REGISTERED CHARITY NUMBER: 1053576
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
FOR
THE NATIONAL FEDERATION OF OCCUPATIONAL PENSIONERS WELFARE FUND
FKCA Limited 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL
THE NATIONAL FEDERATION OF OCCUPATIONAL PENSIONERS WELFARE FUND
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 DECEMBER 2021
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Report of the Independent Auditors | 4 | to | 5 |
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 13 |
THE NATIONAL FEDERATION OF OCCUPATIONAL PENSIONERS WELFARE FUND
REFERENCE AND ADMINISTRATIVE DETAILS for the Year Ended 31 DECEMBER 2021
TRUSTEES Mr P F Hands Mr E M Donaghy Mr V Jeffries (appointed 11.5.21) Mrs D J Lee Mrs J V M Ypey (resigned 11.5.21) PRINCIPAL ADDRESS Unit 6, Imperial Court Laporte Way Luton Bedfordshire LU4 8FE REGISTERED CHARITY 1053576 NUMBER AUDITORS FKCA Limited 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL BANKERS HSBC 63 George Street Luton Bedfordshire LU1 2AR CCLA Senator House 85 Queen Victoria Street London EC4V 4ET
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THE NATIONAL FEDERATION OF OCCUPATIONAL PENSIONERS WELFARE FUND
REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and activities
The relief of poverty and the improvement of the physical and mental wellbeing of persons in need who are retired employees of British Telecom or the Royal Mail or members of the NFOP, or their dependants. This is achieved principally through the Trust's grant making programme, which is financed from donations and fundraising income.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit in setting these objectives and considering the grant making policy.
The gross income of the charity in the year to 31 December 2021 was £27,959 (2020: £18,428). Charitable grants were made to 1 individual (2020:8) in the year to 31 December 2021 totalling £780 (2020: £5,328) to aid with equipment purchases or expenses that they would not otherwise be able meet themselves. This year's cost of providing The Talking Magazine to members of the NFOP was £4,425 (2020: £4,926). There were no charitable donations to institutions during the financial year. The trustees are satisfied that any grants made during the year were for the benefit of the public and the benefits were clearly identifiable.
FINANCIAL REVIEW
Financial review
Single donations were received from CSIS £5,000 (2020: £5,000). NFOP Branch donations (including from closing Branches) have been detailed in the report and totalled £5,645 (2020: £1,200) and donations and legacies from members £4,726 (2020: £169). 1001 Club income was well supported, generating 1001 Club gross income of £7,092 (2020: £6,936) leaving £3,546 (2020: £3,492) available to be used for good causes. Income during the year ended 31 December 2021 exceeded expenditure by £13,609. In 2020, expenditure exceeded income by £883.
It is the trustees' intention that any surplus funds should be carried forward for distribution as part of the grant-making programme in the following year, whilst continuing to hold sufficient reserves to safeguard the future of the charity. The trustees seek to support as many claimants as possible. The Trustees will seek new donations from external sources and NFOP members and Branches. A recruitment drive to attract members to join the monthly lottery is also planned. The policy on reserves is reviewed annually. At 31 December 2021 the value held in reserves was £113,777.
The trustees plans for future periods are to continue the charity's grant making programme in order to provide pensioners with financial assistance in times of hardship. The trustees continue to consider ways in which members can be encouraged to apply for assistance as they believe that worthy recipients may not be aware of the Charity and finding suitable beneficiaries remains a challenge.
COVID 19
It is likely that the COVID 19 pandemic continued to impact on demand for the Welfare Fund in 2021. The NFOP Magazine regularly highlighted the availability of the Fund and all enquiries were handled as normal. However, applications were significantly down on 2020. 2 applications were received, compared with 19 in 2020. This may be partly explained by the ongoing restriction on Branch activity. It was well into the later part of 2021 before Branches were able to resume holding physical meetings, resulting in cases not being highlighted or put forward. Due to COVID 19 restrictions during the year, applications to the Welfare Fund and assessments were conducted by the trustees of the Welfare Fund via e mail.
.
