# Annual report
## CONTENTS
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03
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36
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**09**
Our progress towards our 2022-27 strategy
Welcome from the Chair & CEO
Statement of Trustees responsibility for annual accounts
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04
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38
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**22**
Our financial review
Our commitments
Independent auditor's report
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05
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**42**
**28**
Our year in numbers
Our structure, governance and management
Statement of financial activities
44 - Balance sheet
45 - Statement of cash flows
**06**
**34**
46 - Notes to the financial statements
Our purpose and ambition
Reference and administrative details
## **The Trustees’ report**
We present our report for the year ended 30 June 2023. This report covers a review of achievements and performance; a financial review; consideration of the principal risks we believe Foothold faces; and the audited financial statements for the year ended 30 June 2023.
It is managed in accordance with its Memorandum and Articles of Association (amended by Special Resolution on 19 May 2010) and under the terms of a new Charity Commission Scheme of 29 January 2010 that established The Speirs Fund (which replaced the Chesters Trust Deed, otherwise known as the Speirs Memorial Trust, subsequently varied by the Charity Commissioners Scheme, dated 15 July 1975).
The Institution of Engineering and Technology Benevolent Fund (otherwise known as Foothold) is a registered charity No. 208925 and a company limited by guarantee incorporated in England and Wales with the registration No. 00441284.
**Foothold is the working name of The Institution of Engineering and Technology Benevolent Fund and is referred to as Foothold within this document unless required to be stated in full.**
## WELCOME FROM THE CHAIR AND CEO
2022-23 saw the launch of our new five-year strategy against the backdrop of continuing political unrest, the war in Ukraine, growing environmental instability and increases in the cost of living across the world.
(however this time it took place during the day), and a variety of half and full marathon challenges.
Deepening our relationship with the engineering community is key to the strategy’s success. This means engaging with those community members who most need our support, and harnessing the skills and generosity of volunteers and donors to help us deliver our activities and ensure financial stability.
maintain our commitment to support household incomes for those most in need, even with a reduction in our overall grants budget.
Whether you gave your time to support us, shared your story, or donated; whether you’re a volunteer, donor, supporter or staff member; we would like say **thank you** on behalf of our engineering community, for helping us to ensure that no engineer or their family has to face life’s challenges alone.
We also continued to look at ways of reducing our operational costs. In January this year, we surrendered the lease on our office in London. Remote working has been the norm for us since the Covid-19 lockdowns, and in September 2022 we formally consulted with the team on moving to remote working contracts, with a new registered office address.
Central to building a deeper relationship with our community is having a greater understanding of the different challenges and opportunities our community members are facing. For example, our collaboration with Neptune Energy provided the funding for our Differently Wired Hub and Engineering Neurodiverse Futures programme, enabling us to better engage with our neurodiverse community, their families, friends and colleagues, and build our understanding of their needs and aspirations.
Our volunteer numbers and roles also expanded, with three new Trustees appointed bringing skills in strategic IT, business and fundraising, and taking the Board to its full complement of ten. We also recruited two new volunteers to support our communications team.
We engaged the Directory of Social Change to review the effectiveness of the Board against the Corporate Governance code, and completed the action plan arising from the **Dr Dolores Byrne, Chair** review. The planned review of the Memorandum and Articles of Association was delayed, whilst we undertake work to revise the role of Local Representatives and discussions continue on our relationship with the Institution of Engineering and Technology (IET).
Working towards delivering a balanced budget whilst continuing to support engineers and their families has meant focusing our financial support on those in the greatest need, building the resilience of the community through our digital health and wellbeing support, and increasing the variety of our fundraising income streams. This focus has delivered a more than threefold increase in our legacy income, as well as substantial growth in the number of digital health and wellbeing sessions accessed by our community. It has also enabled us to
As the world emerged from Covid-19 restrictions, we saw an increase in the activities and events our community engaged in to raise funds, including a repeat of our Snowdon at Night challenge
**Jane Petit, CEO**
www.myfoothold.org **3**
**2** Foothold Annual Report 2022-23
## OUR COMMITMENTS
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We’re bold We’re trusting
To offer meaningful support, We treat you as an equal.
we must break down stigma, Building relationships based
address the big issues and on trust allows us to provide
try new ideas. better, quicker support.
YOUR
FOOTHOLD
IS HERE
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We’re empathic We’re joined-up
We seek to understand your We’re here to support you with
needs as if they were our own. all aspects of life, and to help you
Only through empathy and increase your all-round wellbeing.
understanding can we truly People’s needs are connected,
support others. so our support must be too.
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We’re open-minded We’re encouraging We listen without prejudice We want you to feel able to and act without discrimination stand on your own two feet. to help you in any way we can. To feel that you can make No challenge is too positive choices and big or small. changes in your life.
## OUR YEAR IN NUMBERS
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||||||
|---|---|---|---|---|
|£2.2M|spent|
|delivering...|
|2,432 instances|
|of direct support|
|to 1,589|in 53|
|people|countries|
|£1.6M|534|329|1,835|60,012|
|in donations|new people|people|sign-ups to|digital health|
|and legacies|applied|received|our Wellbeing|& wellbeing|
|for support|one or more|Hub, Differently|sessions|
|grants|Wired Hub or a|delivered|
|webinar|
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www.myfoothold.org **5**
**4** Foothold Annual Report 2022-23
## OUR PURPOSE AND AMBITION
## Our strategic framework
## OUR PURPOSE
## OUR AMBITION
## OUR IMPACT
We exist to ensure that no To increase the wellbeing I am supported by engineer or their family needs of engineers and their and support my wider to face life’s challenges alone families worldwide community of engineers
## ENABLE EMPOWER SUSTAIN
Capacity | Internal processes | Stakeholders | Resources
ENGAGE CREATE
INNOVATE
## Our beliefs
## Our strategic objectives
**Every call for help must be heard**
ENABLE our community to participate in a socially inclusive lifestyle
**1** |
- Achieving a household income of 75% of MIS level for eligible community members
- Amplifying voices of organisations advocating for social change around poverty and associated issues
**The best support empowers**
**2** |
EMPOWER our community to increase their resilience to life’s challenges
- Creating connected communities
- Developing digital health and wellbeing offers
- Engaging with new partners to widen our scope
- Creating positive change by developing our understanding of equality, diversity, equity and inclusion issues and how we can address them
**Asking for help takes courage**
- Being a barometer for the health and wellbeing of our engineering community
**3** |
SUSTAIN support for and from our community
**A problem shared is a problem halved**
- Engaging our community with our purpose
- Increasing our voluntary income
- Maintaining expenditure within budget
- Creating innovative models of volunteering
We work to achieve our ambition by:
## **PROVIDING**
## **WORKING**
## **OFFERING**
## **ENCOURAGING**
financial grants for our community to cover living costs to prevent poverty
with our partners to provide advice and guidance for our community
digital support through the community to our webinars, blogs, feel they can ask for app, Wellbeing Hub, and support, and give Differently Wired Hub support in return
www.myfoothold.org **7**
**6** Foothold Annual Report 2022-23
## Our impact
We provided direct support through financial grants, in-house support, referral to our expert partners, and online through our website, webinar programme, app, blog, Wellbeing Hub and Differently Wired Hub.
SUPPORTING 1,589 PEOPLE 471 1,271 grants for direct wellbeing webinar or financial support sign-ups
238 326 Wellbeing Hub Differently Wired sign-ups Hub sign-ups
193 grants for support from our partner organisations and in-house team
AS WELL AS OPEN-ACCESS DIGITAL HEALTH DELIVERING AND WELLBEING SESSIONS **60,012** 8,937 49,547 ‘How can we help you?’ sessions Blog views 59 171 Sleepstation registrations App downloads 480 818 PDF downloads YouTube views
## OUR PROGRESS TOWARDS OUR 2022-27 STRATEGY
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Enable our community to
participate in a “socially
1
inclusive lifestyle” by:
Achieving a household income of
of Minimum Income
75% Standard level for
eligible community members
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PAID IN GRANTS TO 291 PEOPLE £1,253,027
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215 79 76 Age range
15-95
received regular also received people only
payments a one-off received a received financial
support
payment one-off payment
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www.myfoothold.org **9**
**8** Foothold Annual Report 2022-23
## Reasons for one-off grants
To be eligible for financial support, a household needs to have a weekly income that is less than 75% of the headline Minimum Income Standard, as set by Loughborough University and the Joseph Rowntree Foundation. This level varies from household to household and is defined as the income level at which people can get by day-to-day, but struggle to manage unexpected costs. Our savings level criteria match the Department of Work and Pensions eligibility for Universal Credit.
