**Charity number: 209746**
## **The Institute of Physics Benevolent Fund**
## **Unaudited**
**Trustees' report and financial statements**
**For the year ended 31 December 2024**
**The Institute of Physics Benevolent Fund**
## **Contents**
||Page|
|---|---|
|**Reference and administrative details of the charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Independent examiner's report**|5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Notes to the financial statements**|8 - 16|
**The Institute of Physics Benevolent Fund**
## **Reference and administrative details of the charity, its Trustees and advisers For the year ended 31 December 2024**
|Trustees|Professor A Augousti|
|---|---|
||Professor J Durell (resigned 1 November 2024)|
||Mr B Fulton|
||Mrs K Goldstone|
||Professor J Jones, Chairman|
||Professor S Palmer|
||Dr G Calverley-Miles (appointed 18 January 2024)
Co-Opted Members
Mrs S M McGoldrick
Mr S Prendiville
Mrs M Vowles|
|**Charity registered**
**number**
209746
**Principal office**
37 Caledonian Road
London
N1 9BU
**Accountants**
Kreston Reeves LLP
Chartered Accountants
2nd Floor
Maritime Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QZ
**Bankers**
Barclays Bank PLC
Maidstone 2
Leicester
LE87 2BB
**Investment managers**
Savills Investment Management (UK) Limited
33 Margaret Street
London
W1G 0JD
Vanguard Investments UK Limited
PO Box 10315
Chelmsford
CM99 2AT
**Independent Examiner**
Samantha Rouse FCCA DChA
Kreston Reeves LLP
2nd Floor
Maritime Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QZ||
Page 1
**The Institute of Physics Benevolent Fund**
## **Trustees' report**
## **For the year ended 31 December 2024**
The Trustees present their annual report together with the financial statements of the charity for the year ended 31 December 2024.
## **Objectives and activities**
## **a. Policies and objectives**
The primary objective of the charity is to provide Eligible Individuals and such other persons as the Trustees may determine from time to time who are facing serious financial hardship or other critical need with assistance designed to alleviate the causes of their adversity.
Eligible Individuals are defined as: current or former members, fellows or honorary fellows of the Institute of Physics ("the Institute"); current or former full members of the Institute of Physics and Engineering in Medicine ("IPEM"); dependent close family members, including surviving spouses or civil partners or children of deceased members or former members of the Institute or IPEM; individuals with relevant academic qualifications and appropriate career experience needed for them to apply for admission to membership of the Institute or full membership of IPEM; and individuals who at the time of their application for assistance from the charity are pursuing career paths that would in the fullness of time reasonably be expected to result in their becoming qualified to apply for admission to membership of the Institute or full membership of IPEM.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
The charity meets the public benefit test set out in the Charities Act 2011 as its activities are first and foremost for the relief of poverty.
## **Achievements and performance**
## **a. Main achievements of the charity in 2024**
The charity awarded grants during 2024 to 21 beneficiaries totalling £38,392 (2023: 15 beneficiaries totalling £16,090). This figure includes 5 grants totalling £16,850 (2023: £Nil) from the restricted Dobbs Fund. In addition 3 interest free loans of £5,750 were made during the year (2023: 2 loans of £3,000).
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Investment policy**
The purpose of the investments is to enable the Benevolent Fund to fulfil its charitable objective.
Page 2
**The Institute of Physics Benevolent Fund**
## **Trustees' report (continued) For the year ended 31 December 2024**
## **c. Reserves policy**
The trustees have decided that the total value of grants need not be constrained by the income available to fund them in any period. They are therefore prepared when necessary to sanction the sale of investments to fund grants. Trustees will however monitor the overall disbursement of grants against the requirement to maintain an investment fund of sufficient value to safeguard the ongoing existence of the charity.
At the balance sheet date reserves totalled £2,463,656 (2023: £2,142,056), of which £88,702 was restricted (2023: £100,067) and £2,374,954 was unrestricted (2023: £2,041.989).
## **d. Principal risks and uncertainties**
Financial administration activities are performed for the Benevolent Fund by the Finance Officer.
