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ror IhL YLar I".ndLd 30 N'c)I'L'nibLr 2023
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Tru%lLLS' IILP()rt
IndLPLndLnl r.xaininLr's IILP()rt
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IlalaiiLL SIILLI
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t)LiailLd %talLmLnt ()l- l.-inancial ALtii itiLS
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Tr".ppinLI b'()rL'.St C"()mniiinity"fr'in%pnrt
I"ru.4itcc.s' Ilep()rt
TIIL IruslLL%. IIII() dii"LLI()r% for IhL purpi)%L% of LC)IiipJn% laii,. prn'*iLnl IhL ariiiuJl rL"P()rt t()g)LihLr Iiiih thL
rinancial %lJlLmLnls and audili)rs' rL"POrt c)I' IIIL charilahlL c()mpani' fc)r IIIL I car Lndcd l() N(IN L ml)L'r 20?3.
Truslec.s :In(l orriccrs
I IIL Iru.slLL.% and ()I"IiLLPi %crN'ing during Ihc N Lar %incL Ihc NLar Lnd i%LrL" ILS fc)11()Ii'5:
.1 ru5lL"L %:
N1r R l." Q'(M)nih*•
Ir11 D II&%%LII
Ir l) Il(ihi%'()rtl)
N1r K1 Nl l)allL'rsi)n
Ir l).11 id JaLkman
illltcnicnt ()f tru%tcc%' rcsi)onsibilitics
"riiL Iru%lLL% (11 li() arL als() IliL dirLLI()Pi ()1" I""pping I. c)rLsI Cc)Iiiinunil) "I ran5P()rt lor IIIL purpi).SLS ()1" LC)Iiipan)'
lJii ) 'IrL fL.%PC)n.%ihlL Ic)r prLI)ariiig IliL Iru4blLLS' fL[X)rt and IliL linanLiJl slJlLmLnl% in aLL()rd'inLL 11 lili 'ii)plic'ihlL
laii and I InilLd Kingdc)ni ALLC)untini Sland'irds (UnilLd IKinLd()m ( iLnLralli' ALLLPtLd ALc()unling I'rJctlLL').
ITIL ludiiigi l."Il% l O? ' l-hL l. inani ial IILpc)fiiiiL) %iJndard appliLablL in Ihc I IK ajid IILpiJhliL c)1" IrLlJnd"
C()IiipanN lai%, rLciuifL4i IIIL Iru%lLLS Ic) pfLparL l inanLial %latLlliLnL% for LaLh finanLial ) Lar. I IndLr L()nipan)' laii
IhL IriislLL% niu%l n()l apprc)I'L IhL tinanLial %l'ilLinLnl.% uiilL%S IhLI arL sJli%l iLd Ilial IhLN glll L d IniL lind lair i iLI%
c)1" IliL %lalL ()l- al-IdlPi ()1" IhL' LhariiablL LC)Inpani' and ()i- IhL inc()min¥y rL.S()urcL% and ;IppliLation ()1" rL5()ufLL%;
iIILluJiiio il.%1 ITIL()IllL 'ind L.1￿nd11urL. C)l- IhL LhJrilahlL' LC)mpanN r()r Ilial PLri()d. In prLpJring IhLiiL tinanci¢il
4•latL lliL nl.8. IhL tru.%lLCS arc rLquifLd Ic):
SLILLI siiit'iblL
'ILLC)unling tx)IiLiL.% and appli, IhLm Lc)n%islLnilN;
c)b%Lfi'L IIIL mLth()d.% and prinLipILS in IhL C'liariliL'.s S()JII):
IiiJkL judbLniLnis ￿]d LslimalLs Ihal fLL4y()IiablL and prudLnl:
slalL IihLIIILf cippliLablL aLL()uniing .%t'indarJ.%, c()mpri4iing l=Il% l()2 IiaK'L bLcn ti)11()l%"Ld, subjLCt t() an
IIIJILrial dLparturL% di%LI()SLd and LxplaiiiLd in diL linanLial %l'ilL'mLnts' and
prLparL LIIL linanLial %lJlLmLllis c)n IliL' L?()illb) LC)llLLrn b&lSiS unlLSS il 1% inappr()priaiL Ic) [)rLsulliL thai IliL
Llidril'il)IL LC)nipan% 11.111 LC)IllinuL in IIu(•illLS%.
"IIL IruslLLS arL fLSlX)Ii%i l)IL li)r kLLPiIIL I)l-c)PLf 'iLL()unling rLL()rd.% Ihal Laii di %L I().liL 1% lili rLa.%c)nablL ÉlLLuf'iLN al
&inN li niL IIIL financi.11 p()%iti()n ot- IliL Ll)'IritalilL L()mp'in! 'Ind LnJblL IIILni Ic) Ln.%urL Ili'il IIIL. I In'inL i;11 st'ilLIIILnl.
Lomply Ii'iih IhL C'c)nip'iniL£i IILI ?()()(). .1 hLI' arL al*i() fL%P()n%iblL Ii)r s'ilLouardiiiL IIIL. J.%%Lls ()l- IliL L'liaril'il)IL
L()mpJnN Iiid IILnLL l()r lJkin(? rLd.%()IiJblL StLP% l()r IhL prLI Lnli()n and dLILLIi()11 i)1" I r'iud Jiid i)IIILr irrLbulariiiLS.