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Household costs
Disability and carer
support
Medical costs
Emergency grant
Student support
Mental wellbeing
Employment
Travel and
accommodation
One-off – other
0 20 40 60 80 100
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Our one-off grants help to cover unexpected costs and events for low-income households, and include disability and care grants funded through the Spiers Fund.
We monitor the reasons why we decline applications and in 2022/23, 25% of applications were declined because people’s income or savings were above our eligibility criteria, even though they were struggling with day-to-day costs of living. We will continue to review this because it gives us an insight into how we may be able to increase the number of people we support as our funds and/ or partnership opportunities grow.
£257K SPENT ON 220 ONE-OFF GRANTS TO 185 PEOPLE
**I was made redundant before the pandemic, which meant that I was out of work for 2[1/2 ] years. Being a senior engineer, Universal Credit barely covered the mortgage, never mind food and the rest of the bills. Foothold helped keep me going, financially and emotionally, until I was back in work.”**
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Ahmed
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## Launching our My Money Checker service
In January 2023, we launched our My Money Checker service. Through this service, we aim to help build our community’s financial security by providing information and guidance on external sources of support (such as state benefits), for anyone living in the UK who applies for financial support. The information is presented as a traffic light system.
## RED
The information **must** be explored. Our expectation is that these benefits would be in place at the next check-in. Not exploring eligibility for benefits such as Universal Credit can impact the level of the grant.
## AMBER
The information **may** be explored. Exploring this information could provide beneficial outcomes for the community member, e.g. Personal Independence Payments.
## GREEN
Information and advice that is more generic but which may be of help to the community member, e.g. free school meal entitlement or links to local information.
## **How this service has benefited Foothold and our community**
**176 My Money Checks completed**
## RED GUIDANCE
Maximised £19k in income from external sources for community benefits, enabling savings of £21k for Foothold to be used to directly support other community members.
## AMBER GUIDANCE
**Ahmed wanted to say thank you – he had spoken to his council about his housing benefit and is now getting his full rent paid.”**
Enabled £6k in additional external income for three community members.
**Staff were provided with training and resources (including advice and guidance, conferences, and internal expertise). We also invested in an ‘Advice Finder’ tool to minimise admin time.**
www.myfoothold.org **11**
**10** Foothold Annual Report 2022-23
## **CASE STUDY**
Hi, my name is Sarojini and I live in Sri Lanka. I’m not an engineer myself, but my late husband was an electrical engineer all his life. Whilst my husband worked, I managed the household, as is customary here in Sri Lanka. We managed well for many years, but **things started to get difficult when my husband suddenly passed away of a heart attack.**
Without any income, I completely lost my independence. But worst of all, was the impact on my children. **I was now reliant upon them to take care of me financially and medically.** They had to put their lives on pause to tend to my own. I felt so guilty and frustrated that I’d become a burden on them.
Then one day, we received an email from Foothold offering support. Up to this point I hadn’t even realised that Foothold existed, but **they quickly made a significant mark on my family.** Our caseworkers were really helpful and supportive, and within six months, I received my first payment. Foothold were also gracious enough to support us with the cost of my upcoming operation too.
I hope that more people learn about Foothold’s work, and choose to support them so they can continue helping people like me. **It does make a huge difference in your life.**
## Empower our community to increase their resilience to life’s challenges by:
2
## **Creating connected communities through peer support**
During lockdown, we started writing handwritten cards to people receiving regular financial support to check how they were and whether they would like regular written or phone contact. A small number of people asked if they could have regular phone contact, and our Friendship team was born. Referrals to our Friendship team come from either the community member themselves, or from a caseworker who picks up signs of social isolation during their regular check-ins.
## **A community member said to me “Talking to you has given me so much hope.”**
Tania Pomroy, Foothold support volunteer
The number of people accessing the service may be small, but the interactions are proving meaningful, as one volunteer described:
This year, we opened up requests for mentoring, beginning with community members on our Engineering Neurodiverse Futures programme and then making it available for all community members. For example, one community member was looking for mentoring in a specific engineering field, and one of our volunteers was able to support them:
**We had a good Teams video call last week. I’ve also provided him with a few resources, and he’s asked if I can review his CV which he’s going to send through later.”**
**Had a good initial email exchange with a community member. He made it in-person to a local group, Mentell, last night which is really positive.”**
Dan Rhodes, Foothold support volunteer
Dan Rhodes, Foothold support volunteer
www.myfoothold.org **13**
The hub offers online support to meet the top three challenges noted by community members in the survey, covering mental health, physical health and financial wellbeing – with the latter being by far the most visited.
We provided webinars on nutrition, exercise and sleep alongside some of our regular sessions on preparing for retirement, estate planning and mental health. These topics were informed by our community ‘Future Needs’ survey (answered by 1,416 community members), which showed an increased interest in physical health and wellbeing since we first ran the survey in 2019 (see chart below).
**Developing digital health and wellbeing offers that meet the needs of our community**
1,271 people signed up for our free webinars, and we received great feedback from attendees, with an average rating of 4/5 and 4.3/5 for the sessions and presenters respectively. And 96% of people said they would attend another Foothold webinar in the future.
1 271 , people signed up for our free webinars, and we received great feedback from attendees.
Registrations for our Wellbeing Hub, launched in 2021, continued to grow through the year, with one community member noting: “The Wellbeing Hub is amazing. It’s better than the equivalent support from the NHS”.
Thinking about the future, in which of these areas might you see challenges in the next five years?
2022 2019
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Money / finance
Your environment
Emotional and mental health
Physical health
Legal disputes, e.g. employment,
divorce / separation
Relationships
Work / employment
0% 10% 20% 30% 40% 50% 60% 70%
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Our EDEI action plan was developed as part of the EDEI policy agreed by the Board in 2021. It covers a period of two years and focuses on actions which will develop a positive EDEI impact, for both our Foothold community and our staff and volunteers.
can use to provide geographically tailored guidance for community members within the green section of our My Money Checker service.
**Engaging with new partners to widen the scope of our support**
Our new website was launched in 2020 as part of our rebrand, and this year we engaged with the Shaw Trust to undertake a website accessibility audit as part of our EDEI action plan. The report was delivered in May, and we will be working to address the accessibility issues raised so that all community members can fully engage with our website.
**Creating positive** AdviceFinder is the only national directory of advice-giving **change by developing** organisations, and is maintained **our understanding** by AdviceUK, the leading support network for independent advice **of the equality,** providers. Their directory contains contact details and service **diversity, equity** information for organisations that **and inclusion (EDEI)** provide advice and support on a wide range of topics, including social **issues affecting our** welfare issues such as debt, housing, **community and how** consumer issues and more. **we can address them**
Work has progressed well during the first year of our action plan, with some actions falling behind due to changes in staff.
Access to the directory offers information that our casework team
Our progress against our EDEI Action plan
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Tasks
14
12
10
8
6
4
2
0
Completed In progress Not due to start Late
Our actions Training, development, progression available to all Ensure that no community member is treated less favourable Environment in which individual differences are recognised Staff commitment to dignity and respect Confront discriminatory and unfair policies etc. Continually review our methods of delivery etc. Promote and encourage the take up of support etc. Collection of EDEI data across our community Encourage staff to raise concerns and ideas Accessible workspaces Review 3rd party delivery etc. Staff have the skills to support good practice Working environment that promotes dignity and respect
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www.myfoothold.org **15**
**14** Foothold Annual Report 2022-23
## **CASE STUDY**
## Neurodiversity support
Supporting aspiring and established neurodiverse engineers to thrive
## **PILLAR 2**
**PILLAR 1**
## **AIM**
**Personalised Awareness support and information** For engineering Available students and free to all apprentices aged 16-25
## **HOW**
**Engineering Neurodiverse Futures programme**
**Differently Neurodiverse Wired Hub Futures programme** Timely diagnosis Self-assessment through full tools diagnostic assessment Information for Counselling, individuals and coaching employers and mentoring Celebrating Living costs and differences equipment **OUTCOMES** Increased Successful neurodiversity completion awareness of study Improved mental Transition wellbeing and into work resilience
In October 2022, we expanded our support for neurodiverse community members. Our offering now includes our Differently Wired Hub (an online information and advice portal), and our Engineering Neurodiverse Futures programme for first-time engineering students and apprentices.
Six students/apprentices have so far successfully applied for a place on our Engineering Neurodiverse Futures programme and will be eligible for support throughout their course.
Alongside providing support, we are also undertaking a study on the programme’s impact, which will be available in 2026-27.
**I am an IET Fellow and so I am aware of the excellent work undertaken by Foothold to support engineers who are in difficult circumstances. Also, I work with someone who is neurodivergent and I found the resources on Foothold’s website to be very helpful for supporting them.”**
Hi, I’m Donat and I’m in my first year of an electrical and electronics engineering course at Leeds University. **Not long into my studies, I noticed I was starting to struggle.** I knew I was capable and I wanted to do well, but there was a blocker in my path that I couldn’t identify.