The Benevolent Fund maintains a register of significant risks and maintains systems and controls to manage these. This is reviewed by the Trustees on an annual basis. The Trustees have considered the risks faced by the Fund and consider that suitable controls are in place to manage these risks. This is revieweed by the Trustees on an annual basis.
## **e. Income and expenditure**
The majority of the charity's funding is investment income, with smaller elements of income being received from voluntary donations and the occasional legacy. Total incoming resources from these sources this year were £71,657 (2023: £56,293).
## **Structure, governance and management**
## **a. Constitution**
The Institute of Physics Benevolent Fund is a registered charity, number 209746. It was formed in 1924 and is administered by declaration of Trust dated 14 March 1933 in accordance with the Rules of the Institute of Physics Benevolent Fund. The latest Rules are dated 26 April 2018.
## **b. Organisational structure and decision-making policies**
The Rules dated 26 April 2018 provide that the Trustees of the charity comprise one Honorary Officer, appointed by the Nominations Committee of the Institute of Physics, up to five members appointed by the Trustees, and one member appointed by IPEM from time to time.
Except for Trustees appointed by the Nominations Committee of the Institute, Trustees serve for an initial term of four years and may not serve for more than eight years in total unless a further term in office is approved by a majority of 75% of the other Trustees, in which case they may serve for a third and final term of four years. Trustees appointed by the Nominations Committee of the Institute serve for one year but may be reappointed for further one year terms.
The Trustees appoint their own secretary, currently Mrs M Vowles.
Page 3
Thg Instltute of Physics Bengvol•nt Fund
Trustees. report Icontinuedl
For tho year ended 31 DKember 2024
Statement of Trustoes. re$ponslblllties
The Trustees are r8$ponsible for preparing the Trustees, feport and the financial statements in acwrdance with
applicable law and United Kin9dom Accounting Standards (United Kingdom Generally Accepted Accounting
Praclicel.
The law applicable lo charrties in England & Wales requi$ the Trustees to prepare financial statements for
each financial year which give a true and fair view of the stale of affairs of the charty and of rt$ incoming
resources and application of resources, including ils income and expenditure, for that period. In preparing these
financial slalemenls, the Trustees are required to..
select suitable a¢¢ounting policies and then apply them consistently,.
observe the methods and principles of the Charities SORP IFRS 1021.,
make judgments and accountin9 estimates that are reasonable and prLtdent'
stale whether applicable UK Accounting Standards IFRS 1021 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 rt 1$ inappropriate lo assume that the
charity will continue in busines$.
The Trustees are responsible for keeping adequate a¢¢oiJnting records that are sufficient lo show and explain
the charrty's transactions and disclose wrth reasonable accuracy 81 any lime the financial position of the charty
and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charty
(Accounts and Reports) Regulations 2008 and the provisions of the Declaration of Trust. They are also
responsible for safeguarding the assets of the ¢harity and hence foi taking feasonable steps for the prevention
and detection of fraud and other irregularf(ies.
Approved by order of the members of the board of Trustees and signed on their behall by.
Professor J Jones
Ichair of Trustees}
D81e".
Iorfr-l /102
Page 4
## **The Institute of Physics Benevolent Fund**
## **Independent examiner's report**
## **For the year ended 31 December 2024**
## **Independent examiner's report to the Trustees of The Institute of Physics Benevolent Fund ('the charity')**
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2024.