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THE NATIONAL FEDERATION OF OCCUPATIONAL PENSIONERS WELFARE FUND REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2021 STRUCTUR GOVEIII+IANCE AND MAIYAtsLMblYT Governing document Th¢ rharity's govtrning document 15 a declaration of trust dated 16 February 1996 as amended by deed dated 17 September 2007 a5 amended by resolu¢ivTJ dated 20 July 2013 as amended by d¢cd dated 27 Septcmb¢r 2013 and 29 August 2014. The Power to appoint n¢w or additional Irustees 15 vested in the existing Tn]stees. New ttets are. provided with copies of annual accounts and anuual rettwns. The trustee5 meet at ev¢ry NFOP Executive Committee Meetin8 where any review of policy is cotssidered. Grant applications ar¢ Considered by a Welfare Committee and grants up to £1,000 iwarded. Above this level, applications are refetTed to the ttustees. DLXiSiOllS on whether to approve grant applications are takell by majority vote. The Welfare Corllmittee Secretary 5ubrnits a monthly report on th¢ grants made to the tnL5tees. Three of the tsuste¢s of the charity are Executive Conjtnittee membe15 of The National Federation of Occupational PeionerS (NFOP). the fourth i5 the Chief Executive Officer of th¢ NFOP. The day to day numing and administratlon of the clwity is undertaken by the employees of the NFOP the ¢osis of which are treated as a donation to the charity and the charity operates rent free out of a building leased by the NFOP. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible tor preparing the Report of the Tnte¢S and the fInancial state]nents in accordance with applicable law and United Kingdom Accounting S(andaids {United KEngdom GeneTally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Re8ulations 2008 and the provisions of the trust deed requires the tru5tee5 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resource5 and application of resources. including the income and cxpenditure. of the tharity fnr that pp.rsod tn wep#rinE thosè financial statements, the trustees are requiTed to select suitabl¢ accounting policies and then apply thern consistently,. observe the methods and principles in the Charity SORP,. make judgements and ¢stimaies that are reasonabl¢ and pNdenl' prepare the financial statements on the going corK¢rn basis unless it IB inappropriate to presume that the charity will contit)U6 in business. The trustees are responsible for keeping proper accouniing records which disclose with reasonable accuracy at arty time the financial p051tion of the charity and to enable them to eUre thai the financial statements comply with the Charities Act 2011. the Charity IAtcount5 and Reports) Re8ulats"ons 2008 and the provisions of the tn]st deed. They are also rcspon5ible for safeguarding the assets of the charity and hence for raking reasonable steps for the prevention and dcteeiion of fraud and other irre8ulari¢ies. Approved by order of the board of rrnsieu on l February 2022 and signed on its behalf by.. Mr E M Donaghy- Trustee Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE NATIONAL FEDERATION OF OCCUPATIONAL PENSIONERS WELFARE FUND
Opinion
We have audited the financial statements of The National Federation of Occupational Pensioners Welfare Fund (the 'charity') for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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.
In connection with our audit of the financial statements, 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 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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REPORT OF THE lYDEPEpDET AI'DITOFts TO THE TRusfEES OF THE NATIONAL FEDERATIOY OFOCCiIPATIOliAL PENsIoERs WELFARE FiIYD Responsibilities of tru5ttes A5 explained more fully in the Siaiemeni of Trustees, Re5ponsibtliii¢s. th¢ mletS are resN)nsible for the preparation of lh¢ financial 5tat¢ments which gtve 3 tr¢ and fair view. ad for such inlernal ¢onirol as the trusiees deterniine is necessary to enabl¢ the preparaiion of financial 5tstements that are free from merial misstmenL whether due to frgud or error. In preparing ihe financial stalements. th¢ trusitts are ffsponsiblt for assessin8 the chariry's ability to continue a5 a gotn8 concern, disclosin& as appli¢abl¢. matters related to going concern 4Dd using the going conctm basis of accouniing unless the itustees either intend to liquide the Charity or to Ce oper&thon5. or have no realistic Jltemaiive but to do Our responsibllitles for the ludlt of the finntil stAtemtDIs We have bcen appoinied as audilors und¢r Se¢iion 144 of the Charitie5 Ad 2011 and report in accordance with the Act and rclcvant re8ulalions made or having effcct thercunder. OUT objeclives are lo obtain reasonable assurnnce aboul wheiher th¢ fin?n¢ial Maiements a$ a wthole arc free from mai¢rial misiaiement. whcihcr due io fraud or error, at)d issue a Report of the lThdependeni Auditors thai includes our opinion. Reasonable assuran¢¢ is a high level of assurancc. 