I felt like a fly trapped inside a window, bouncing around trying to get out of the situation, but stuck doing the same things with no success.
Then one day, I received an email from my university about Foothold’s Engineering Neurodiverse Futures programme. **It sounded like a great opportunity,** especially as they also provide additional financial, counselling and career support following a diagnosis. So, I emailed the Foothold team to find out more.
I had my assessment on my 19th birthday, on the 19th March. It was an unusual way to spend my birthday! and **The assessment confirmed that I have ADHD,** I’m currently waiting on an official letter of diagnosis. I’ve also been prescribed some medication. But **I can now access** the biggest benefit to me is that **Foothold’s support for the remainder of my studies.**
Isaac Odoma
**16** Foothold Annual Report 2022-23
## Enhanced data collection
We are now collecting demographic data as part of our support application process through our customer relationship management system. We will expand this to everyone accessing our individual support in 2023-24, through our “Getting to know you” survey. This data, together with our Future Needs survey, is the first step to ensure our support is as relevant and tailored as possible to the whole of our community.
## Gender
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Non-binary
Prefer to
self-describe
Prefer not to say
Female (including
transgender women)
Male (including
transgender men)
0 200 400 600 800
Religion
Sikh
Muslim
Jewish
Hindu
Christian
Buddhist
Prefer not to say
Other religion
No religion
0 100 200 300 400 500
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## **Offering a global service**
At Foothold we are a small team doing our best to offer a global service. Our community members are based right across the world, and we want to be able to support everyone who comes to us for help, no matter where they live. One of the ways we do this is by undertaking research into the support available in different countries, so we can identify gaps or signpost community members to support that’s already available. For example, our caseworkers have recently finished looking into support available in India and South Africa. We are also being supported in this research by volunteers at Neptune Energy.
Although this is not possible for every country, we are also very fortunate to have an active member of our service development committee who is based in Lagos, Nigeria. Over the past year, this person has been instrumental in helping the team understand the culture and landscape for members living in Nigeria and the issues they may be facing. He has also been able to provide specific information about Nigeria to help our caseworkers ask the right questions, shape our responses and make decisions on support.
**Denice Houslin** Head of Support Services
**I think differently, my reactions are different, my ‘cause and effect’ is not the same as others’**
**– and that’s ok. I’m becoming increasingly comfortable with who I am, and the diagnosis is helping me understand my strengths and explain some of the challenges I’ve faced in my life”**
## **Being a barometer for the health and wellbeing of the engineering community through:**
- Measuring the health and wellbeing of community members and the impact of our support
- Rerunning our 2019 “Future Needs” community survey
Stuart Redgard
How’s your emotional and EMH When life’s tough, how likely 2019 physical health at the moment? Physical are you to ask for help? 2022
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50% 50%
45% 45%
40% 40%
35% 35%
30% 30%
25% 25%
20% 20%
15% 15%
10% 10%
5% 5%
0% 0%
Excellent Very Good Poor Very Very Quite Not very Not at Don’t
good poor likely likely likely all likely know
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How’s your financial situation at the moment?
How well does your environment support your health and wellbeing?
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2.5% 3.5%
Very difficult None at all
7% 18.5% 8% 26%
Difficult Very easy A little A great
deal
35% 37% 28.5% 34%
Neither easy Easy A moderate A lot
nor difficult amount
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www.myfoothold.org **19**
**18** Foothold Annual Report 2022-23
## Sustain support for and from 3 our community
community by sharing inside stories and interesting titbits, alongside information and advice.
We have had some really good engagement with the newsletter so far, growing our subscriber base to 5,693 – with our most popular content being our online support such as our webinar promotion and expert blogs. One community member commenting on the relaunch said:
## **Engaging our community with our purpose**
**I have just read your newsletter and I think it looks fantastic. It is well laid-out with so much information to read. Keep up your great work.”** Community member
This year, we relaunched our monthly newsletter to make our content more engaging and accessible for the community. Email is our top-performing communications channel for engagement, and the relaunch provided the opportunity for all our team to get closer with the
We will continue to monitor engagement with the newsletter in 23/24, and will act on any feedback to ensure we’re providing the best experience for community members.
We’re also continuing to develop our fundraising and supporter care activities. Working with our partners, we’ve developed a programme of inclusive fundraising events and challenges to diversify our income. We’ve also enhanced how we report back to our donors on the impact of their support, using stories and testimonials from community members to highlight how their donation makes a difference.
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Volunteer hours 31 VOLUNTEERS
Local reps 30 hrs
1200
Service
Development
Committee
50 hrs
1000 Marcomms
Creating
volunteers
innovative models 240 hrs
of volunteering
800
Support
volunteers
With the development of our online 336 hrs
support, it was becoming increasingly
difficult for our communications team to
600
keep on top of all our content. Working
with our Business and Volunteering
Manager, the team began recruiting for
two communications support volunteer
roles. Our community members
stepped forward to support them, and 400
the two posts were filled within one
month. Altogether, our volunteer team
doubled the support they gave in
2021-22 to an amazing 1,222 hours.
200 Trustees
566 hrs
Neptune Energy also offered their
staff time to support us by researching
health and social care arrangements
in different countries, aided by pre-
prepared desktop research questions. 0
This will enable us to be better informed
and focus our support where it will have Hrs
the greatest impact.
Receiving support from
Foothold made me realise
the importance of helping
and supporting others.
Volunteering for Foothold
is a privilege, and I’m
enjoying being involved
with an organisation
with such a great vision
and support.””
**----- End of picture text -----**
**Receiving support from Foothold made me realise the importance of helping and supporting others. Volunteering for Foothold is a privilege, and I’m enjoying being involved with an organisation with such a great vision and support.””**
Zacchaeus Sonuga
www.myfoothold.org **21**
**20** Foothold Annual Report 2022-23
## OUR FINANCIAL REVIEW
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22 Foothold Annual Report 2022-23
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Our income comes from three main sources: donations and gift aid, legacies, and investments. 2022-23 saw a strong performance in our legacy income.
The deficit was met by realising investment gains and drawing down capital from our investments. The net effect of these movements in addition to the external economic environment has seen the level of our funds decrease by 1.9% to £23,599,148 (2021/22 £24,062,813).
Our spend on raising funds remained similar to 2021-22, with overall charitable expenditure (total expenditure minus costs of raising funds and investment managers’ fees) at 87% of our total expenditure.
Alongside savings associated with the surrender of the lease on Napier House, there was also a reduction in grants for financial assistance. This was attributable to not repeating the emergency cost of living grants we delivered in 2021-22, and reinstating the “emergency or hard to fund” criteria for our one-off grants which had been suspended during post Covid-19 lockdown period. Our commitment to maintaining household incomes for eligible members remained.
The decrease in total expenditure of £50,372 and increase in income of £762,675 is in line with our strategy to achieve a balanced budget and deliver a sustainable model of charitable activity going forward.
The financial results of the year are set out in the Statement of Financial Activities in Section 8.
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2021-22 2022-23
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Income and expenditure 2021-22/2022-23
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Total income
Donations & Gift Aid
Investment income
Legacies
Fundraising activities
Total expenditure
Charitable activities
Raising funds
£0 £500,000 £1,000,000 £1,500,000 £2,000,000 £2,500,000
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www.myfoothold.org **23**
## Our fundraising
£1,567,255 raised
by 38,000 across individual 25 countries donors
80 monthly 4 legacy 1 trust and 2 corporate givers gifts foundation collaborations
We’ve received incredible support from the community throughout the year. We rely on donations and gifts in wills to fund all our work, and our achievements simply wouldn’t be possible without our amazing supporters.
their monthly salary and donating them to Foothold, raising £1,081 In October. Matchtech colleague Melissa Dymock conquered her fear of heights and braved a skydive challenge, raising £520. And in April, 23 Matchtech staff donned their walking boots and scaled Snowdon, the highest mountain in Wales. The team raised £6,500.
Support from individuals
## **Donations**
Donations from individuals continue to provide the foundation of our fundraising. Annual donations made by IET members when they join or renew their membership generated £434,000 this year. We are grateful to the IET for collecting these donations on our behalf. In addition, 761 people supported our direct appeals programme, generating a further £59,000.
**What an amazing** team raised £6,500. **experience it was Neptune Energy jumping out of a plane** In September, Neptune Energy **at 10,000 feet and** generously donated £299,500 to **free falling at 125mph!** fund our Engineering Neurodiverse Futures Programme. 26 Neptune **I am proud of myself** staff also completed training on **for facing my fear of** neurodiversity awareness, as **heights and doing** well as volunteering their time to complete a research project on **something way out** neurodiversity support available **of my comfort zone.** around the world. **The feeling really was phenomenal.”**
## **Legacy gifts**
We were honoured to receive four gifts totalling £724,557 (up from £263,191 in 21/22).
