The Chemical Engineers Benevolent Fund
Trustees’ report & financial statements For the year ended 31 December 2022
Registered charity no. 221601
Contents
| Trustees Report | 2 |
|---|---|
| Independent Examiner’s Report to the Trustees of the Chemical Engineers Benevolent Fund | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 |
1
Trustees Report
The Trustees are pleased to present their annual report together with the financial statements of the Chemical Engineers Benevolent Fund for the year ending 31 December 2022.
The financial statements comply with the Charities Act 2011 and 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).
Reference and Administrative Details
The Chemical Engineers’ Benevolent Fund is registered with the Charity Commission for England & Wales, charity number 221601.
Correspondence address
c/o Institution of Chemical Engineers, Davis Building, Railway Terrace, Rugby, CV21 3HQ
Professional Advisors
Bankers
NatWest Bank PLC, Silbury House, Silbury Boulevard, Milton Keynes, MK9 2ZF CAF Bank Limited, Kings Hill, West Malling, Kent, ME19 4TA
Legal Advisors
Mills & Reeve, 100 Hills Road, Cambridge, CB2 1PH
Investment Managers
Ruffer LLP, 80 Victoria Street, London, SW1E 5JL Legal & General Investment Management, 1 Coleman Street, London, EC2R 5AA Schroders Asset Management, 1 London Wall Place, London, EC2Y 5AU SEI Investments Company, 1st Floor, Alphabeta, 14-18 Finsbury Square, London, EC2A 1BR
Independent Financial Advisors
Highclere Wealth Financial Advisors, 7 Lower Woodspeen Court, Newbury RG20 8BL
Independent Examiner
Magma Audit LLP, Magma House, 16 Davy Court, Castle Mound Way, Rugby, CV23 0UZ
Secretary
Jo Downham, Institution of Chemical Engineers, Davis Building, Railway Terrace, Rugby, CV21 3HQ
Trustees
The names of the Trustees serving through the year were as follows:
Prof Stephen Richardson (Chair) (appointed June 2022) Mr Keith Batchelor (Chair) (resigned June 2022) Dame Julia Higgins Prof Geoff Maitland Mr James McGillivray (appointed January 2022) Dr Trish Melton Prof Jonathan Seville Mr Malcolm Wilkinson (resigned March 2022)
2
Objects and activities
The objects of the Benevolent Fund are to provide assistance to chemical engineers and their immediate dependants, who, in the opinion of the Trustees, are either in necessitous or straightened circumstances, whether temporarily or otherwise or are in need of financial assistance, owing to age, illness, accident, or mental or bodily infirmity.
The fulfilment of these objects is clearly of public benefit.
Beneficiaries
Potential beneficiaries are defined as:
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Any person who is or has followed the profession of a Chemical Engineer; or
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The member of the family (i.e. wife, husband, father, mother, stepfather, stepmother, son, daughter, grandson, granddaughter, brother, sister, half-brother or half-sister) of someone who has died or is in straightened circumstances but at some time in life, followed the profession of a Chemical Engineer.
Types of assistance
Principally, assistance will be of a financial nature. Most commonly gifts, grants or loans will be made.
Gifts are sums of money given for non-specific purposes.
Grants are sums of money given for specific purposes.
Loans are sums lent for general purposes and due to be repaid at or over a mutually agreed time span and may not be subject to interest.
It is fully the Trustees’ decision as to how much is given or lent. Any appeal will be considered on its merits, taking into account the beneficiary, the need, and the circumstances.
Considering appeals for assistance
The Trustees will make investigations into the circumstances of the appeal to ensure that the broad requirements as set out above are met. These investigations may be carried out by the Trustees or a member of the profession of Chemical Engineering or a member of the staff of The Institution of Chemical Engineers as felt most appropriate by the Trustees.
Where possible a Trustee, or regional representative, will personally visit a potential beneficiary to offer assistance and assess the claimant’s situation. Where this is not possible, the Trustees, representatives, or staff members of the Institution of Chemical Engineers will make regular contact with the beneficiary by phone.
The fund’s assets
Money is paid into the fund by the generous donations of individuals. Members of the Institution of Chemical Engineers are invited to make a donation to the fund through their annual subscription renewal with the Institution.