I IIL. Iru%lLLS JfL fL%tx)ll4iililL l()r Il)L mai rilL IianLL cind inlL'briii' c)1" IIIL LC)rpc)riilL IlTid l ill￿7￿ ial inlc)rin'iiii)n
inL ludLd i)n IIIL L IiJril'ihlL L()nip;InN s l%'Lb.%ilL. I.L g) is1.itii)11 g)()I'Lrning IIIL prLiiaraii()11 and diiiSL Iiiin'ilic)11 ()1"
linJTILial slalLmLnls mal, di l-ILr Irc)ni ILg)j.slJljc)n in ()IIILr jurisdiLlions.

I'"i)i)jiicJ f4()fL'St Coniniunity Transport
Tru.6•tL'LS' Rcport
'.i)piiibi l.()rL%l Jnd I I'ii"l()i%: C()Iiiiiiunily "I ran%p()rt has (In iminJlLrial dLfiLil ()r £5.4()() r()r IhL I'"iiiancial YLar c)t'
2()?2/2.3. 'I"hi% p()sili()n br().Idl)' iii linL i%'iih IhL' l(i.%l (inaiiLial )'Lar p()sili()n IvhiLh ￿,￿[> an iinmalLrial .%urplu% ()r
£4.4UC).
( )I'Lrall inL()InL has fJllLlI h), £3.X15 (ILS% Ih&in l 0/0) c()mp'irL'd i() 2()21 /22. primarily duL I() Lin £7.X5.3 dLLI inL in
d()nali()n(i dnd IL'gJJLiL'% a% ()nL'_()I'r c'()v I l) gyranL% havc n()Iv cc)mplLILly Lcascd. In rcsp()n%L, IhL C'harily and ILS
b()'Ird Iiai:L inlLnsil iLd IhLir L'l-l()rts and arL dLlivL'ly L'.xpl()ring furtFILr l undingi ()ppc)rluniliL.4> Ihri)ugh L()mmunily
iiiiliiilivL gircinl.% I r()m vari()u% ()rgyani/Aili()n%. 'I'IIL%L' L'ff()rt.% aim l() ciddrL4iS IhL dr()p in granl fundingi: IvhiLh i%'L'I.
prLI'I()usI)' U%Ld t()r ()nL'_oI"I' invL%lmLnt.s Ihat L'nhcinLL'd Ihc C'hcirily's (Iuiil ily ()r SL'fviLC.
"I'hLfL IiJ.% bLLn il ni()dL(il inLfLa.%L i)r£4,n.38 in Iradingy aLtiviliL% J.% pa.%%LngyLr numhL'r.s hLgiin t() gr()Iv r()Ilc)11 ing
c'()vi i)_ I C). I I()I%LI'Lr. Iliis g?r()Ii'ih is slc)Iv, Jnd pa.%SLllg)Lr nuiiibLr.% arL unlikclN' lo rcaLh prL'_C.'()VI I) IcvLl% in thL'
sh()rl ILrm. I. uriliL'r anal)'(ii4• 4ih()i%'s Ihal Ihc inLrLa%L' in incomL' 1.% mainly drivLn hy Sh()p￿r bu() and ( irc)up hirL
(iLfi'iLLS. b()Ili L)I" 11 IIiLlI hai L (*CLn an inLfLa.%L C)1" £4,007 & £4,261 dLLordinbly. 'I'hL(iL arLa.s hai'L hLLn tIIL f()CU.(>
()1" IhL C'liaril) '% gir()i% Ili L I"1 ()rts.
C)n IhL ()IIIL'r Iiarid. Irading? aLlii'iliL's Iia%'L bL'L'n hardLsl hil by a £5.117 dLLI inL' in mLmbLrship (iub.%cripli()ns,
mdkingi il tIIL l()IiL'sl-Larniiigi Iradingj aLtii'ilv in J'Lar%. "fiiis dLclinL is attribulL"d t() rLducLd dLmand %incc
c'()Vl l )-19. IhL rising L()%t nf" lii:ing). and Ihc dLVLlopmLnt ot- IliL C"harily'S shopper bu.s scrviccs a.s a potL'nlial
CIIILrnalii'L. ILcidingi l() (I drop in boih nLw sub%cripii()ns and rLnLivals.
I:.NPLndilurL ha% riSLn bv £().054 (1.4 % ) in ?n?2/23 comparL'd lo IhL' prLvi()us financial yLar. ThL primarN' drii'Lr
c)r Ihi% incrca%L 1% an advcrsL moiicmcnt ()r £8.018 (2.7 % ) in slaffing c()(its duc to IhL' annual pay ri.sL' procLs.%.
l)L%piIL' Ihis ri%L. l am plLaiiLd i() rL'tx)rl Ihal IIIL CharilN' has m(Idc a L()ncLrtL'd Lff()rt t() maintain n()n-starring
LNPL'ndilurL' al 2()21 /22 IL'I'els Ihr()ugh improvLd cf-ficicncy. mitigaling Ihc impaLt of intlation that hL'ai:ilJ'
al-ILLIL'd us in IhL prL'N'i()us l inanLial yL'ar. IVL. arc noiv c.xploring furthcr Ll-liLicnLic.% to L'n5urc Lan Lc)nlinuL
prc)I'iding hig)h-qU&ility sLrN'iLLS al a rL'asc)nablL LC)St Ic) ()ur pa.%%LngLr.%.