## **Responsibilities and basis of report**
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
> Signed: S M Rouse Dated: 10 April 2025
Samantha Rouse FCCA DChA
## **Kreston Reeves LLP**
Chartered Accountants 2nd Floor Maritime Place Quayside Chatham Maritime Chatham Kent ME4 4QZ
Page 5
**The Institute of Physics Benevolent Fund**
## **Statement of financial activities For the year ended 31 December 2024**
|**Note**
**Income from:**
Donations and legacies
3
Investments
4
**Total income**
**Expenditure on:**
Charitable activities
6
**Total expenditure**
**Net income/(expenditure) before net**
**gains on investments**
Net gains on investments
9
**Net income/(expenditure)**
Transfers between funds
12
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**18,335**
**53,322**
**71,657**
**34,006**
**34,006**
**37,651**
**300,799**
**338,450**
**(5,485)**
**332,965**
**2,041,989**
**332,965**
**2,374,954**|**Restricted**
**funds**
**2024**
**£**
**-**
**-**
**-**
**16,850**
**16,850**
**(16,850)**
**-**
**(16,850)**
**5,485**
**(11,365)**
**100,067**
**(11,365)**
**88,702**|**Total**
**funds**
**2024**
**£**
**18,335**
**53,322**
**71,657**
**50,856**
**50,856**
**20,801**
**300,799**
**321,600**
**-**
**321,600**
**2,142,056**
**321,600**
**2,463,656**|Total
funds
2023
£
11,082
45,211|
|---|---|---|---|---|
|||||56,293|
|||||27,628|
|||||27,628|
|||||28,665
183,996|
|||||212,661
-|
|||||212,661|
|||||1,929,395
212,661|
|||||2,142,056|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 16 form part of these financial statements.
Page 6
The Instituts of Physl¢s Benevolent Fund
Balance shoot
As at 31 Decèmbèr 2024
2024
2023
Flxod assets
Invèstments
Current 4¥5ots
2,296,837
1,996,038
Debtors
Cash at bank and in hand
10
28.408
141.061
21.781
126.637
169,459
148,418
CrediloT$.' amounts falllng due wlthin one
year
11
12,640)
12,4001
Not ¢urront 8••0ts
166,819
146,018
Total nèt aii•ts
2,463,656
2.142,056
Charlty funds
R8$lricled funds
Unrestricted funds
12
12
88,702
2,374,964
100,C67
2,041,989
Total funds
2,463,666
2,142,056
The financial statements were approved and aulhorlsed for i88ue by the Tru8lee8 and 81gned on their behalf by..
Professor J Jon
Chaim)an
Dale..
10wY 202g
The notes on pages 8 10 16 forn part of these financial $ts1omenl8.
Pa9e 7
**The Institute of Physics Benevolent Fund**
**Notes to the financial statements For the year ended 31 December 2024**
## **1. General information**
The Institute of Physics Benevolent Fund is a charitable trust registered with the Charity Commission in England (number 209746). The charity's registered office is 37 Caledonian Road, London N1 9BU. The charity provides financial assistance to eligible individuals facing serious financial hardship.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Institute of Physics Benevolent Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in UK sterling, being the Charity's functional currency, and are rounded to the nearest pound.
## **2.2 Going concern**
The strong net asset position of the charity will allow the Trustees to continue to offer support to individuals that meet the grant criteria for at least 12 months from the date the financial statements are signed. The Trustees have concluded that the charity is a going concern and these financial statements have been prepared on the going concern basis.
## **2.3 Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when offers are made except in those cases where offers are conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 8
**The Institute of Physics Benevolent Fund**
**Notes to the financial statements For the year ended 31 December 2024**
## **2. Accounting policies (continued)**
## **2.5 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 institution with whom the funds are deposited.
## **2.6 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at market value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
## **2.7 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.8 Cash at bank and in hand**
Cash at bank and 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.