Public Benefit
The Trustees are satisfied that the aims of the Benevolent Fund are carried out wholly in pursuit of its charitable aims. The Trustees have regard to guidance on public benefit published by the Charity Commission when exercising their powers and duties and where such guidance is relevant. The Trustees’ have considered the general guidance on public benefit and have taken it into account when reviewing the charity’s aims, objectives, and future planning activities. The whole of the Fund’s activities are for the prevention and relief of poverty.
3
Achievements and performance
During the year, the Benevolent Fund fulfilled its charitable purpose by making gifts, grants, and loans to beneficiaries. The Trustees continued to review all appeals for assistance. Appeals are considered from all geographical locations, not just from within the UK, and from both members and non-members of the Institution of Chemical Engineers.
The major source of funds received by the Benevolent Fund continues to be from donations made by members of the Institution of Chemical Engineers when paying their annual subscription renewal to the Institution. Other donations are occasionally received from members and non-members of the Institution in their will.
In 2022, the Trustees continued with their work to establish a new strategy for the Fund, reviewing the mission and setting out a new ten year vision with supporting aims. The new strategy, which will be launched in 2023, aims to increase the number of applications received into the Fund whilst measuring its impact on beneficiaries. It also looks to create a scalable and sustainable organisation in terms of resources, establishing partnerships with other charities and related organisations to support delivery.
Plans for Future Periods
The Trustees will continue to make financial grants to new and existing beneficiaries.
The new strategy for the Fund will be launched and the Trustees will commence the 3-5 year implementation plan. This Fund will deliver the aims set out in the strategy by:
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promoting its work effectively to potential applicants and also donors, volunteers and partners, for each of whom there will be a clear and attractive value proposition;
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building its organisation and governance capability, finances, resources and systems that will effectively, efficiently and sustainably underpin delivery.
Financial Review
The financial statements for the year ended 31 December 2022 are set out on pages 9 to 10.
Total income for the year was £68,155 (2021: £134,650).
The principal sources of income for the year continued to be donations from the members of the Institution of Chemical Engineers through the opt-out donation on their annual subscription renewal notices totalling £56,443 (2021: £61,027) and income from investments totalling £11,712 (2021: £9,844) . There were no other donations or legacy income received in the year ( 2021: £63,779).
Total expenditure for the year was £65,040 (2021: £85,468) . This was made up of payments to beneficiaries totalling £42,887 (2021: £58,603) , support costs of £15,361 (2021: £20,060 ) and investment management fees, including the cost of the Fund’s independent financial advisor, of £6,792 (2021: £6,805) .
A further £30,176 (2021: £52,043) was paid out in interest free loans to beneficiaries with repayments from loans totalling £16,366 (2021: £9,755) in the year. The carrying amount of any loans made is included within debtors (see note 7).
The investment portfolio reported unrealised losses of £38,172 ( 2021: gains of £52,660).
This resulted in a total net movement in funds of a £35,057 deficit ( 2021: £101,842 surplus) reducing the total reserves fund balance at the end of the year to £896,843 (2021: £931,900) .
Reserves Policy
The Trustees review the Fund’s reserves policy and level of reserves held on an annual basis. The purpose of the reserves fund is to ensure that the Benevolent Fund can continue to fulfil its charitable objects.
4
The Fund does not actively seek any income funds other than the donations from members of the Institution of Chemical Engineers as part of the opt-out donation on the annual subscription notice to its members.
Any other donations and legacy income received are ad-hoc and therefore cannot currently be relied upon as a regular source of income.
At the time that the opt-out donation was introduced, the aim of the Trustees was to build the reserves of the Fund to a minimum level of £500,000 in order to generate sufficient income from its investments to cover the bulk of its expected grant expenditure each year. This level of reserves was also considered prudent to provide security to the Fund and its ability to continue to provide financial assistance to new and existing beneficiaries:
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in the event of a decline in annual donations during periods of economic uncertainty at a time when demands on the Fund could be expected to increase; and
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during downturns in the market causing fluctuations in investment income and in the market value of its investment assets.
At the end of the year, the level of reserves held was £896,843 (2021: £931,900) and the Trustees therefore consider that the required level of reserves has been met .