In cc)nLIu4ii()n. Ii'hilL I"'pping l.orcst and I larlow Cummunily 'I ransport onLL' again ha.s had a tinancially r()bu(it
dL%pilL thL Lhal ILngiLS POsLd by IhL currLnt ccc)n()miL LlimatL. 1.hc Charity has dLmon%lralLd rL'&iiliLllLL bv
mainlainingi non-4ilal"fingi L.XPLndilurL' and Lxpl()ring nciv funding opportunitics. As Ii'c c()ntinuL to na￿,]gate
P().4it-C'OVI I) rLC()VLr)'. ()ur loLus rLmains on Lnhancing scrvicL quality and cnsuring anordabilil), (()r our
pa.%%bLllg)Lr.s Iliruugh c)ng()ing) Ll"l iLiLnLy improi'L'mcnls. With IhL'%L Ll"tc)rtS', II'L. arL LC)nt IdL'nl in c)ur abi lily Ic) MLL'I
rulurL challLng)L% and %uslain our mi*i(•i()n, prc)vidingi high-qualily SLfviLL al loiv farLs t()r both IhL conimunilics
()t" I""pping l. ()rLSt and I larloii. DislriLIs.
"I"hc annual rcpc)rt Ivas approvLd hy IhL' IruslL'L4i C)r IliL' charily C)n 81h AiJgu(•t ?0?4 and liig)llL'd c)n il.% bLlial I" b) .
Mr l) A.%hiv()rtli
.1 ruslL'C
N1r Ki l N l)allLr.s()n
ru%lLL'

I11(Ic'i)L'll(Ic'iit r.I411111 iic:r'.ts• Ili'i)()rl l() tIIL' I rii.%tL'L'.% ()r I'"i)i)iiiki Tr'()rL'l41 C()ni niu nit.v Tr:Iiisi)(Irt
rL'lX)rt til IIIL Ll)aritN' tru.%lLL.% ()n 111), LX411ninJlii)11 ()I' IIIL. IlLL<)Illlt% ()1" IIIL ( ()nipiin)' li)r tIIL )'Lar LndLd 3()
Rc'si)c)Ii%jl)ililiL'5 aiii(I 1)4l%i•i uf ri'i)urt
IIIL Lli'irily'% tru.slLL'% {)I' IliL ('()Inpiin)' (and J1%() illi dirLLI()r% l()r Ihc piirp()%L% ()l- c()nip'iny laiv) N()11 arL
rL S1)(Iii%jl)IL l()r tliL pfL p'if&ili()n i)I" IIIL JLL()Iiiil(• in clLL()fLI'ITILL' 1% iih IhL fLCllJ ifLIIIL nls ()r tliL C'()nip'iniLlb ALI 2()()()
('IliL 21)1)() Ai'l. ).
"IK ing? kili%fiLLI 111) SL If Ili:Il IIIL. dLL()Iinls cil" Il)L ('()IllP6in)' arL n()1 rLqiiifLd i() bL 4iiidilLd undLr I','Irl I C) ()l- tliL
211()() ALI 'ind :IrL L'li&iihlL l()r 1ndl￿ndLn[ LX'lllllllJti()n. I rLPC)rl in rL'S￿LI ()r MN, cxaiiiinati()n ()f )()Lir chLlrity'.s
JLL(Iiiiil% carriLd ()ul undLf SLLIiL)1) 14$ ()I' thc C'hariliL.% ALI ?()1 i ('IhL 2UI I IlLI'). In carrNing c)ut rTIy
L'X;Iniiniilii)n I IIUI L l()11()11 Ld IhL I)irLLli()n.% gijN'Ln hN' IhL ('haril) C'()mnii%%i()n IiiidLr sLLti()n 14.5( S )(b) ()f" IliL
()1 I ALI.
11(IL'I)c'n(Icnt CX41111iiicr's st41tL'nicnt
%iniL IIIL. ( ()Iiipaiii % gir()%s inL()mL LXLLLdLd £?50.0()l) )()ur L.xaminLf Iiiu(•l bc. a niLmbLr ()r a b()dv li%lLd in
LLli()11 145 ()I' IliL ?U I I IILI. I L()nlimi Ihal l ain qualitlLd lo undLrtakL IhL c.xaminalic)n bcLau(iL I (im J mLmhL'r
L)l- IlC'C'2I. i%liiLh 1% ()IlL ()I' IIIL li.%tLd b()JiLS.
