benevolent Fund (trading as Foothold)

Notes to the financial statements

For the year ended 30 June 2022

15a Movements in funds (current year)

Movements in funds (current year)
Restricted funds Endowment funds Total designated funds Revaluation reserve General funds Total unrestricted funds Total funds Designated funds: Fixed assets Repayable grants Investments	At 1 July 2021 £ 3,833,313 5,084,147 20,471 359,784 14,800,473	Income & gains £ 91,660 120,230 - -	Expenditure & losses £ (458,567) (379,713) (9,591) (80,226) (1,200,827)	Transfers £ 114,257 (114,257) - - -	At 30 June 2022 £ 3,580,662 4,710,407 10,880 279,558 13,599,646
	15,180,728	-	(1,290,644)	-	13,890,084
	2,670,647 95,037	1,261,842	(1,431,270) (714,597)	- -	1,239,377 642,282
	17,946,412	1,261,842	(3,436,511)	-	15,771,743
	26,863,872	1,473,732	(4,274,791)	-	24,062,813

The narrative to explain the purpose of each fund is given at the foot of the note below.

15b Movements in funds (prior year)

		Income &	Expenditure &		At 30 June
	At 1 July 2020	gains	losses	Transfers	2021
	£	£	£	£	£
Restricted funds	3,244,955	660,210	(175,569)	103,717	3,833,313
Endowment funds	4,341,446	867,831	(21,413)	(103,717)	5,084,147
Designated funds:
Fixed assets	30,041	-	(9,570)	-	20,471
Repayable grants	360,384	-	-	(600)	359,784
Investments	14,669,276	131,197	-	-	14,800,473
Total designated funds	15,059,701	131,197	(9,570)	(600)	15,180,728
Revaluation reserve	1,285,455	1,385,192	-	-	2,670,647
General funds	449,553	2,356,042	(2,711,158)	600	95,037
Total unrestricted funds	16,794,710	3,872,431	(2,720,728)	-	17,946,412
Total funds	24,381,110	5,400,472	(2,917,710)	-	26,863,872

Purposes of restricted funds

The Speirs Fund has a broader remit than the General Fund in terms of who it can assist and it will be used primarily in the area of care, assistance for the disabled and promoting independence where possible and assistance for carers.

Purposes of endowment funds

The Speirs Fund is further sub divided into two funds: Speirs Restricted Fund and Speirs Permanent Endowment Fund.

Transfers may take place from the General Fund to the Speirs Fund but not vice versa in accordance with the Charity Commission scheme. Also between the permanent endowment and restricted funds for the income.

Designated Funds

Designated Funds represents the value of unrestricted non current assets (fixed assets, investments and repayable grants) which are not freely available as reserves for the charity.

The Institution of Engineering and Technology Benevolent Fund (trading as Foothold)

Notes to the financial statements

For the year ended 30 June 2022

16a Analysis of net assets between funds (current year)

Restricted £ - - 3,779,504 (198,842) -	Endowment funds £ - - 4,709,090 1,317 -	Designated funds £ 10,880 279,558 13,599,646 - -	Revaluation reserve £ - - 1,239,377 - -	General funds £ - - 238,109 449,174 (45,000)	Total funds £ 10,880 279,558 23,565,726 251,649 (45,000)

16b Analysis of net assets between funds (prior year)

Restricted £ - - 3,870,758 (37,445) -	Endowment funds £ - - 5,086,314 (2,167) -	Designated funds £ 20,471 359,784 14,800,473 - -	Revaluation reserve £ - - 2,670,647 - -	General funds £ - - 78,150 76,887 (60,000)	Total funds £ 20,471 359,784 26,506,342 37,275 (60,000)

17 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income/ (expenditure) for the reporting period (as per the statement of financial activities) Depreciation charges Losses /(Gains) on investments Dividends and interest from investments Decrease in repayable grants (Increase) in debtors (Decrease) in creditors Net cash (used in) operating activities	2022 £ (2,801,059) 9,591 1,788,215 (621,703) 80,226 (311,541) (30,424)	2021 £ 2,482,762 9,570 (4,103,157) (567,303) 600 (45,780) (184,690)
	(1,886,695)	(2,407,998)

The Institution of Engineering and Technology Benevolent Fund (trading as Foothold)

Notes to the financial statements

For the year ended 30 June 2022

18 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods

Two to five years Less than one year One to two years	2022 2021 £ £ 101,729 128,500 - 101,729 - - Property	2022 2021 £ £ 101,729 128,500 - 101,729 - - Property
	101,729	230,229

19 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.