The level of reserves held at year-end is higher than the level set out in the policy. However, this puts the Fund into a strong position to be able to deliver its new strategy, putting in place additional resources for beneficiaries and the relevant staff posts to build and deliver the Fund’s strategic aims.
As part of the strategic review, the Trustees will reconsider the reserves policy and appropriate reserves level to hold to ensure the long-term viability of the Fund.
Investment Policy
The Fund’s investment strategy adopted by the Trustees is:
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to target a minimum return of CPI over a three-year rolling period and a return of CPI + 2% pa over a fiveyear rolling period;
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to maintain a smaller balance of cash at the bank, sufficient to cover the current level of expenditure, with the remaining funds transferred to the investment fund portfolio;
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to split the funds three ways between Ruffer LLP, Legal & General Investment Management and Schroeder Asset Management;
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to manage the investment fund portfolio on the Novia platform;
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to annually review the level of cash held to determine whether to transfer any surplus funds to the investment fund portfolio;
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To retain the services of an independent financial adviser for monitoring and advising on the investment fund performance and liaising with the investment fund managers.
The Benevolent Fund’s investment strategy is reviewed regularly with an independent financial advisor.
All investment income received during the year has been re-invested.
During the year, the investment funds received £11,712 (2021: £9,844) in interest and dividends. Total investment management fees, including the service fee for the independent financial advisor, were £6,792 (2021: £6,805) . The funds generated unrealised losses of £38,172 (2021: gains of £52,660) as at 31 December 2022.
The total return for the year, taking into account all income, management fees and market value movements was a decrease of 4% (2021: increase of 8%) .
The total market value of the investment funds at 31 December 2022 was £751,759 (2021: £785,011).
Fundraising
The Fund does not actively undertake any fundraising activities from the general public or use the services of professional fundraisers or commercial participators. The Fund is not bound by any regulatory scheme and is not subject to any voluntary code of practice regulating fundraising. No complaints have been received by the Fund in relation to fundraising activities.
5
Structure, Governance and Management
Governing Document
The Chemical Engineers Benevolent Fund was founded in 1928. A Trust Deed, executed in 1934, fully established the Fund and the nature of its Trusteeship and is the governing document under which the Fund operates.
Appointment of Trustees
The Trustees are appointed by the Fund’s Board of Trustees but must be approved by a resolution of the Board of Trustees of the Institution of Chemical Engineers. The Trust Deed provides for a minimum of three trustees. All new Trustees receive an induction pack containing information on the Charity, recent accounts, and minutes of meetings.
Structure and Management
The Trustees usually meet twice a year to discuss all areas of activity of the Benevolent Fund. This includes considering any new appeals for assistance, reviewing ongoing claims, discussing activities for raising funds, reviewing the risk register, and reviewing the performance of the investment funds and level of reserves.
The day-to-day processing and handling of appeals of assistance prior to the Trustees consideration is carried out by the staff of the Institution of Chemical Engineers. During the year, the Trustees will be notified of any new appeals received. The Trustees will make investigations into the circumstances of the appeal to ensure that the broad requirements of the fund are met. These investigations may be carried out by the Trustees, a member of the profession of Chemical Engineers or a member of the staff of the Institution of Chemical Engineers.
The secretariat and treasury function of the Benevolent Fund is carried out by the finance department of the Institution of Chemical Engineers on a voluntary basis. The Benevolent Fund does not employ any staff directly but administrative support for the day-to-day running of the Fund is provided by the Institution and the relevant staff costs are cross charged to the Fund at cost.
All Trustees give their time on a voluntary basis and receive no benefits from the Benevolent Fund.
Risk Management
The Trustees have continued to 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.
The principal risks faced by the Fund and the control and mitigation measures put in place to manage those risks are as follows:
| Fall in investment value | Continue annual review of investment strategy. Maintain diversified portfolio and relevant risk level. Use Independent Financial Advisor to assist Trustees in setting investment policyand monitoring performance of fund managers. |
|---|---|
| Potential claimants are not aware of the fund or how it can help |
Work with the Institution of Chemical Engineers for assistance with raising the Fund’s profile. Strategic review underway to look at types of assistance and services offered, to look at ways of increasing the number of applications received and working with other organisations to raise its profile in the charity sector. |
| Lack of volunteers to visit beneficiaries |
Engage with IChemE’s local boards and regional groups to seek volunteers to assist the Trustees. As part of the new strategy a volunteer value proposition will be developed with the ambition of increasing the number of volunteers to support an increase in requests for assistance. |
| Inability to assess overseas claims | Robust application procedures in place to enable Trustees to assess claims remotely. Where possible work with local Boards and regional groups of the Institution of Chemical Engineers, or with other local bodies to seek local volunteers wherepossible to visit/assess claims locally. |
The Trustees are satisfied that reasonable steps are being taken to limit the probability and the impact of risk.