15 rrt)t a 8YaTanie¢ Ihai audii co¢Jdu¢ied in accordance wirh ISAS IUKI will detect a material missiaiemeni when il CKiSts. Mis5tatem¢nts Can arise from fraud or error and are considered material if. it)dividually or in the aW8ate. thry could r¢&sonhbly be expe¢ied to inflinCe the economi¢ decisions of users laken on the b&sis of these fiMn¢ial siaiemertls. The exteni io whi¢h our procedures capable of deteding irregulariiie& in¢luding fraud is detailed below: Enquiry of managemeni. those chargcd M'iih governance around adual and potential lili8ation and claim5. Enquiry of eniity siaff and the board of injsiees io identify any instanccs of Th)n-complianee wilh la and regulation5. Reviewing minutes of meetings of tlKTr5e ¢h8rged wilh 8oveniaii¢e. Reviewing financial sthiem¢ni dis¢losure$ and testin8 to SUpTI1n8 documenthiion io assess Compliance with applicable laws and regulations. Audiling the risk of mana8¢m¢nt override of controls. includin8 ihrough iestin8 journal entries and other adju5tmenls for appropriai¢ne$s. and evaluatin8 Ihe busin rationale of signifi¢ani transactions outside ihe nomial coursc of businc55. A further d¢KTiplion of our respon5ibililies for the aydii of ihe finarb¢ial Siaienien15 is located on the Financial Reporting Council's website al Mry4Trv.fre.OT8.uWaudiiorsresponsibilities. Thi5 descripiion forn)s part of our Repon of Ihe Independent Aydiiors. Use ofour report This r¢pon is madc 501el) to the charity's Irusl¢¢s. as a body. in accordance with Pan 4 of ih¢ Ch8riii¢s {Ac¢ounis ind Reporlsl Regulaiions 2008. Our audit work has been undeTthk¢n so ih81 we might slate to ihc charity's truslees thos¢ matters we are r¢quired to state to them in an audiiors, repon and for no oiher puT[Se. To the fijllesl exi¢ni pemiin¢d by law, we do nol a£cepl or assum¢ r¢sponsibililJ' lo anyone oihtr than the eharity and the Charity's trusie¢$ as a body, for our aildit work. for this r¢port, or for th¢ opinions we have forn?ed. CA FKCA Limited 260- 270 Butterfield Gat Marlin85 LutoTh Bedfordshirc LU2 8DL Dat¢.. Pag¢ 5
THE NATIONAL FEDERATION OF OCCUPATIONAL PENSIONERS WELFARE FUND
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 DECEMBER 2021
| 2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 27,461 Investment income 3 9 Other income 489 Total 27,959 EXPENDITURE ON Raising funds 4 5,586 Charitable activities 5 Welfare assistance 5,279 Support costs 3,485 Total 14,350 NET INCOME/(EXPENDITURE) 13,609 RECONCILIATION OF FUNDS Total funds brought forward 100,168 TOTAL FUNDS CARRIED FORWARD 113,777 |
2020 Total funds £ 18,305 123 - 18,428 5,512 10,254 3,545 19,311 (883) 101,051 100,168 |
|---|---|
The notes form part of these financial statements
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E NATiofqAL FEDKRATIOF4 OF OCCUPATIONAL 31 DECEMBER2021 2021 Unrestrict 2020 Tot41 Notes Debtors Cath atbank 20 115,890 102,498 115,910 102,498 Amounts fallin8 witbinone 1[ io (2.133) (2.330) 113.777 100,168 TOTAL ASSE18 LESS CURRENT 113.777 IIK).168 NET ASSETS 113,777 100,168 113.777 I.168 TOTAL FUNDS 113,777 100.168 The fjDancial ststrnts w¢r¢ a1yrol bythe Board of Tn]stees and autkntised for issue oo l Febnwy 2022 aud wae &i8ned on its beh£ by. Mr P F Haods. Trustee The forni part of these fiDaticial statemEnts
THE NATIONAL FEDERATION OF OCCUPATIONAL PENSIONERS WELFARE FUND
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The presentation currency of the financial statements is the Pound Sterling (£)
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Raising funds
Costs of generating funds include prizes given under the 1001 Club scheme, raffle prizes and an apportionment of support costs.
Charitable activities
Costs of charitable activities include grants and donations made to individuals and an apportionment of support costs.
Allocation of overhead and support costs
Overhead and support costs have been allocated between charitable activity, fundraising costs and governance. Overhead and support costs have been allocated based on the estimated time spent on the administration of charitable activities, fundraising and governance.
Taxation
The charity is exempt from tax on its charitable activities.
Funds
The unrestricted funds represent undistributed income carried forward, in accordance with the Trustees reserves policy highlighted on page 2.
Donated services
Donated services are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain the services on the open market. The donated amount is included within donations on the statement of financial activities and a corresponding amount is included within expenditure in the period of receipt. The nature and amount of donated services is detailed in the related party disclosure note to the accounts.
continued...