I Iiai'L L()InplLILd ni) L,xaminali()n. l LC)nlirni Ihal n() mallLf4i hai'L LOML lo MN. altcntion in cnnnccti()n 11 iih thc
L.X£llllllliilii)n g)ii ing ML Lau.%L l() hL'IiLI'L:
aLLI)Iinlingi rLL()rd(> Il'LfL n()I kLPI in rLSPLcI ()r I"'pping r()rL.%I C'()nimiiiiil) I r£insp()rt as rLquifLd bi, %LLlii)n
3h() c)1" IhL ?()()() ALI; ur
2. IliL aLLC)unl.% dL) n()l aLCI)rd 11 iih Ih()SL fLcords: or
3. thL JLL()unLs d() nol complN I￿1th IhL aLCC)unling rLquirLiiiLnii> C)r.SLcli()n 3C)C) of IhL 20()() klcl c)IhLr Ihan
Jni rLLiuifLiiILiII tlial IIIL dLLC)uni.% giji'c a "IruL and l.iir viLiv' hich is n()l a mallcr con%idLfLd (].% part ()f" an
indLPLndLnl L.xaniin&lti()n: c)r
4. tliL 'ILL()ullLs haiL n()1 hLLn prLparLd in aLL()rdanLL Iiiih Ihc mLiliod(i and principlL'S of thL %latLmL'nt ol
IILC()mmLndLd l)raLlicL tor aLL()unling? and rLp()rting h); LliariliL51 appl iLahlL t() LliariliLs prLparing IliLir
(ILL()ulli% in aLC()rdanLL Iiiih IhL l.inanLial RLtX)rting Standard appliLablL in IhL IJIK and IIL'puhliL ()(
IrLland ( l.'RS I()?)I.
I Ii'ii L n() c()TILLrns and h'ii'L L()lliL aLro%s n() c)IlIL'r mallLrs in cc)nnL'clion i%'iih thL Lxaminali()n Ic) 1% IIiLh cillLnli()n
.sli()uld bL" draii'n in thi% rLtx)rt in ()rdLr l() LllciblL a pr()pLr uridLr%landingy ol" thL aLcount.s to bL rLaLIILd,
l )()Iiglas J()nLS1)hi I lips l.ld
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(446.?11)
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4.4()9
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c)tJl I IlTid% br()iJb)Iil Ii)ri%'ard
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l).1.713
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'[ hL' l unds hrL(Ikd()i%'n l()r ?{)?? 14) s11()i% n iii 11()IL 14.
'I'hL n()IL41 C)n pagL'% X i() l () l()rni an iiilLgrJl p'irl ()I' IIIisL linJnciJl %l4ltLIIILnts.

i)i)iiikJ I, ()rL'.%I (. ()111 ni ijiiili, "I'rJii.%i)()rt
(IIL'kij.slrJlii)n 11 UTlI I)L'r: 7()8J448)
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1% 'it J() N'()1 L'iii l)L'r 2112J
'Iir Ihc linJnLilll cnding 30 Ni)I'cmbcr 2n21 thL charili I￿a.1> LnliilLd 10 L'xciiiplii)n fn)m audil undLf l%LLli(In
477 ()1 IliL ( (ImpaniLS IILI 2()U6 rcloiing IL) .small companics.
l)irLLlI)r%' r("stx)niiibi litlLIi
I hL' mLinFK'rs hal'c n()I rLquirLd thL' Lh1￿11) lo I)b￿1n an uudil ()r ILS uccounl.s f()r IIIL yLJr in ClULslion in
ULLI)rd&incc i4.iih ￿CtI()n 4 7(): and
'lThc dircLI()r5 ockni)i% IL'dgiL thL ir rL%tK)n%ihililiLS fi)r LC)mpl) ingl i%iih IhL fL4uifLincnis ()r IhL ALI M ith rL'%pL'LI
t() ULLC)unling rc'L()rds and IhL prLparaiic)n ol" JLcounis.
TIIL fin¢illL iul slatLmLnLs c)n pug￿* 5 10 19 14LfL upprc)% Ld b) IhL tru%lLL%. diid auLIIori%Ld l()r i.%.%uL on xili Iliigiu%l
2()?4 dnd .%iginL'd (In IhLir ￿ha
Ir l) A%hii'i)rth
I rustLL
Mr N1 N l>allLrM)n
I ru%lLL
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r.pi)inx F"orL'St C'uniniu nit), Tr'iiis*l)()rt
'()IL'% l() IhL' fin:IllCl411 St'ItL'IIIL'nt.S• fq)r Ilic I'c:Ir F.n(Jcd J() rN'ni'cnihcr 2023
l )()natic)ns arL fLLC)gini%Ld 11 IILII IhL Lliaril), bL"Ln ni)lil ILd in Iirilinii ()1" h(Iili IhL ￿{lun1 and %LiIILillLnt datL.
Iii IhL Ll'Lnl Iliai .1 di)ndlic)n 14) 5ubjLLI In Londili()n% Ihal rLquifL' a ILI Ll i)r rKrlc)rm'inLL hl IhL LliJrili bL'fc)rL IIIL
Lhdrili is LnliilLd i() IhL lunds. IhL incomL is dLtLrrLd 'irid n()t rLLoginisLd unlil LiihLr Ihi)SL LC)Iidili()ns cifL tullN'
rTILI. or IhL ful t ilmL'nl ()f' Ihc)sc c(Indilions is 11 holl% 11 iihin Ihc L()nlrc)I c)l- thc ch'irill and il 1% pr()hahlL Ihal IhLSL
c()ridilic)ns 1% ill IK. lult illLd in IhL fLP()ning ￿rI()d.