6
Statement of Trustees responsibilities
The Trustees are responsible for preparing the Trustees’ annual report and financial statements in accordance with applicable law and regulations.
Charity law requires the Trustees to prepare financial statements for each financial year in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including income and expenditure, of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity, and enable the Trustees to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 11 September 2023 and signed on their behalf by:
Prof Stephen Richardson
Chair
Prof Geoff Maitland Trustee
7
Independent Examiner’s Report to the Trustees of the Chemical Engineers Benevolent Fund
I report to the trustees (who are also Directors for the purpose of company law) on my examination of the financial statements of The Chemical Engineers Benevolent Fun (‘the charitable company’) for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.1
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the trustees of charitable company you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair view which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
Signed: Date: 11 September 2023
Magma Audit LLP Magma House 16 Davy Court Castle Mound Way Rugby CV23 0UZ
8
Statement of financial activities
for the year ended 31 December 2022
| Note | Unrestricted | Unrestricted | |
|---|---|---|---|
| Funds | Funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| INCOME | |||
| Donations and legacies | 2 | 56,443 | 124,086 |
| Investment income | 3 | 11,712 | 9,844 |
| TOTAL INCOME | 68,155 | 134,650 | |
| EXPENDITURE ON | |||
| Investment manager’s fees and costs | (6,792) | (6,805) | |
| Charitable activities: | |||
| Payments to beneficiaries | 4 | (42,887) | (58,603) |
| Other | 5 | (15,361) | (20,060) |
| TOTAL EXPENDITURE | (65,040) | (85,468) | |
| Net (losses) / gains on investment assets | 6 | (38,172) | 52,660 |
| Net (Expenditure) / Income | (35,057) | 101,842 | |
| Other recognised gains / (losses) | - | - | |
| Net movement in funds | (35,057) | 101,842 | |
| Fund balances brought forward at 1 January | 931,900 | 830,058 | |
| Fund balances carried forward at 31 December | 896,843 | 931,900 |
The Fund had no recognised gains and losses other than the above results for the year. All items relate to continuing operations.
The notes on pages 11 to 14 form part of these financial statements.
9
Balance sheet at 31 December 2022
| Fixed assets: Investments 6 Current assets: Debtors 7 Cash at bank and in hand Creditors:Amounts falling due within one year 8 Net current assets Total assets less current liabilities Represented by: Unrestricted funds |
2022 £ 751,759 113,342 34,502 147,844 (2,760) 145,084 896,843 896,843 |
2021 £ 785,011 87,604 61,085 148,689 (1,800) 146,889 931,900 931,900 |
|---|---|---|
These financial statements were approved by the board of Trustees on 11 September 2023 and signed on their behalf by:
Prof S Richardson
Chair
Prof Geoff Maitland Trustee
10
Notes to the financial statements
1 Accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) – (Charities SORP (FRS 102)); and the Charities Acts 2011.
The Benevolent Fund constitutes a public entity as defined by FRS 102.
Going concern
The Trustees have assessed whether the use of a going concern basis is appropriate when preparing these financial statements and have concluded that there are no material uncertainties about the Benevolent Fund’s ability to continue as a going concern.
In arriving at this decision, the Trustees have reviewed the impact on the income, expenditure and cashflow of the Benevolent Fund during 2022, together with the budgets and cashflow predictions for the next twelve-month period. The level of reserves held by the Benevolent Fund is adequate to provide financial resilience and meet any liabilities as they fall due.
The principal accounting policies adopted by the Benevolent Fund are set out below:
Income
Income is recognised when the Benevolent Fund has entitlement to the income, any performance conditions attached to the income have been met, it is probable that the income will be received, and the amount can be measured reliably.
Donations
Donations are included in the statement of financial activities when the general income recognition criteria have been met.