With thanks to:
## **Support from trusts**
Doris Margaret Booth Ian Glass Rodney Mervyn Jelfs Harry Moores
## **& foundations**
Melissa Dymock
We were delighted to receive a donation of £10,000 from The OptiGene Foundation to fund our care and disability support.
In addition, 39 people have notified Foothold that they have pledged a gift in their Will, and we are extremely grateful for their support. These pledges will help us plan our resources more effectively to maximise our support for the engineering community.
been any breaches of regulation or code and no complaints have been received.
## **Our fundraising practices**
We take particular care to safeguard and protect vulnerable supporters and our staff receive annual training in this area. We also pay close attention to the changing regulatory environment to ensure our fundraising is transparent, honest and non-intrusive.
Foothold recognises the requirements of the Charities (Protection and Social Investment) Act 2016 which contains a range of provisions aimed at raising standards in fundraising. We also voluntarily subscribe to the Fundraising Regulator and abide by the fundraising code of conduct.
## Support from corporates
It is our practice to keep supporters up-to-date with how their gifts are being used. But community members are given the option to control if and how we contact them and we have processes in place to support this. We do not sell our supporters’ data and we don’t purchase external data lists.
Our collaborations with Matchtech and Neptune Energy continued throughout the year.
We do not employ professional fundraising agencies or commercial participators. All our fundraising is carried out by our small in-house team. This year there have not
## **Matchtech**
Matchtech staff continued their successful Pennies From Heaven scheme, rounding up the pennies in
www.myfoothold.org **25**
The total reserves as of 30 June 2023 were £23,599,148 (2021/22 £24,062,813 )
## The Funds
The assets managed by Foothold for its purposes in securities, are divided between two funds, property, or other investments as the General Fund and the Speirs may be thought fit. Our investment Fund (previously known as the managers are signatories to the Chesters Trust or the Speirs United Nations-backed Principles Memorial Fund). for Responsible Investment and we have decided not to apply any The General Fund is used to further social, environmental or ethical limitations on Foothold’s provide financial, legal, welfare and employment support to current and investments. The investment former members of the Institution objectives are to generate a of Engineering and Technology and sustainable income stream which their dependents. at least maintains its real value in future years, and at least to maintain The Speirs Fund has a broader the real capital value of the portfolio remit than the General Fund as it over the long term. is open to anyone with an interest in engineering, and it is used When we identified Foothold as primarily in the areas of care, a “Retail Investor” we decided to disability assistance, promoting move the portfolio to Rathbone and maintaining independence and Investment Management Limited support for carers of all ages. and to adopt the Total Return style
When we identified Foothold as a “Retail Investor” we decided to move the portfolio to Rathbone Investment Management Limited and to adopt the Total Return style of investing. However, currently we do not use total return accounting.
The Speirs Fund is further subdivided into two funds. The first is a permanent endowment from the income of the sale of the Speirs House business, run by a wholly owned charitable subsidiary company established by the Board of Trustees. The capital in the permanent endowment fund is to be retained for the future use of Foothold and will be increased or reduced by any capital gains and losses.
## **Investment performance**
The investment target is set as a total return over a 10-year period of CPI +4%. Since inception (January 2015) until 30th of June 2023 CPI +4% has been +83.1%. Over the same time period the investments have delivered +63.4% on a total return basis, compared to the composite index benchmark (which is used for shorter term comparison purposes) of +65.3%. High inflation and difficult market conditions have led the investments to fall behind their investment target for the first time, however it is still judged that CPI + 4% remains an appropriate long-term target. During this year, the portfolio produced a total return of +1.7%, behind the composite index benchmark which returned +3.8%, as increasing interest rates, high inflation and economic and geopolitical uncertainly impacted our investment strategy.
The second fund is derived from a combination of the funds previously held in the Chesters Trust (Speirs Memorial Fund) and the income from the permanent endowment fund which is transferred into the restricted income fund and is to be spent on the charitable objects of the Speirs Fund.
## **Investment policy**
Our investment powers are governed by charity and Trustee legislation and regulations. Foothold’s memorandum of association permits it to invest monies not immediately required
## **Reserves policy**
It is imperative that Foothold has reserves that it can fall back on
either when there is a deficit due to reduction in voluntary income, a drop in investment return or there is a sudden increase in demand for Foothold’s services. We annually review the adequacy of Foothold’s reserves, which in this case are defined as that part of Foothold’s accumulated surpluses that are available to spend once it has met its commitments and covered its other planned expenditure, often called “free” reserves. It excludes endowed funds that have been invested to provide a secure and predictable income stream; property held for Foothold use; funds accumulated for a designated purpose within the overall purpose of Foothold; and restricted funds. Investments are designated, as they are vital to the annual income generation.
Although our expenditure in 2022/23 reduced as planned to £2,436,204 (2021/22 £2,486,576), our expenditure again exceeded our income by £199,797 (2021/22 £1,012,844). Our capital reserves were essential to bridge the gap between expenditure and total income. While Foothold received an increased level of legacies in 2022-23, this income stream is subject to variability. Likewise returns from our investment funds are dependent on many factors and can also fluctuate. Having two mainstream sources of income greatly increases the resilience of Foothold.
This results in general free reserves excluding the above being £629,721 (2021-22 £642,282) as of 30 June 2023. This level of free reserves represents three months (2021-22 one month) of annual expenditure. Although this is below the level of the target we set of six months’ expenditure, there are sufficient funds within the investment portfolio to draw down for working capital purposes.
We are currently reviewing our investment policy and anticipate that this will be ratified in 2023-24 (Q2).
**----- Start of picture text -----**
Restricted funds Fixed assets
£3,835,509 £0
Total reserves Unrestricted funds Repayable loans
£23,599,148 £15,123,589 £278,958
Free reserves
£629,721
Unrestricted represents
Endowment funds 3 months of annual
funds less cash
£4,640,050 expenditure
£14,275,821
**----- End of picture text -----**
## **Pension liability**
of its objects wherever they are in the world and regardless of their background. We are aware that this represents a sizeable number of individuals worldwide, any of whom can approach Foothold for help at any time. Furthermore, the range of services provided means that it is not just the individual person who benefits. By helping someone at a difficult time, their close family are also supported and possibly others who have an interest or informal responsibility towards the person whether they be friends, relatives or close acquaintances from the local community.
However, with our ongoing oversight and taking into account our reserves, developing voluntary and investment income streams and current cash flow forecast, we believe that there are no material uncertainties about the ability to continue as a going concern.
Foothold has a historic pension liability. After new case law (Merchant Navy Ratings Pension Fund Trustees Ltd v Stena Line Ltd 2015), there was no longer felt to be a risk of a Section 75 Pensions Act 2004 debt repayment requirement. The triennial pension review as of 31 March 2017 revealed that the previous plan dated 5 March 2015 had been insufficient to clear the deficit by 31 March 2017 due to the pension investments heavy weighting towards gilts. The new plan following the latest review was issued in December 2020 and outlines a requirement for Foothold to make contributions of £1,000 per month until 31 March 2027 to clear the shortfall. See note 1 in the financial statements for further detail.
## **Public benefit**
In setting out the activities for the year, we have complied with the duty set out in Section 17 of the Charities Act 2011 to “have regard” to public benefit guidance published by the Charity Commission. Foothold is a charity set up for the “relief of poverty”. We have interpreted “poverty” to mean not only those who are in desperate financial need but also those who cannot satisfy a basic need without assistance. We use the Charity Commission definition: “people in poverty generally refers to people who lack something in the nature of a necessity, or quasi-necessity, which the majority of the population would regard as necessary for a modest, but adequate standard of living”. Furthermore, not everyone who is in financial hardship is necessarily poor, but it may still be charitable to relieve their financial hardship or to prevent poverty.
All of our charitable support is provided free of charge and community members do not need to have donated to Foothold to be eligible for our services.
## **Viability/Going concern**
We have reviewed whether any of the help that we provide could possibly cause any detriment or harm and have not identified any example where this might be the case. The only “downside” in terms of public benefit is that the work of Foothold has led to an increase in the uptake of State benefits by its community members. Clearly this is an added cost to the public purse; that said, it is only a case of people now claiming benefits to which they were already entitled or have recently become entitled.