Ciriiiili ri'CL'iI'iihlv
Ciranls iifL fLQC)ginisLd 11 hLn IhL Lharit! h'is ￿ LnliilLIiiLnl l() (IIL tunLL% and Jnl Ll)ndili()ns linkLd i() IhL girJnl5
hdlL bLLn InLI. Il'hLfL PLrforniJnLL' Cl)ndili()n4• arL atiachLd i() thL granl and arL )'Lt l() hL' IllLL LhL inLc)niL is
rLLOyIi%LJ 'LS .1 liabilill and iniludLd c)ri thL h'ilJnLL %hLLI 'I.s dLtLrrLd inL(ImL Ic) bL' fLILL%Ld.
.11)L'll(liturc
,,111 LXF)LiidiiufL 1% fc'L{11)llisLd c)ncL thLfL is a IL Lial c)r L()nslruLlii'L ()blioalic)n l() Ili'il LXPLndilurL. it i4• pr()b.IblL
LiIILIIILnl 1% rLquirLd aiid Ihi ani()unl Lan tK' niLasurLd rLliJbls'. Illl L()sl.% arL
'Ill(KaiLd i() IIIL
'IppI iLal)IL
L.XPL IidilurL IILadinb Ilial JLIL>rLL',IIL similar L()4•l% t() Ihal LaiL'g?()r). ￿'1)LfL LC)sIs Lann()I bL' dirLiily JtiribulLd t()
partliular hLadingi%• IhL%' IIJI L k'Ln allc)L'ItLd ()n J I?￿%15 c()nsislLiII 11 iih IliL ()t" rL%()urLLS. 11 iih LLnlral %l'itl-
Lc)Sl5 alli)IJlLd ()n IhL ba.si% ()I' iiniL %PLni. and dLpfLLiall()n LhJr(JL% 'III()LJlLd on IIIL P()nion ()i- IhL &%SLI's USL.
L)IhLr SUp￿)rt L()%l5 arL lil Ii)L'ilod l)asLd ()n IliL sprL'id c)1" siatl- L().%t%.
C"11￿lia1)lL LI￿1]diLurl L()rnpriSL% III()%L L()sl.% incurrLd bi IhL ch,￿11% in IhL dLI li Lri ()l- ils aLlii iliLS and %Lfi ICLS
tc)r ils tK"nLI ILi'iriLs. li inLliidL'% b()Ih LC)%l% Ihal Lan bL alli)CJlLd dirLLilI tL) siILh aLtii iliL.% and Ih()%L C()sl% ()l- an
indirLLI nJlurL nLLL%￿f% 10 suptX-)rt Iliim.
G()I'erndince co%ls
IIL.%L includL IIIL LC)%L% allribuiablL l() IhL Lharil) % coniplianLL Ii'iih con%tiliilional .Ind siatuiorN' rLquifLmcnis,
inLliiJing Judit. -%lralLblL In￿7.1￿?Lll7Lnt and IruslLL5 mLLiingi4b alld rLimbursLd LXPLllsL%.
Cv(11 criiiiiciit Rrdint5
(i()l LrnTIILnl Lir,Ini% arL fLL()gnisLJ b&%Ld ()n IhL 'ILLruJl IncidLI 'ind arL InLa.%iirLd al IIIL lair i JIUL ()l- IliL a.%SLI
rLXLiI Ld ()r rLLLlI 'II)IL. Lirani5 JfL Lla.%si t ILd
']% rLI'iiinL LiIIILr li) rLI LlluL l)r i() L%%LI.%. ( ir.Inl5 fLlaiiiib Ic) rLI LnuL
4ifL fLL()i)ni.SLJ in inL()mL ()1 Lr IliL PLfi()d iii Iiliicli IhL fLlJlLd L()%l% 'irL rLLC)Lilli%Ld. ( Ir,Iiil% rLI'iling l() 'L%SLls JrL
rLL()gnisLd ()1 Lr IliL L.XPLLILJ U%Llul litL ol" IhL &L%SLI. 11 IILfL l)arl i)t' a b}r￿li rLlaliiiK l() ali a.%sLI 1% dLILrrLd. il is
rLL()klll i4iLd ,LS dL ILrrLd inLC)niL.
IIL Lh'irilv Is ccin%idLfLd il) IKL%% IhL ILSil% %LI (lul in l)&if&igraiili l KiLIILdiilL () ()1" IIIL I,iniinLL' .,ILI ?{)i() und
IhL'rL Ii)rL li niLLl% IhL JL liriili()n c)l- a Lli'irii'iblL LC)nipJiii l()r I I IK L(Irp()r'ilic)n I'ix Iiuri)Il%LS. IliL()rLlinLili. IIIL
,IIL L()fiL S
cli'irilj, is pi)ILiiliall)' LNLmpl Iri)In lJx'ilii)n iii rL%i)Lil c)1" inL(IIIIL l)r LJPII'II gy'iins rLILiiLd 11 iihiii I,
CC)ILfLII h! C'li'iplLr i l);Irl I I i)1 IliL ( i)r[x)r'ili()11 I i.x ALI ?{) l() ()r SLili(In ?)() ()I' IhL I Ii'ill(In i)I" L"h'irbLJlIlL
(iains ALI I {){)? li) IhL LxILnl Ilidl liiJLlI inL()ITIL ()r ¥ain% iifl. 11[IpIiLd LILIIisii Lli li) Lli'iril'iblL pl1r￿)￿L.s.