Legacies
Legacy gifts are recognised on a case-by-case basis following the granting of probate when the administrator of the estate has communicated in writing both the amount and settlement date.
Tax reclaims on donations and gifts
Gift Aid receivable is included in income where there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or terms of the appeal have specified otherwise.
Volunteer help
The value of any volunteer help received is not included in the accounts but is described in the Trustees’ annual report.
Investment income
Investment income comprises the returns receivable on fixed asset investments for the year and is recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment fund managers.
11
Notes to the financial statements (continued)
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal and constructive obligation committing the Benevolent Fund to the expenditure, it is probable that settlement will be required, and the amount of the obligation can be reasonably measured.
Irrecoverable value added tax is charged against the expenditure heading for which it was incurred.
Grants to beneficiaries are recognised when approved by the Trustees, when a commitment has been made to the beneficiary and there are no conditions to be met relating to the grant which remain in the control of the charity. Any grants which are subsequently repaid are treated as donations.
Support costs represent the general administration in supporting the operational activities of the Benevolent Fund.
Governance costs relate to the general running of the Benevolent Fund.
Loans to beneficiaries
Loans to beneficiaries are recognised and measured at the amount paid, with the carrying amount adjusted in subsequent years to reflect repayments and impairments.
The Benevolent Fund may not charge interest on its loans to beneficiaries.
Investments
Fixed asset investments are initially recorded at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price.
The statement of financial activity includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
2 Income from donations and legacies
| Donations Gift Aid Legacies |
2022 £ 56,443 - - 56,443 |
2021 £ 111,027 12,780 999 |
|---|---|---|
| 124,806 |
3 Investment income
| 3 Investment income | ||
|---|---|---|
| Interest receivable Dividends receivable |
2022 £ - 11,712 11,712 |
2021 £ - 9,844 |
| 9,844 |
12
Notes to the financial statements (continued)
4 Payments to beneficiaries
| Grants awarded to individuals in the year 5 Other costs Support costs: Staff support Services for beneficiaries Other costs Governance costs: Independent examination fees Legal and professional fees 6 Fixed asset investments Market value at 1 January Acquisitions at cost Disposals at cost Net (loss)/gain on revaluation Market value at 31 December Historical cost at 31 December |
2022 £ 42,887 2022 £ 9,027 2,526 928 2,880 - 15,361 2022 £ 785,011 11,712 (6,792) (38,172) 751,759 584,708 |
2021 £ 58,603 2021 £ 8,501 3,874 2,552 1,920 3,213 20,060 2021 £ 729,312 9,844 (6,805) 52,660 |
||
|---|---|---|---|---|
| 785,011 | ||||
| 579,787 |
5 Other costs
6 Fixed asset investments
All investments are carried at their market value. Investments are held with Ruffer LLP, Legal & General Investment Management and Schroeder Asset Management.
7 Debtors
| 7 Debtors | ||
|---|---|---|
| Amounts due within one year: Amounts held by IChemE Amounts due after one year: Unsecured loans to beneficiary |
2022 £ 17,464 17,464 95,878 113,342 |
2021 £ 5,536 |
| 5,536 82,068 87,604 |
13
Notes to the financial statements (continued)
8 Creditors: amounts falling due within one year
| 8 Creditors: amounts falling due within one year | ||
|---|---|---|
| Other Creditors | 2022 £ 2,760 2,760 |
2021 £ 1,800 |
| 1,800 |
9 Related party transactions
The Chemical Engineers Benevolent Fund enters into transactions with the Institution of Chemical Engineers. The Institution of Chemical Engineers collects donations from its members on behalf of the Benevolent Fund which are passed directly over to the Fund throughout the year.
The Institution also provides the secretariat and treasury function for the Benevolent Fund providing financial and IT services on a voluntary basis. Administrative staff support is provided to the Benevolent Fund by the Institution, which is cross charged to the Fund at cost, based on the number of hours allocated to that activity.
During 2022, the donations collected by the Institution of Chemical Engineers was £56,395 (2021: £57,645) and the fee paid for staff administrative support was £9,027 (2021: £8,501) .
Debtors includes an amount of £17,464 (2021: £5,536) due from the Institution of Chemical Engineers at year end.
14