## **2.9 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
## **2.10 Financial instruments**
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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.11 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 9
**The Institute of Physics Benevolent Fund**
## **Notes to the financial statements For the year ended 31 December 2024**
## **3. Income from donations and legacies**
|Donations
Total 2023
**Investment income**
Income from listed investments
Bank interest
**Total 2024**
Total 2023|**Unrestricted**
**funds**
**2024**
**£**
18,335
11,082
**Unrestricted**
**funds**
**2024**
**£**
51,686
1,636
53,322
45,211|**Total**
**funds**
**2024**
**£**
**18,335**
11,082
**Total**
**funds**
**2024**
**£**
**51,686**
**1,636**
**53,322**
45,211|Total
funds
2023
£
11,082|
|---|---|---|---|
||||Total
funds
2023
£
45,169
42|
||||45,211|
|||||
## **4. Investment income**
## **5. Analysis of grants**
|Grants to individuals - general funds
Grants to individuals - restricted Dobbs Fund
**Total 2024**
Total 2023|**Grants to**
**Individuals**
**2024**
**£**
21,542
16,850
38,392
16,090|**Total**
**funds**
**2024**
**£**
**21,542**
**16,850**
**38,392**
16,090|Total
funds
2023
£
16,090
-|
|---|---|---|---|
||||16,090|
|||||
Page 10
**The Institute of Physics Benevolent Fund**
## **Notes to the financial statements For the year ended 31 December 2024**
## **6. Analysis of expenditure by activities**
|Support costs
Grants
Grants - restricted Dobbs Fund
**Total 2024**
Total 2023|**Grant**
**funding of**
**activities**
**2024**
**£**
-
21,542
16,850
38,392
16,090|**Support**
**costs**
**2024**
**£**
12,464
-
-
12,464
11,538|**Total**
**funds**
**2024**
**£**
**12,464**
**21,542**
**16,850**
**50,856**
27,628|Total
funds
2023
£
11,538
16,090
-|
|---|---|---|---|---|
|||||27,628|
||||||
## **Analysis of support costs**
|Legal and professional fees
Trustees' expenses
Bank charges
Management and administration costs
Independent examiners' fee
**Total 2024**|**Activities**
**2024**
**£**
-
3,578
102
6,144
2,640
12,464|**Total**
**funds**
**2024**
**£**
**-**
**3,578**
**102**
**6,144**
**2,640**
**12,464**|Total
funds
2023
£
428
3,172
104
5,434
2,400|
|---|---|---|---|
||||11,538|
## **7. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £2,640 (2023 - £2,400).
## **8. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 31 December 2024, travelling expenses totalling £3,427 were reimbursed or paid directly to 8 Trustees (2023 - £3,172 to 7 Trustees).
Page 11
**The Institute of Physics Benevolent Fund**
## **Notes to the financial statements For the year ended 31 December 2024**
**9. Fixed asset investments**
|**Cost or valuation**
At 1 January 2024
Revaluations
At 31 December 2024
**Net book value**
At 31 December 2024
At 31 December 2023|**Listed**
**investments**
**£**
**1,996,038**
**300,799**|
|---|---|
||**2,296,837**|
||**2,296,837**|
||1,996,038|
## **10. Debtors**
|**Due after more than one year**
Other debtors
**Due within one year**
Interest free loan
Other debtors
**Creditors: Amounts falling due within one year**
Accruals and deferred income|**2024**
**£**
**17,000**
**17,000**
**6,850**
**4,558**
**28,408**
**2024**
**£**
**2,640**|2023
£
17,600|
|---|---|---|
|||17,600
3,000
1,181|
|||21,781
2023
£
2,400|
## **11. Creditors: Amounts falling due within one year**
Page 12
**The Institute of Physics Benevolent Fund**
## **Notes to the financial statements For the year ended 31 December 2024**
## **12. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted**
**funds**
General Fund
Investment
Revaluation
Reserve
**Restricted**
**funds**
Roland Dobbs
Bursary Fund
**Total of funds**|**Balance at 1**
**January**
**2024**
**£**
**1,585,951**
**456,038**
**2,041,989**
**100,067**
**2,142,056**|**Income**
**£**
**71,657**
**-**
**71,657**
**-**
**71,657**|**Expenditure**
**£**
**(34,006)**
**-**
**(34,006)**
**(16,850)**
**(50,856)**|**Transfers**
**in/out**
**£**
**(5,485)**
**-**
**(5,485)**
**5,485**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**300,799**
**300,799**
**-**
**300,799**|**Balance at**
**31**
**December**
**2024**
**£**
**1,618,117**
**756,837**|
|---|---|---|---|---|---|---|
|||||||**2,374,954**|
|||||||**88,702**|
|||||||**2,463,656**|
Page 13
**The Institute of Physics Benevolent Fund**
**Notes to the financial statements For the year ended 31 December 2024**
**12. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
General Fund
Investment
Revaluation
Reserve
**Restricted**
**funds**
Roland Dobbs
Bursary Fund
**Total of funds**|Balance at
1 January
2023
£
1,562,953
272,042
1,834,995
94,400
1,929,395|Income
£
56,293
-
56,293
-
56,293|Expenditure
£
(27,628)
-
(27,628)
-
(27,628)|Transfers
in/out
£
(5,667)
-
(5,667)
5,667
-|Gains/
(Losses)
£
-
183,996
183,996
-
183,996|Balance at
31
December
2023
£
1,585,951
456,038|
|---|---|---|---|---|---|---|
|||||||2,041,989|
|||||||100,067|
|||||||2,142,056|
The Roland Dobbs Bursary Fund is used to benefit physicists under the age of thirty years by paying grants for varying purposes such as to enable an individual to complete a PhD, to attend meetings or conferences or any other personal need which the Trustees agree to support.