It is our view that Foothold remains poverty generally refers to people financially viable. Given the who lack something in the nature volatility of the global economy and of a necessity, or quasi-necessity, uncertainties around the longerwhich the majority of the population term effects of Covid-19 pandemic, would regard as necessary for a we and the senior management modest, but adequate standard of team regularly reviewed the costs of living”. Furthermore, not everyone providing support against our financial who is in financial hardship is position to maintain control of our necessarily poor, but it may still be expenditure. We are also aware of charitable to relieve their financial the potential risk to our income from hardship or to prevent poverty. the IET’s proposal to no longer collect donations for Foothold alongside Foothold helps individuals and annual membership subscriptions. families who fall within the remit
www.myfoothold.org **27**
**26** Foothold Annual Report 2022-23
## OUR STRUCTURE, GOVERNANCE AND MANAGEMENT
## **Our governing document**
Foothold is a company limited by guarantee, incorporated and registered as a charity on 27 August 1947. Foothold was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.
It is administered by a Board of up to 10 Trustees, who are also the directors of Foothold for the purposes of company law and under the company’s articles. Trustees also serve on Foothold’s committees which control various aspects of Foothold’s business under delegated authority.
All Trustees give their time voluntarily and receive no benefits from Foothold. Any expenses reclaimed from Foothold are set out in note 7 to the accounts.
## **Our administrative details**
Reference and administrative information set out on page 37 forms part of this report. The Financial Statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
## **Our Board**
The Articles of Association were amended by special resolution of the members of the Fund on 23 March 2006 to help strengthen Foothold’s links with the Institution of Engineering and Technology (IET). This allowed the IET Board of Trustees to appoint two Foothold Trustees with the necessary skills and experience to contribute to the governance of Foothold, and also
## **Our induction and training**
gave the Local Representative Assembly a significant representation on the Board. Whilst the appointment of Trustees was reviewed by the 2009/10 Working Group reviewing the Articles of Association, it was felt that the appointment system for Trustees worked well and should not be changed.
As part of our induction we receive information from Foothold to brief us on our legal obligations under Charity and Company law. We also receive information on the organisation’s objectives and recent financial performance as well as online modules on our Training Tracker database covering subjects such as GDPR, staying safe online and safeguarding. Some of these modules are also repeated annually by all of us and successful completion supports the mitigation for some of the risks identified on the strategic risk register.
## **Our Trustee recruitment**
## **process and competencies**
We actively manage succession completion supports the mitigation planning for our Trustees and committee members. In advance for some of the risks identified on the strategic risk register. of a Trustee vacancy arising from retirement, the Board considers We are also encouraged to the skills it requires to fulfil its undertake external training to responsibilities for the strategic broaden our knowledge of both direction of Foothold. our role as Trustees but also of the issues affecting the wider charity A Trustee Skills Register is sector.
A Trustee Skills Register is maintained in accordance with The Institute of Chartered Secretaries and Administrators Guidance and we are asked to complete a skills audit form as part of the annual review process.
A record is maintained of training undertaken and in 2022-23 we completed eight Training Tracker modules on topics such as equality and diversity, risk assessment and GDPR.
With reference to the Trustee skills audit, we agree the competencies needed in any new post. A role description for this appointment is drawn up, together with a recruitment pack, and the role is advertised widely. Candidates are asked to submit a CV and covering letter which are then considered by the Remuneration and Nominations Committee and where appropriate an interview is offered.
## **Our committees**
## The **Service Development**
**Committee** has an overview of the policies and principles governing grant decisions and decides on unusual cases and high-value grants. The Service Development Committee also regularly reviews a cross-section of cases to ensure due process has been applied. It works closely with staff to identify trends in requests for assistance, particularly where there is a need for new policies (both financial and non-financial) to help meet the everevolving needs of IET members and the wider engineering community. Recommendations for new policies are presented to the Board of Trustees for the Board’s approval.
The Local Representative
Assembly is entitled to review any Board-appointed Trustee and in exceptional circumstances may, if it considers it is in the interests of Foothold, recommend to the members that their statutory powers to remove a Trustee under the Act should be exercised in respect of that Trustee. The Trustees appointed by The IET are subject to The IET’s process of appointment.
## The **Finance, Audit and Risk**
**Committee** monitors the effectiveness of Foothold’s internal quality controls and risk management, including monitoring
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**28** Foothold Annual Report 2022-23
## **Our attendance**
## **Principal risks and uncertainties to Foothold and steps taken to manage or mitigate them.**
Attendance at Board and sub-committees is set out below
||Board of
Trustees|Finance audit
and risk|Service
development|Remuneration
and nominations|
|---|---|---|---|---|
|Dr Dolores Byrne|5/5|4/5 In attendance|1/2 In attendance|4/4|
|Virginia Hodge|5/5|4/5|2/2||
|Gareth Price|5/5|5/5||4/4|
|Tom Budd|4/5|5/5||3/3|
|Richard Spalding|5/5|1/1 In attendance||1/1|
|Professor Kate Sugden|4/5||||
|Joe Dunn|5/5||||
|Wolf Byttner|3/3||1/1||
|Dr Paul Connor|1/2|1/1|||
|Alison Lanchester|1/2|1/3|||
|John Gleeson|2/3|1/1|||
## The **Disciplinary Committee** is
- and overseeing mitigation of the strategic and operational risk registers. It also monitors the performance of investments and the investment management advisors. A key responsibility of this Committee is to make recommendations to the Board on the appointment of Auditors.
- The **Disciplinary Committee** is **•** To allow Foothold to attract, develop appointed by the Board of Trustees and retain dedicated, motivated, as required by the ‘Removal of a and high-performing people to work Volunteer Policy’ and disbanded by and to lead our organisation. the Board of Trustees on completion **•**
- of its work. To ensure long-term financial
- To ensure long-term financial sustainability for the Charity.
## **Our remuneration policy**
- To ensure fairness in salary setting and decision making (rather than equality, as market forces prevent this).
Foothold undertakes a review of remuneration on an annual basis and considers factors such as cost of living changes, employment conditions and social tends to inform its decisions, as well as reference to comparisons with other charities to ensure that Foothold remains sensitive to the broader issues such as pay and employment conditions elsewhere.
## The **Remuneration and Nominations Committee** serves two purposes.
- To ensure transparency of its remuneration processes for all employees.
- as the Remuneration Committee its purpose is to determine the appropriate remuneration and any changes to terms and conditions of employment of the staff of Foothold.
The remuneration of the Senior Management Team as Foothold’s key management staff is set by The Board following recommendations made by the Remuneration and Nominations Committee. The objective is to ensure that the Chief Executive Officer and senior staff are provided with appropriate incentives to encourage enhanced performance and are in a fair and responsible manner rewarded for their individual contributions to Foothold’s success.
Foothold believes in equity, diversity, equality and inclusion and is committed to the principle that pay and conditions should not discriminate. Foothold recognises that the attainment of equitable pay in terms of race, gender and disability requires a pay system that is transparent and based on objective criteria.
- as the Nominations Committee, the committee’s purpose is to select new Trustees or a new Chief Executive Officer and to assist the Chief Executive Officer in the selection of new members of the Senior Management Team, as well as making decisions on the recruitment, selection and appointment of Trustees and committee members based on the findings of the Trustee skills audit.
We aim to recruit the most skilled candidates for us to achieve our strategic objectives and have the scope to reward for excellence.
The rationale for Foothold’s salary and salary increases are guided by the following principles:
|Risk
Long-term sustainability of
voluntary contributions from
the IET membership leading
to loss of income (both annual
donations and legacies)
leading to potential reduction in
services.|Mitigations|
|---|---|
||**•**Review by the Board of strategy for fundraising from IET members to be included
in the Annual Strategy Day.
**•**Foothold’s fundraising strategy to include this important donor group covering
donor recognition and communication about Foothold’s achievements.
**•**Fundraising strategy to be approved annually by Board.
**•**Temporary increase in the risk rating which will be reviewed following
discussions between Foothold CEO and Trustees with IET over the future
strategy of IET towards Foothold.|
- DP legislation and procedures are covered in training for all staff and volunteers with annual refresher updates. The Service Development Committee (SDC) to monitor this for LR’s.
- Failure to comply with data protection (DP) legislation by all working with and for Foothold (including paid staff and all volunteers) leading to complaints about confidentiality, prosecution under GDPR legislation and damaged reputation.
- An external consultant has been appointed as the Data Protection officer to support and update Foothold. Processes are reviewed in the internal audit schedule in line with GDPR.
- Results of initial review by external DPO consultant, to be presented to Finance Audit and Risk Committee (FARC)/Board in July 2023, to ascertain whether additional procedures or controls are required.
- Signed contract with new IT provider who has taken over from the IET, to maintain all services.
- DPO reviewed new IT providers T&C’s to ensure full compliance with Data Protection legislation and confirmed in order.
- Cyber-security policy is in place with training for staff.
Failure to plan against a Cybersecurity breach, leading to fraud and/or compromise of data or operations leading to damaged reputation, potential significant loss, inability to conduct business operations
- Ensure recommendations from recent incidents and followed up and any necessary changes made to systems and procedures.