'I',InkJ jl)Ic fiic1131%%cI6•
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dLpfLLI'ili()n 411id %uh%L'(IULlIt 'ILL"IiiiiiJl'IlLd iiiip'iiriiiL lil I()%%LS.

F" i)i)jii(y F"()rL'%t C"()111 ni uiiili, "friin411)c)rl
()IL'.fy4 t() IIIL. fiii'i nci'il 5t'ItL'II)L'llts f()r tIIL' I'c41r F"Ii(IL'(I JU N()1 cnibcr
'i)rci2n eichange
I r￿]￿l[l{)n5 in Ic)rLigJn currLllL ILS ￿. fLlC)rdLd at IhL rulL C)1" LXihanLL Ilt IhL datc ()f IliL IninsJclic)n. Xi 1c)nL'tarv
ILS.liCI.% and lial)ilitlLS dLn()minatL"d in tc)fL'iiin LurrLnC1L￿ 41l IhL" tKi161llLL %IILxI dJlL afL fL'[x)rlLd 4lt IliL f4ltLS ()r
L,XihangL pfLN uiling at thal d.IlL.
I IIL fL'suII.s c)r c)Ic'fsLI% I)PLralic)tLS arL" tran.%l'itLd at IhL ai Lragc ratLS ()1" LxLliaiig•L during tIIL pLri{￿ ;Ind IhLir
b'il'iriLL S•hLLls 'il IhL r,i[Ls rulinbi ul IhL IKilanLL NhLLI J'ItL. I XL'h'iniL dillLfLnLL.s urisiny ()11 Ir'iii%liill(111 ()l- IliL"
()piiiing nLI us.SLIs und rL"14uII.s ol" i)ILfNL'lli (IPLralic)ns arL" fL'PC)ncd in c)IhLf L()mprLhLnsii'c inL(ImL and
aLLuiiiiII'IlL d in LquiIN (atlribulLd Ic) n()n-Lc)[Iin)I ling iniL fL'StS 'Ls 411l1)r()PriJlL ).
()IliLf LXLh'inLL dillLfLIIILS :Ifi fLLI)gnii4Ld in IhL SiatLniLnl ill" l.in.iiiiial /lLlii iliLs in IliL pLric)d in IihiLlI IhLI
ariiiL L'XLL'pI tc)r:
) cxLh'inoL dillirL'ncL% on tr.InsJLli()ns LntLfLd inti) l() hLdoL LLrtain f()fLign LiirrLnc! riiik4• (SLL 'ib()l L);
2) CXLh'ini)c ditlifLllIL'% arilbinii ()n (Tr'iins ()r l()Ib%LS ()n n(In-In()nLl&iri ilLlllS IihiLh 'irL' fLL()iinisLd in ()IhLr
LC)niprL IILn%ii L illLC)IIIL and
3) in tliL ia.SL ()l- IhL L()n%c)liJaiLJ tin'inLi'II %ldtLlliLllL%. LXLhanb)L dil"lirLllLL.% c)n m()IlLtar!: itLni.% rLLLlI'JblL Ir()In
or p'ii ablL Ic) a tc)fLig?n ciiK'ralic)11 l()r 11 hiLII .SLiIIL TIILnl 1% TILltIILr planiiLd ni)r likLIN Io ()LLur (IIILfL l()rL Ic)rTiiin
part lil" IhL llLI ini LSITIIL nl in thL Ic)rL"ign ()riraii()n). 11 IIiLh arL fLI()giiii%Ld in ()IhLr c()mprL'hLnsii'L inL()mL' and
rLPI)rlLJ undLf LqUi(I.
I, und %triictiirL'
I IiirLsiriLILd inLI)IIIL funJ%i arL LLnL'ral t und% tlial arL al'ii I'il)IL Ic)r U%L al IIIL IruslLL% di%LfLti()n in funliLr'iniL ()f
IhL C)bjLxIii c)1" LIIL LharilN.
F"iiianci411 inilrunient%
clci.i.iifiL'afi(In
I" inanLiJI a.SSLl% and linJnLial liJhiliiiL% afL fLLC)bllli%Ld IihLn IhL ch'iril) bLci)niLS 41 p'iri), lo IliL L()nlr.ILIu&il
proi'isi()ns ()1" IhL insirumcnt.
' in:InLial liabil itiLS and L'quilN i niilrumL Iils iifL Lla.4>Si l iLd &lLL()rding Ic) IIIL sub%lJiiLL C)1" IhL L()niruLiual
arranLLmLiII.s LnlL'fLd into. An Lquil%' insiruniL nl 1% iillN' Ll)nlr1LI Il)al Ll idL IILLS '1 fL¥•iilu'il inlLfLsI in IIIL 1)I'
IhL Lh'iril) allLr dLduLlino all ()l- ils liabililiLS.

F.pi)inLI F"circ%l C"()nimunili' Trans1)()rl
lili'% t() Ihc F-in:Inc i.ll St'itcnicn15 r()r IhL' I"c'ir l.-n(Ii'd l() N()1 c'iiil)L'r ?n23
l)t'hi inilrum4.nli
1k.bi in5irumLnl5 i%hiLh MCLI thc lolloi%'ing condilions arc subsLyucnily mc&surcd ai omortlSL'd Lost Using Ihc
clli'itii c intLYc%I mcihc)d=
(a) -IIIc Ci)nlraciual rLturn ti) IhL h()IJLY Is (i) a filL￿ ami)unl' (li) a tx)sitllL fixLd ralL CY U ￿?￿lI1￿L vuriablL rJtL:
or ( iii ) a LL)mbinaiic)n ol" a rx)sjlji'L or a nLgalii c fiiLd raiL and a posiliiL %'ariablL rJlL.