The transfer of £5,485 to the Fund during the year represents a notional interest figure of 1.2% above base rate.
Page 14
**The Institute of Physics Benevolent Fund**
## **Notes to the financial statements For the year ended 31 December 2024**
## **13. Summary of funds**
## **Summary of funds - current year**
|General funds
Restricted funds|**Balance at 1**
**January**
**2024**
**£**
**2,041,989**
**100,067**
**2,142,056**|**Income**
**£**
**71,657**
**-**
**71,657**
Income
£
56,293
-
56,293|**Expenditure**
**£**
**(34,006)**
**(16,850)**
**(50,856)**
Expenditure
£
(27,628)
-
(27,628)|**Transfers**
**in/out**
**£**
**(5,485)**
**5,485**
**-**
Transfers
in/out
£
(5,667)
5,667
-|**Gains/**
**(Losses)**
**£**
**300,799**
**-**
**300,799**
Gains/
(Losses)
£
183,996
-
183,996|**Balance at**
**31**
**December**
**2024**
**£**
**2,374,954**
**88,702**|
|---|---|---|---|---|---|---|
|||||||**2,463,656**|
|||||||Balance at
31
December
2023
£
2,041,989
100,067|
|**Summary of funds - prior year**|||||||
|General funds
Restricted funds|Balance at
1 January
2023
£
1,834,995
94,400
1,929,395||||||
|||||||2,142,056|
## **14. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|Fixed asset investments
Debtors due after more than one year
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2024**
**£**
2,296,837
17,000
63,757
(2,640)
2,374,954|**Restricted**
**funds**
**2024**
**£**
-
-
88,702
-
88,702|**Total**
**funds**
**2024**
**£**
**2,296,837**
**17,000**
**152,459**
**(2,640)**|
|---|---|---|---|
||||**2,463,656**|
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**The Institute of Physics Benevolent Fund**
## **Notes to the financial statements For the year ended 31 December 2024**
## **14. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|Fixed asset investments
Debtors due after more than one year
Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2023
£
1,996,038
17,600
30,751
(2,400)
2,041,989|Restricted
funds
2023
£
-
-
100,067
-
100,067|Total
funds
2023
£
1,996,038
17,600
130,818
(2,400)|
|---|---|---|---|
||||2,142,056|
## **15. Grant commitments**
The charity has committed to pay future grants at the balance sheet date of £Nil (2023: £Nil).
## **16. Related party transactions**
The secretary of the Benevolent Fund is the charity's key management personnel. This position has been remunerated for time spent and associated costs in managing the affairs of the Benevolent Fund. The total amount paid for this position during the year was £5,707 (2023: £5,434).
The Institute of Physics appoints an Honorary Officer as Trustee of the Benevolent Fund and approves any changes to the Benevolent Fund's rules. During the year, the Institute of Physics collected donations of £2,335 (2023: £2,282) on behalf of the Benevolent Fund.
The Institute of Physics paid overseas grants to Ukraine of £6,150 of which £4,900 was paid on behalf of the Benevolent Fund (2023: £22,940). The Institute of Physics paid grants on behalf of the restricted Dobbs Fund of £16,850, of which £2,000 was overseas (2023: £Nil). Under a joint initiative the Benevolent Fund paid £36,935 to 14 recipients (2023: £5,700 to 6 recipients) of which £21,542 has been reimbursed by the Institute of Physics.
Debtors at the balance sheet date include £4,558 payable from The Institute of Physics (2023: £1,181) in respect of the above transactions.
There were no other related party transactions in the current or prior year.
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