- Insurance cover of £1M obtained.
- External advisors appointed where necessary.
- Ensure new IT provider (who has replaced IET) updates Foothold systems on a regular basis to prevent possible breaches.
- **•** Obtain cyber essentials certificate by end 2023.
- Turbulent economic **•** Review of economic environment by Board to be included at Annual Strategy Day. environment leading to **•** Increase reviews by FARC and SDC of investment income and grants made.
- potential violent fluctuations in **•**
- the value of investments and Additional meetings, if required, of FARC for overall monitoring, including investment strategy and updates from investment managers, reporting back to
- potential considerable increase Board.
- in applications for assistance by **•**
- the charity. Review of Foothold strategy by Board, making adjustments as required under the prevailing environment.
- Changing Governmental policy **•** Review of Government policy and, where necessary, International Government on welfare benefits could policy and laws by Board to be included at Annual Strategy Day. have a dramatic impact on **•** Maintain currency on Government policy and welfare benefits that impact the
- the number of applications for charity.
- assistance that are received **•** Review services to beneficiaries in light of changes in Government policy taking
- including from overseas account of Foothold’s financial constraints. beneficiaries.
- Inform potential beneficiaries of how the charity may be able to help them.
www.myfoothold.org **31**
**30** Foothold Annual Report 2022-23
## **Our stakeholders**
Foothold has relationships with many organisations and individuals who support us in achieving our objectives. Our main stakeholder community are past and present members of The Institution of Engineering and Technology (IET) and their dependants whom Foothold seeks to assist. The IET is a separate company (No. RC000263) and a separate charity (in England & Wales No. 211014, and in Scotland No. SC038698). In recognition of this relationship The IET nominates two of Foothold’s Trustees. However, the governance, objectives, administration and funding of Foothold is separate from that of the IET.
Alongside the individual members of the IET who support Foothold through direct donations, legacies and volunteering, we work together with other engineering institutions, engineering education and training bodies and media, engineering employers and benevolent funds to ensure that the support we provide is best suited to increase the wellbeing of engineers and their families worldwide.
**----- Start of picture text -----**
Photocredit: Age Positive
**----- End of picture text -----**
**----- Start of picture text -----**
It was so easy to apply for support. We were
quickly allocated a caseworker, Rachel, who
was wonderful. The grant from Foothold was
truly lifesaving. It restored my dignity and
allowed me to carry on. And to have hope
for the future.”
David Etor
Photo credit: Age Positive www.myfoothold.org 33
**----- End of picture text -----**
**32** Foothold Annual Report 2022-23
## REFERENCE AND ADMINISTRATIVE DETAILS
## Our people
Foothold Trustees during 2022/23, together with any others who served in the year and up to the date of this report:
|Dr D Byrne OBE BSc MBA PhD CEng HonFIET|Chair|Service Development|
|---|---|---|
|||Committee members|
|Mr G Price FCA|Treasurer Chair FARC||
|||Sandra Godman|
|||Alan Watts|
|Mr T Budd BComm LLB LLM|Vice Chair Oct 2022||
|||Jean Brownsword|
|Mr R Spalding BSc CEng FIET RN|Vice Chair|Faith Golly|
||Oct 2021 – Sept 2022
Retired 30/09/2023|Local Representatives
Assembly members|
|Mrs V Hodge BSc MSc CEng HonFIET|Chair SDC|Phill Corner, Chair|
|||Jack Aust|
|Mr J Dunn CEng MIET|Appointed 01/10/2021|Dorrie Giles|
|||Peter Roberts|
|Mr W Byttner BSc MIET|Appointed 01/10/2022|Richard North|
|Mr J Gleeson BAI, MA, MSc, MBA, MIET|Appointed 01/10/2022|Foothold’s advisors
and bankers|
|Mrs A Lanchester|Appointed 01/11/2022|**Sayer Vincent LLP (Auditor)**|
|||110Golden Lane London EC1Y 0TG|
|Mr A Watts CEng FIET|Appointed 01/10/2023|**Rathbone Investment Management**|
|||**Ltd**8 Finsbury Circus, London EC2M|
|Colonel Andy Rogers BEng PGCert CEng FIET|Appointed 01/10/2023|7AZ|
|||**Anthony Collins Solicitors LLP**|
|Professor K Sugden BSc MSc PhD MIET|Retired 30/09/2023|134 Edmund Street, Birmingham B3 2|
|||**Lloyds Bank plc**|
|Dr P B Connor FInstD|Retired 30/09/2022|Thavies Inn House, 6 Holborn Circus|
|||London EC1N 2H|
**Sayer Vincent LLP (Auditor)** 110 Golden Lane London EC1Y 0T G **Rathbone Investment Management Ltd** 8 Finsbury Circus, London EC2M 7AZ **Anthony Collins Solicitors LLP** 134 Edmund Street, Birmingham B3 2ES
Thavies Inn House, 6 Holborn Circus London EC1N 2H
**----- Start of picture text -----**
Foothold’s principal officers
Jane Petit Beverley Archer Denice Houslin Fliss Rook
Chief Executive Head of Business Head of Support Head of Fundraising
Officer & Volunteering Services & Communications
**----- End of picture text -----**
www.myfoothold.org **35**
**34** Foothold Annual Report 2022-23
STATEMENT OF TRUSTEES’ RESPONSIBILITY FOR ANNUAL ACCOUNTS
Company law requires the
The Trustees (who are Company law requires the Trustees to prepare financial also directors of Foothold statements for each financial year for the purposes of which give a true and fair view of the situation of Foothold and company law) are of the incoming resources and responsible for preparing application of resources, including the income and expenditure, the Trustees’ annual of Foothold for that period. report and financial In preparing these financial statements in accordance statements, the Trustees are required to: with applicable law **•** select suitable accounting and United Kingdom policies and then apply them Accounting Standards consistently (United Kingdom **•** observe the methods and Generally Accepted principles in the Charities SORP Accounting Practice). **•** make judgements and estimates
- make judgements and estimates that are reasonable and prudent
- state whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that Foothold will continue in operation
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of Foothold and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of Foothold and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
- there is no relevant audit information of which Foothold’s auditor is unaware
- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on Foothold’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Members of Foothold guarantee to contribute an amount not exceeding £1 to the assets of Foothold in the event of winding up. The total number of such guarantees at 30 June 2023 was 5 (2022:14). The Trustees are members of Foothold, but this entitles them only to voting rights. The Trustees have no beneficial interest in Foothold.
## **Our small companies exemption statement**
Our annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies’ regime.
On behalf of the Board of Trustees
**Dr D Byrne OBE BSc MBA PhD CEng HonFIET** Chair
5th February 2024
www.myfoothold.org **37**
**36** Foothold Annual Report 2022-23
## 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 2023 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 2023 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.