(b) Thc LC)ntruLt ma) pn)i idL Ic)r rLP*iimLnis C)t- IhL principal or thL fLIurn Ic) IhL hc)IdLr (bul n()t tx)th) l() bL'
linkcd t() u %inglc rL'ILiani (}b￿.￿.abIL indLX C)f bLnLnl priLL inllJli()n c)1" IhL LurrLnL) in IihiLh Il)L (ILht
in5lruiiiLnl is dLnoniinalL(L prc)i idld SULh links arL nol ILI LragLd.
(c) "IThL Lc)niraLI mui prciiidL li)r J dLILrniinablL %￿lati{)n c)i- IhL fLlurn t() IhL holdLr during IhL lilL uf IhL
in%trumLllL Pn)k'idcd Ihai (i) Ihc nci% ratL ￿liStIcS condiii()n (a) and IhL Narialion 15 n()1 cc)nting?Llli c)n fulurL
Ll LnLs othLr Ihan ( l ) a chiillgL of J LC)nirJLlual i ariJhlL ralL' (- ) Ic) prc)ILLI IhL h()IdLr agjainsl LfLdit dLILric)raticin
ol" thL issucr. ( l) chanoLS in ILI'lL￿ appliLd b) a ccniral bank ()r ￿lSIng Ir()m Lh￿gL5 in rLILI;anl l&xalion or laiv:
c)r (li) thL nLl%' raiL is a M￿KLI fiilL ()l- iniLfL'%t and %ali%fiL% condilic)n ((i).
(d) ThLfL is nc) L()ntrJLiual proi isii)n Ihal Lould. bi IL% ILmis. rL*uII in IIIL h()IdLr losing IhL prinLipal am()unt c)r
un% inicrcsi aiirihulablL" l() Ihc currLni ￿-rIC)d or pric)r PLricids.
( L) C c)niractual proi i.sic)ns thal PLrmil Ihc ISSiULr l() prLPa! a dLbt insirunicnt c)r ￿mill IhL hc)IdLr tc) put il hack to
IhL' iS%ULr bL'forL Inalurili arL n()l LoniingLlli ()n fulurL Ll Llli4i, ()IhLr Ihan t() pr()ILcI thL h()IdLr agpainst IhL crcdit
dLtLriC)ralic)n ()[ Ihc i%SULr or a changc in Lonlrol c)l- thc is%ULr. or to pr()ILcI thc holdLr c)r i5suLr aoainst chanLILS
in ILI ILS appIiLd h) a LLnlral bank or arising Ir()m LhanL)LS in rLILI'ant laxdti()n or laii.
( n ConiraLlual prcii isic)ns mal PLrniil thL L'XILnsic)n c)l- IliL ILmi c)f" IliL dLbi in%lrumLnl. pr()1 idLd that IhL fLlurn
tl) IhL Ii()IdLr und an) othLr cc)niractual proi'isi()ns uppliLablL during? thL LXtLndcd ILmi salisfl thL Londiti()n5 ()[
P&iraL?raplis ( a ) li) (L ).
DLbi in4•trumLnLs Ihal LILssifiLd &s paNablL or rLLLiN<iblL 1% iihin c)nL NLar ()n inilial rLL()&Trnili()n nd 11 hiLh
niLLt IhL aLx)I'L CC)ndilions 41fL mL￿UrLJ al IhL undi%LC)unlLd ￿(}Unt of IhL cash or oihLr LonsidLrali()n LIPCClcd
tc) bL' paid or rLLLi%Ld. nLI c)1" impairniL'ni.
'iih IhL LXCLplinn of Sc)mc hLdging in%lrumLnls. ()IhLr dLbt in%lrumLnls nol mLLling IIIL%C C()ndili()n% arL
mLLsufLd ai l-air i aluL through prolil c)r Ic).%%.
C unimiimLnls lo makc and rLLLiNL I()￿5 IihiLh MLLI IhL Lundilions mLllii()ncd ¢ibi)IL arL niL'<LsufL'd at cosl
(Iihich mai IK" nil ) IL.%% impJirmLnl.
Ini LslmLnls in non-LuniLrtiblL pfLlirLllLL' sliJrLS and n()n-pull'il)IL C)rJinJTh c)r prLILrLnLL .%harLS (i%l)LrL .sh6ifLS
arL publicl) IradLd or IhLir liir iJluL is fLliabl) niLasurdblL) arL mL'&l.%ufLd al I'&iir %'uluL' Ilir()ugh pri)lit i)r lo%s.
:hcrL fair I'aluL Lanni)i mLcl.%ufLd rLli¢ihly, invL'%lniLllls arL mLdsufL'd al Ll)%I IL%.5 inip'iiriiiLnt.