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THE NATIONAL FEDERATION OF OCCUPATIONAL PENSIONERS WELFARE FUND
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2021
2. DONATIONS AND LEGACIES
----- Start of picture text -----
2021 2020
£ £
Donations and legacies 15,369 6,369
NFOP donated services 5,000 5,000
1001 Club gross income 7,092 6,936
27,461 18,305
Donations: Federation Branches (included above)
£ £
Leicester Branch 100 100
Ipswich Branch - 300
London Victoria Branch - 50
Aylesbury & High Wycombe Branch 50 50
Kingston on Thames Branch 300 200
Bournemouth Branch - 500
Maidstone Branch 50 -
Colchester Branch 1,000 -
1,500 1,200
Donations: Branch Closures (included above)
£ £
Exeter Branch Closure 2,787 -
-
Bangor Branch Closure 1,358
-
4,145
3. INVESTMENT INCOME
2021 2020
£ £
Deposit account interest 9 123
4. RAISING FUNDS
Raising donations and legacies
2021 2020
£ £
Sundries 40 20
Donated services 2,000 2,000
1001 Club Prize reserve 3,546 3,492
5,586 5,512
----- End of picture text -----
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THE NATIONAL FEDERATION OF OCCUPATIONAL PENSIONERS WELFARE FUND
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2021
5. CHARITABLE ACTIVITIES COSTS
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Grant|
|funding of|
|activities|Support|
|Direct|(see note|costs (see|
|Costs|6)|note 7)|Totals|
|£|£|£|£|
|Welfare assistance|4,475|780|24|5,279|
|-|-|
|Support costs|3,485|3,485|
|4,475|780|3,509|8,764|
|6.|GRANTS PAYABLE|
|2021|2020|
|£|£|
|Welfare assistance|780|5,328|
|7.|SUPPORT COSTS|
|Finance|Other|Totals|
|£|£|£|
|Welfare assistance|24|-|24|
|-|
|Support costs|3,485|3,485|
|24|3,485|3,509|
----- End of picture text -----
8. TRUSTEES' REMUNERATION AND BENEFITS
During the year the trustees received remuneration totalling £Nil (2020: £Nil).
Trustees' expenses
During the year the trustees received reimbursed expenses totalling £Nil (2020: £Nil).
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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||||
|---|---|---|
|2021|2020|
|£|£|
|Prepayments and accrued income|20|-|
----- End of picture text -----
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THE NATIONAL FEDERATION OF OCCUPATIONAL PENSIONERS WELFARE FUND
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2021
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors Accrued expenses 1001 CLUB PRIZE RESERVE Brought forward from 2020 Prize reserve 50% of gross 1001 Club income (2021) Prize reserve Prizes paid in year to 31 December 2021 January February March April May June July August September October November December Prize reserve and six month liability carried forward to 2022 (Prize reserve £1,531 & 6 month reserve £152) 11. MOVEMENT IN FUNDS |
2021 £ - 1,683 450 2,133 |
2021 £ - 1,683 450 2,133 |
2020 £ 510 1,820 - 2,330 |
|
|---|---|---|---|---|
| £ | £ 1,821 |
|||
| 1,821 3,546 |
||||
| 5,367 | ||||
| 435 271 278 282 277 276 462 277 276 279 276 295 |
3,684 | |||
| 1,683 | ||||
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.21 £ 100,168 100,168 |
Net movement in funds £ 13,609 13,609 |
At 31.12.21 £ 113,777 113,777 |
|---|---|---|---|
continued...
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THE NATIONAL FEDERATION OF OCCUPATIONAL PENSIONERS WELFARE FUND
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2021
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 27,959 TOTAL FUNDS 27,959 Comparatives for movement in funds At 1.1.20 £ Unrestricted funds General fund 101,051 TOTAL FUNDS 101,051 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 18,428 TOTAL FUNDS 18,428 A current year 12 months and prior year 12 months combined position is as follows: At 1.1.20 £ Unrestricted funds General fund 101,051 TOTAL FUNDS 101,051 |
Resources Movement expended in funds £ £ (14,350) 13,609 (14,350) 13,609 Net movement At in funds 31.12.20 £ £ (883) 100,168 (883) 100,168 Resources Movement expended in funds £ £ (19,311) (883) (19,311) (883) Net movement At in funds 31.12.21 £ £ 12,726 113,777 12,726 113,777 |
|---|---|
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THE NATIONAL FEDERATION OF OCCUPATIONAL PENSIONERS WELFARE FUND
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2021
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 46,387 | (33,661) | 12,726 |
| TOTAL FUNDS | 46,387 | (33,661) | 12,726 |
12. RELATED PARTY DISCLOSURES
During the year National Federation of Occupational Pensioners Limited (NFOP), related by common key management, donated services totalling £5,000 (2020: £5,000) comprising of the use of office space and staff resources.
13. GRANT COMMITMENTS
At the balance sheet date, non-binding commitments were made in respect of two grants totalling £2,000 (2020: £2,592). This was approved subject to satisfaction of certain conditions.
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