| The Trustees | have continued | have continued | to | assess the major risks to which the charity is exposed, particularly those relating |
assess the major risks to which the charity is exposed, particularly those relating |
to |
|---|---|---|---|---|---|---|
| its operation | and finances, | and | to implement appropriate risk management strategies to manage those risks. |
A | ||
| formal risk register | is maintained | and | is reviewed at each Trustee meeting. |
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| The principal | risks faced by the Fund | and the control and mitigation measures put in place to manage those risks |
are | |||
| as follows; | ||||||
| Continue annual review ofinvestment strategy. |
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| Maintain diversified portfolio and relevant risk level. |
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| Fall in investment | value | Use Independent Financial Advisor to assist Trustees in setting investment |
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| polic and monitoring erformance offund managers. |
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| Potential claimants |
are not | aware | Put in place a programme ofpromotional and marketing activity. Track claimant levels and type at each Trustee meeting. Reach out to Institution |
of | ||
| ofthe fund | or how it can help | Chemical Engineers for assistance with raising the Fund's profile with its |
||||
| members. | ||||||
| Lack ofvolunteers | to visit | Engage with IChemE's local boards and regional groups to seek volunteers | to | |||
| beneficiaries | assist the Trustees. | |||||
| Robust application procedures in place to enable Trustees to assess claims |
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| Inability to assess | overseas | claims | remotely. Where possible work with local Boards and regional groups ofthe Institution of Chemical Engineers, or with other local bodies to seek local |
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| volunteers where ossibleto visit/assess claims locall . |
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| Applications | take | too long | to | Track the progress ofeach claim and review at each Board meeting. Risk checklist in place to ensure the right information is obtained from claimants |
||
| process | before consideration by the Trustees. |
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| The Trustees | are satisfied that | reasonable steps are being taken to limit the probability and the impact of risk. |
| Note | Unrestricted | Unrestricted | |||
|---|---|---|---|---|---|
| Funds | Funds | ||||
| 2020 | 2019 | ||||
| E | E | ||||
| INCOME | |||||
| Donations and legacies |
2 | 73,041 | 53,974 | ||
| Investment income |
9,383 | 10,651 | |||
| TOTAL INCOME | 82,424 | 64,625 | |||
| EXPENDITURE ON | |||||
| Investment manager's |
fees and costs | (6,198) | (5,851) | ||
| Charitable activities: |
|||||
| Payments to beneficiaries | (59,612) | (9,006) | |||
| Other | (13,312) | (7,663) | |||
| TOTAL EXPENDITURE | (79,122) | (22,520) | |||
| Net gains on investment | assets | 33,022 | 57,452 | ||
| Net Income | 36,324 | 99,557 | |||
| Other recognised gains |
/ | (losses) | |||
| Net movement in funds |
36,324 | 99,557 | |||
| Fund balances brought | forward at 1January | 793,734 | 694,177 | ||
| Fund balances carried | forward at31December | 830,058 | 793,734 |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| 6 | 6 | ||||
| Fixed assets: | |||||
| Investments | 6 | 729,312 | 693,108 | ||
| Current assets: | |||||
| Debtors | 45,459 | 46,386 | |||
| Cash at bank | and in | hand | 57,307 | 54,240 | |
| 102,766 | 100,626 | ||||
| Creditors: Amounts | falling due within one year | (2,020) | |||
| Net current | assets | 100,746 | 100,626 | ||
| Total assets | less current liabilities | 830I058 | 793,734 | ||
| Represented | by: | ||||
| Unrestricted | funds | 830,058 | 793,734 |
| 2 | Income from donations | Income from donations | Income from donations | and legacies | ||
|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||
| f | f | |||||
| Donations | 51,S98 | 53,522 | ||||
| Gift Aid | 143 | 452 | ||||
| Legacies | 21,00D | |||||
| 73,041 | 53,974 | |||||
| 3 | Investment | income | ||||
| 2020 | 2019 | |||||
| f | f | |||||
| Interest receivable | 3 | 6 | ||||
| Dividends | receivable | 9,380 | 10,645 | |||
| 9,3SB | 10,651 | |||||
| 4 | Payments to beneficiaries | |||||
| 2020 | 2019 | |||||
| f | f | |||||
| Grants awarded to Individuals |
in the year | 59,612 | 9,006 | |||
| 5 | Other costs | |||||
| 2020 | 2019 | |||||
| f | f | |||||
| Support casts: Staff support Services for beneficiaries |
5,941 3,360 |
5,985 | ||||
| Othercosts | 2211 | 1,277 | ||||
| Governance costs: | ||||||
| Trustee meetings Independent Examination |
Fees | 1,800 | 401 | |||
| 13,312 | 7,663 |
| Fixed asset investments | ||
|---|---|---|
| 2020 | 2019 | |
| 6 | f | |
| Market value at1January | 693,108 | 630,862 |
| Acquisitions at cost | 9,380 | 10,645 |
| Disposals at cost | (6,198) | (5,851) |
| Net gain on revaluation | 33,022 | 57,452 |
| Market value at31December | 729,312 | 693,108 |
| Historical cost at31December | 576,749 | 573,566 |
| Jr | Debtors | |||
|---|---|---|---|---|
| 2020 | 2019 | |||
| f | f | |||
| Amounts dua within one year: Amounts due from related party Other debtors |
5,659 | 10,257 129 |
||
| 5,659 | 10,386 | |||
| Amounts Unsecured |
due after one year: loans to beneficiaries |
39,800 | 36,000 | |
| 45,459 | 46,386 | |||
| 8 | Creditors: amounts | falling due within one year | ||
| 2020 | 2019 | |||
| f | f | |||
| Accruals | 1,800 | |||
| Other Creditors | 220 | |||
| 2,020 |