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
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**38** Foothold Annual Report 2022-23
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
- 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:
- 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 noncompliance 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 noncompliance. 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 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
## 11 March 2024
for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0T G
www.myfoothold.org **41**
**40** Foothold Annual Report 2022-23
## STATEMENT OF FINANCIAL ACTIVITIES
## Statement of financial activities (incorporating an income and expenditure account)
## For the year ended 30 June 2023
|||2022|Total|£||588,377|263,191|-|461|621,703|1,473,732||287,999||114,554|33,436|-|-|2,050,588|2,486,576||(1,012,844)|(1,788,215)||(2,801,059)|-|(2,801,059)||26,863,872|24,062,813||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Unrestricted
Restricted
Restricted
Unrestricted
Restricted
Restricted|Speirs
Speirs
Speirs|Neurodiverse
Permanent
2023
Permanent|General Fund
Futures Program
Speirs Fund
Endowment
Total
General Fund
Programmes
Speirs Fund
Endowment|Note
£
£
£
£
£
£
£|Income from:|Donations
530,557
-
-
-
530,557
588,377
-
-
-|Legacies
724,557
-
-
-
724,557
263,191
-
-
-|Neurodiversity Futures
-
299,500
-
-
299,500
-
-
-
-|12,641
-
-
-
12,641
461
-
-
-
Events and sundry income|426,636
-
108,608
133,908
669,152
409,813
-
91,660
120,230
Investment income|1,694,391
299,500
108,608
133,908
2,236,407
1,261,842
91,660
120,230
Total income|Expenditure on:|3
238,669
-
18,402
22,388
279,459
243,629
-
19,395
24,975
Raising funds|Charitable activities|3
53,237
-
-
-
53,237
114,554
-
-
-
Advice and guidance|Employment advice and support
3
32,284
-
-
-
32,284
33,436
-
-
-|3
56,181
-
-
-
56,181
-
-
-
Digital, health and wellbeing|3
-
47,075
-
-
47,075
-
-
-
-
Neurodiverse Futures|3
1,791,938
-
176,030
-
1,967,968
1,893,635
-
156,953
-
Financial Support|2,172,309
47,075
194,432
22,388
2,436,204
2,285,253
-
176,348
24,975
Total expenditure|Net
(expenditure)
/
income
before
net|(477,918)
252,425
(85,824)
111,520
(199,797)
(1,023,411)
-
(84,688)
95,255
(losses)/gains on investments|(170,236)
-
(47,445)
(46,187)
(263,868)
(1,151,257)
-
(282,220)
(354,738)
Net (losses)/gains on investments|Net (expenditure)/income for the year|4
(648,154)
252,425
(133,269)
65,333
(463,665)
(2,174,669)
-
(366,907)
(259,483)|-
-
135,690
(135,690)
-
-
-
114,257
(114,257)
Transfers between funds|(648,154)
252,425
2,421
(70,357)
(463,665)
(2,174,669)
-
(252,650)
(373,740)
Net movement in funds|Reconciliation of funds:|15
15,771,743
-
3,580,663
4,710,407
24,062,813
17,946,412
3,833,313
5,084,147
Total funds brought forward|15,123,589
252,425
3,583,084
4,640,050
23,599,148
15,771,743
-
3,580,663
4,710,407
Total funds carried forward|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.|
www.myfoothold.org **43**
**42** Foothold Annual Report 2022-23
## Balance sheet
## As at 30 June 2023
|Note
Fixed assets:
9
10
11
Current assets:
12
Liabilities:
13
16a
14
15a
Speirs Fund
Neurodiverse Futures Program
15a
15a
Total unrestricted funds
General funds
Approved by the trustees on
Total charity funds
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
Restricted income funds
Unrestricted income funds:
Designated funds
Revaluation reserve
Endowment
Investments
Cash at bank and in hand
Tangible assets
Debtors
Repayable grants|2023
2022
£
£
£
£
-
10,880
22,961,837
23,565,726
278,958
279,558
23,240,795
23,856,164
671,269
568,125
176,499
165,039
847,768
733,164
489,415
481,515
358,353
251,649
23,599,148
24,107,813
-
45,000
23,599,148
24,062,813
3,583,084
3,580,662
252,425
-
3,835,509
3,580,662
4,640,050
4,710,407
13,639,935
13,890,084
853,933
1,239,377
629,721
642,282
15,123,589
15,771,743
23,599,148
24,062,813
and signed on their behalf by|2022
£
10,880
23,565,726
279,558|
|---|---|---|
|||24,107,813
45,000|
|||24,062,813|
|||3,580,662
-|
|||3,580,662
4,710,407
15,771,743|
|||24,062,813|
||||
and signed on their behalf by
## Statement of cash flows
## For the year ended 30 June 2023
|Note
17
Cash flows from operating activities
Net cash provided by investing activities
Netcash used in operating activities
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from sale of investments
~~Pur~~chase of invest~~ments~~
Decrease/(Increase) in cash held for investment by
investment managers
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|£
£
(997,713)
669,152
5,878,161
(5,675,754)
137,614
1,009,173
11,460
165,039
176,499
2023|£
£
(997,713)
669,152
5,878,161
(5,675,754)
137,614
1,009,173
11,460
165,039
176,499
2023|£
£
(1,886,695)
621,703
5,228,113
(3,676,076)
(399,636)
1,774,104
(112,591)
277,630
165,039
2022|£
£
(1,886,695)
621,703
5,228,113
(3,676,076)
(399,636)
1,774,104
(112,591)
277,630
165,039
2022|
|---|---|---|---|---|
||||||
|||11,460
165,039||(112,591)
277,630|
|||176,499||165,039|
5th February 2024
Dr D Byrne OBE BSc MBA PhD CEng HonFIET Chairman
www.myfoothold.org **45**
**44** Foothold Annual Report 2022-23
## Notes to the financial statements
## For the year ended 30 June 2023
## 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.
## Notes to the financial statements
## For the year ended 30 June 2023
## 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. This now includes our Neurodiverse Futures Program fund that will be used for supporting engineering students and apprentices aged 16-24 living with neurodiverse conditions around the globe.
- 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.
www.myfoothold.org **47**
**46** Foothold Annual Report 2022-23
## Notes to the financial statements
## For the year ended 30 June 2023
## 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 10% straight line
- Leasehold improvements 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.
## 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.
## Notes to the financial statements
## For the year ended 30 June 2023
|||||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|2,486,577|-|-|2,486,577|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||2023|Total|£|504,522|9,457|105,201|1,253,027|53,524|207,791|2,653|40,879|11,290|3,895|6,434|237,531|2,436,204|-|-|2,436,204|2,486,577||
|||||Support|costs|£|118,249|9,076|-|-|51,854|204,997|19|-|-|3,895|6,434|152,115|546,639|(546,639)||-|-||
|||||Governance|costs|£|141,370|381|-|-|-|-|2,634|39,760|11,290|-|-|-|195,435||(195,435)|-|-||
|||||Financial|Assistance|£|74,036|-|-|1,216,810|-|-|-|-|-|-|-|-|1,290,846|498,792|178,329|1,967,968|1,991,917||
|||||Neurodiverse|Futures Program|£|-|-|-|-|-|-|-|-|-|-|-|30,878|30,878|11,931|4,266|47,075|-||
||Charitable activities||Employment
Digital,|beyond
Health &|redundancy
Wellbeing|£
£|9,380
22,114|-
-|-
-|11,796
-|-
1,638|-
-|-
-|-
-|-
-|-
-|-
-|-
13,099|21,176
36,851|8,183
14,239|2,925
5,091|32,284
56,181|69,591
-||
|||Welfare,|employment/ career,|legal, money and|general advice|£|9,380|-|-|24,421|-|-|-|1,119|-|-|-|-|34,920|13,493|4,824|53,237|137,071||
|||||Raising|funds|£|129,993|-|105,201|-|32|2,794|-|-|-|-|-|41,439|279,459|-|-|279,459|287,999||
|3a
Analysis of expenditure (current year)|||||||Staff costs (Note 5)|Staff recruitment and other costs|Investment management fees|Grants payable to individuals|Marketing & publicity|Rent & services|Travelling & meeting costs|Legal & professional fees|Accountancy and audit fees|Depreciation|Accelerated Depreciation/ Loss on disposal|Other costs||Support costs|Governance costs|Total expenditure 2023|Total expenditure 2022|All Grants are to individuals|
www.myfoothold.org **49**
**48** Foothold Annual Report 2022-23
## Notes to the financial statements
## For the year ended 30 June 2023
|||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|2,486,577|-|-|2,486,577|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||Support|costs|£|146,090|1,967|-|-|53,431|277,732|-|-|-|9,591|159,534|648,345|(648,345)||-|
|||Governance|costs|£|131,919|3,200|-|-|-|-|1,233|16,150|5,390|-|930|158,822||(158,822)|-|
|||Financial|Assistance|£|87,412|-|-|1,210,176|-|-|165|-|-|-|-|1,297,753|557,577|136,587|1,991,917|
|Charitable activities|Welfare, employment/
Employment|career, legal, money
beyond|and general advice
redundancy|£
£|33,559
10,382|-
-|-
-|35,792
10,779|-
-|-
-|-
-|3,146
-|-
-|-
-|-
-|72,497
21,161|51,868
38,901|12,706
9,529|137,071
69,591|
|||Raising|funds|£|115,986|-|126,105|-|356|618|-|-|-|-|44,934|287,999|-|-|287,999|
||||||Staff costs (Note 5)|Staff recruitment and other costs|Investment management fees|Grants payable to individuals|Marketing & publicity|Rent & services|Travelling & meeting costs|Legal & professional fees|Accountancy and audit fees|Depreciation|Other costs||Support costs|Governance costs|Total expenditure 2022|
## Notes to the financial statements
## For the year ended 30 June 2023
|4
2023
£
10,329
14,741
10,000
1,290
5
2023
£
435,393
42,833
25,524
772
504,522
Salaries and wages
Redundancy costs
Employer’s contribution to defined contribution pension scheme
Net income / (expenditure) for the year
Operating lease rentals:
Auditor's remuneration (excluding VAT):
This is stated after charging:
Depreciation and Loss on disposal of Fixed Assets
Property
Audit
Other services
Social security costs
Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
Staff costs were as follows:|2023
£
10,329
14,741
10,000
1,290|2022
£
9,591
153,449
8,700
2,000|
|---|---|---|
|||2022
£
448,918
46,626
18,040
11,764|
||504,522|525,348|
The Senior Management Team’s employee remuneration including national insurance and pension totalled £226,708 (2022: £225,151). Foothold now operates a defined contribution pension scheme for all permanent staff.