Ini Lslnicnl.s in sub%idiariL'S a.%%()Li'ilL% arL InLJsufLd .01 Li)%l iiiipairniLllt. I'c)r iiii LslmL111.% in .siihsidiariL
aLquifLd f()r ci)n.%idLrJlion including IhL i%SUL ()I' sh¢ifLS qiiJlil)inb l()r nicrgLr rL'IiLf. c()sl is mLii%ufLd bl
rLfLfLnLL 10 thL n()minal valuL' ()l- IliL' %harLS iS.SULd plus 1 iir I'éiluL ()1" ()IhLf Ll)n%idLf4lti()ri. ,4ni prLniiuni 15
ign()rLd.
l)dlL 13

I'"i)[)inkJ F-()rcsl C".()mniunili' Tran%p()rt
()tL'*4 t() tlic. l~, in'inci.ql Si'ilL"niL'nls f()r IIIL. I"c"Ir r.n(IL'd JO cnihL'r 2023
l)I'rii'ufii'<'finaii<"ial in.Ifruniciii.
'hL cliJril!' u%cs dL'rii'aiii c linancial inslrumLnt.S li) rcducc cxp)surc Ic) r()rL'ign Lxch.Inoc risk and intLfL'sI ralc
111()I'LmLni.%. "l-hL Lh£iril) d()L*• nc)I h()Id i)r ISSUL dLrii Jlii L l inanL IJI in%lrumL ni.s Ic)r sp(Lul'iiii L piJrtX)%LS,
l)Ll'iiJIiiL% arL inili'illi. rLCI)gilli%Ld al I'.iir iJliJL at UIL d'ilL a dLriiJliiL L()nlr,Icl is LlItLfLcI iiit() and arL
suhscquLnili' rcmc.i.surLd IL) IhLir lair ialuL ai LaLh rLPc)rting dalL. "I"hL fLsiJliing gaiii ()r l()%S i¥* fLCC)LillisL'd in
sldlLmLnt ol" linanLiJI aLliiillL5 imniLdiJlLIN unlLSS IhL dLriialllL 15 dLsionalLJ and LIILLliiL &s a hldiijiig
in%lruiiiL'lli. in i%hiLh LILnl IIIL liniing ()I' IhL fLL()(Inilicin in st'ilLmLnl ()r tin.IllLial aclii iliL% dLpLnds ()n IhL
naiiirL c)l- IliL IILdbL fL lJii()n511i p.
I-I)L IK'sl Ll idLIIL"L C)I' lair i aluL ili u quoILd pricL l()r an idLnliLal in an JLIINL m￿KlI. ￿ IILn quc)ILd priLLS
arL un'ii'dilJblL'. IIIL pfiLL l)r a rLILni IransdLlic)n l()r an idLniic'il pr()N idLS Ll idLnLL C)f liir i aliJL
IhLfL ha.% nc)I bL'Lii d sig?nilicanl chang)L in LCC)nc)mic LirLums%lancLs c)r a signiliL¢inl lap4iL ()l- liniL sinLL IhL
Iran￿LI1{)n i()i)k plJLL. Ir IhL markLI 1% nc)l JLIii L and rLILnl Irdn%'iclic)n% ()1" an idLlliiLal 'i.SSLI c)n IhLir c)11 n 'irL
n()l u g()()d L.slimalL c)f lair I'aluL. IhL lair I'aluc 1% L'%limalLd bi, u.%ing a iialualic)n ILLhniquL.
3 Inconic froni (l()n:Itiun•i and leg'icics
I,, n reiltrictccl
funds
CJLncral
Tot441
flind4•
L)c)nalii)ns and ILgaLiL4i
DL)naiions Iri)In indii iduals
(iranls, inLluding Lapiial grani5'
CJ()l LrnniLnl s)rJnts
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?()() 756
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N(IlL'S t() IhL' Fiii'iiiL'i'II 4*l'itL'iiicnts f()r thc Yc:Ir En(IL'(131) N()I'Lml)cr 2()23
6 NL't inci)IiiiiiLiloiitkiniii2 resnurLCS
Ll (c)Iilbi()illL)/inL()111 iiigi rL(i()IifLLS f()r IIIL. N'L Ir ITIL ludL:
2023
2022
( l)r()t il)I I,()s% ()11 disp()sal ()l- I iXLd a%sLls hL:Id t(Ir tlIL LharilN's ()Ii'n u.%L'
l)LpfLciaiic)n ol" IixLd ￿%￿LI.
737
73()
7 Tru%lcc41 rcniiiiierdltion And eii)cn.%es
Nl() InislLLS, nc)r anN' PLP%()n¢i C()nnLCtLd 11 iih IhLm. hai c rLLLII Ld ali). rLmunLratinn fr()m IhL Lharil), during IIIL
N'c) truslLLS Iiai'L fLLLiI LJ an). rLimburscd L￿￿nsC$ or an), ()Ihcr bL"llLtiL(i Ironi Ihc Lharilj, during IhL N Lclr.
8 Stiff costs
TIIL aiLifLLlJtL pa%'r()11 c()%ls 11 L'fL fc)11()1%s:
2023
2022
St:Iff c()Sts during the )'car w ere:
'ai?L% and %alariLS
S()Lial %LLurill LC)%IS
PLnsic)n L()sl.s
C)IliLr %laff L()%l5
?)7.710
15,1()?
24.025
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