In 2023 one member of staff (2022: 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 2024. 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 within 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 13 (2022: 14).
## 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 £1031 were reimbursed to 5 trustee (2022: £1072 to 6 trustees), and £3,014 was incurred by Foothold on behalf of the trustees for meetings, training and recruitment costs (2022: £4,131). Foothold provides and pays for trustee indemnity cover.
Donations were made by Trustees in the year totalling £506 by 4 trustees, there were donations totalling £419 from 5 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.
www.myfoothold.org **51**
**50** Foothold Annual Report 2022-23
## Notes to the financial statements
## For the year ended 30 June 2023
## 9 Tangible fixed assets
|Accelerated Depreciation/ Loss on disposal
At the end of the year
At the end of the year
At the start of the year
Charge in year
Depreciation
At the start of the year
disposals in year
At the start of the year
At the end of the year
disposals in year
Cost
Net book value|Leasehold
improvements
£
73,973
(73,973)|Furniture &
equipment
£
22,660
(22,660)|Total
£
96,633
(96,633)|
|---|---|---|---|
||-|-|-|
||66,574
3,082
4,316
(73,972)|19,179
813
2,118
(22,110)|85,753
3,895
6,434
(96,082)|
||-|-|-|
||-|-|-|
||7,399|3,481|10,880|
All of the above assets are used for charitable purposes.
## 10 Listed investments
|Listed investments|||||
|---|---|---|---|---|
|Cash held by investment broker pending reinvestment
Fair value at the end of the year
Fair value at the start of the year
Purchases
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
Sales proceeds
Realised and unrealised gain/(loss)
Listed investments (prior year)|General fund
(Unrestricted)
£
14,839,023
3,281,044
(3,827,268)
(170,236)|Speirs Fund
(Restricted)
£
3,549,751
1,195,316
(955,597)
(47,445)|Speirs
Permanent
Endowment
(Restricted)
£
4,507,470
1,199,394
(1,095,296)
(46,187)|£
22,896,244
5,675,754
(5,878,161)
(263,868)
2023
Total|
||14,122,563
394,337|3,742,025
67,050|4,565,381
70,481|22,429,969
531,868|
||14,516,900|3,809,075|4,635,862|22,961,837|
||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)
## Notes to the financial statements
## For the year ended 30 June 2023
|11
12
13
Trade creditors
14
Repayable grants at the start of the year
Accrued income & prepayments
Repayments
Accruals
Trade debtors
Debtors
Repayable grants at the end of the year
Repayable grants
Creditors: amounts falling due within one year
Other creditors
Creditors: amounts falling due after one year
Defined benefit pension scheme
Defined benefit pension scheme
Grants payable|2023
Total
£
279,558
(600)|2022
Total
£
359,784
(80,226)|
|---|---|---|
||278,958|279,558|
||2023
£
16,438
654,831|2022
£
21,085
547,040|
||671,269|568,125|
||2023
£
7,450
17,488
43,927
9,000
411,550|2022
£
39,771
47,991
155,961
12,000
225,792|
||489,415|481,515|
||2023
£
-|2022
£
45,000|
||-|45000|
At 30 June 2023 Foothold had future commitments of £9,000 due within one year and Nil payments due after one year in respect of the pension scheme (2022: £12,000 due within one year and £45,000 due after one year). Contributions of £1,000 a month will continue to be made until March 2024.
www.myfoothold.org **53**
**52** Foothold Annual Report 2022-23
## Notes to the financial statements
## For the year ended 30 June 2023
## 15a Movements in funds (current year)
|Movements in funds (current year)||||||
|---|---|---|---|---|---|
|Restricted funds
Speirs Fund
Neurodiverse Futures Program
Total 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 2022
£
3,580,663
-|Income &
gains
£
108,608
299,500|Expenditure &
losses
£
(241,877)
(47,075)|Transfers
£
135,690
-|At 30 June 2023
£
3,583,084
252,425|
||3,580,663|408,108|(288,953)|135,690|3,835,509|
||4,710,407
10,880
279,558
13,599,646|133,908
-
-|(68,575)
(10,880)
(600)
(238,669)|(135,690)
-
-|4,640,050
-
278,958
13,360,977|
||13,890,084|-|(250,149)|-|13,639,935|
||1,239,377
642,282|-
1,694,391|(385,444)
(1,706,952)|-|853,933
629,721|
||15,771,743|1,694,391|(2,342,545)|-|15,123,589|
||24,062,813|2,236,407|(2,700,073)|-|23,599,148|
The narrative to explain the purpose of each fund is given at the foot of the note below.
## 15b Movements in funds (prior year)
|Movements in funds (prior year)||||||
|---|---|---|---|---|---|
|||Income &|Expenditure &|||
||At 1 July 2021|gains|losses|Transfers|At 30 June 2022|
||£|£|£|£|£|
|Restricted funds|3,833,313|91,660|(458,567)|114,257|3,580,663|
|Endowment funds|5,084,147|120,230|(379,713)|(114,257)|4,710,407|
|Designated funds:||||||
|Fixed assets|20,471|-|(9,591)|-|10,880|
|Repayable grants|359,784|-|(80,226)|-|279,558|
|Investments|14,800,473||(1,200,827)|-|13,599,646|
|Total designated funds|15,180,728|-|(1,290,644)|-|13,890,084|
|Revaluation reserve|2,670,647||(1,431,270)||1,239,377|
|General funds|95,037|1,261,842|(714,597)||642,282|
|Total unrestricted funds|17,946,412|1,261,842|(3,436,511)|-|15,771,743|
|Total funds|26,863,872|1,473,732|(4,274,791)||24,062,813|
## 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.
The Neurodiverse Futures Program Fund is restricted to support engineering students and apprentices aged 16-24 living with neurodiverse conditions around the globe.
## Notes to the financial statements
## For the year ended 30 June 2023
## 16a Analysis of net assets between funds (current year)
|Long term liabilities
Net assets at 30 June 2023
Tangible fixed assets
Repayable grants
Investments
Net current assets/ (liabilities)|Restricted
£
-
-
3,809,075
26,434
-|Endowment
funds
£
-
-
4,635,862
4,188
-|Designated
funds
£
-
278,958
13,268,630
-
-|Revaluation
reserve
£
-
-
853,933
-
-|General funds
£
-
-
394,337
327,731
-|Total funds
£
-
278,958
22,961,837
358,353
-|
|---|---|---|---|---|---|---|
||3,835,509|4,640,050|13,547,588|853,933|722,068|23,599,148|
## 16b Analysis of net assets between funds (prior year)
|Analysis of net assets between funds (prior year)|nds (prior year)||||||
|---|---|---|---|---|---|---|
|Restricted
Endowment
funds
Designated
funds
Revaluation
reserve
£
£
£
£
-
-
10,880
-
-
-
279,558
-
3,779,504
4,709,090
13,599,646
1,239,377
(198,842)
1,317
-
-
-
-
-
-
3,580,662
4,710,407
13,890,084
1,239,377
Net expenditure for the reporting period
(as per the statement of financial activities)
Depreciation charges
Losses /(Gains) on investments
Dividends and interest from investments
Loss on disposal of fixed assets
Decrease in repayable grants
(Increase) in debtors
(Decrease) in creditors
Net cash (used in) operating activities
Tangible fixed assets
Repayable grants
Net current (liabilities)/ assets
Reconciliation of net income / (expenditure) to net cash flow from operating activities
Creditors: amounts due after one
Net assets at 30 June 2022
Investments|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)|
||3,580,662|4,710,407|13,890,084|1,239,377|642,283|24,062,813|
||||||2023
£
(463,665)
3,895
263,868
(669,152)
6,984
600
(103,144)
(37,100)|2022
£
(2,801,059)
9,591
1,788,215
(621,703)
-
80,226
(311,541)
(30,424)|
||||||(997,713)|(1,886,695)|
17 Reconciliation of net income / (expenditure) to net cash flow from operating activities
## 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|2023
2022
£
£
-
101,729
-
-
-
-
Property||
||-|101,729|
## 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.
## 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.
## 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.
www.myfoothold.org **55**
**54** Foothold Annual Report 2022-23
**The support Foothold has given my family has had a hugely positive impact not once, but twice. It gave Mum and Dad back their independence and dignity, and gave us peace of mind that they were safe and content in their own home.**
**We’re so grateful to Foothold for being there for us when we had nowhere else to turn.”**
Lisa Shedlow, community member
**Foothold** Unit 82A James Carter Road Mildenhall Bury St Edmunds IP28 7DE www.myfoothold.org
Foothold (The Institution of Engineering and Technology Benevolent Fund) a company limited by guarantee. Registered in England. Registration No. 00441284. Registered charity No. 208925.
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