2023 Annual Report and Financial Statements
Charity Registration Number: 206312 (England and Wales) Charity Registration Number: SC039550 (Scotland)
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF") REFERENCE AND ADMINISTRATIVE INFORMATION Registered Name Raibway Benevolent Institution Royal Charter Campany IRC000430) Registered Charity Number (England and Wales) Roglsterèd Charlty Number IS¢otlandl 2(312 SC039550 Operatlng Name RaiTrNay Benefrt Fund C'RBF'I Registered Addre$$ 1 st Floor Millennium House 40 Nanlwich Road Crewe Cheshire CVK2 SAD Chief Executive & Secretary Jo Kay8 Ilrom Sept 2023) clai Houghlon {to Sept 20231 Honorary Patron Lord Hendy of Richmond Hlll Presldent Pete Walewian OBE Board Of Management Tim Shoveller Ichairl Janet Goodland Ivice Chairl Kemn Adlarn (until 18 January 20231 Ciaran 98ir Kay Boyden Mick Cash Jane English luntil 31 Dec 20231 Mark Enright Paula Hayes Frank Johnson John Kennedy Maggie Simpson OBE Emma Wasley Faye Scadden Iliom 13 Sept 20231 Audltor Geens Limited Charteied Accounlamls and Regisleied Auditors Graphic House 124 City Road Stoke on Trent ST4 2PH Invesiment Advise Rathbone Investment Management Port of Liverpool Building, Pier Head Liverpool . L3 1 NW
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF") REFERENCE AND ADMINISTRATIVE INFORNtATION Bankers The Royal Bank of Scotland plc 82163 Thieadneedle Stf88t London EC2R 8LA Allied Irish Bank5 plc 40141 We5tmoieland Street Dublin 2 Honorary Soli¢itor Sara Hollingworth Vlce Presldents David Allen Dominic Btsoth Richard Goldson OBE Nigel Harris Tom Harris Keith Heller Slmon Osborne Matthew Parris Paul Watkinson an IAtritehouse Tre Rl, Hon. The Lord Snape ol Wednesbury Bènefits & Servlce$ Commlttee Maggi8 Simpson OBE IGh8irl Mark Enrighl (Deputy Chairl Janel Goodland Jane English Christopher Henley Andrew Lilherland Mick Cash Finance & General Purpose Committee Frank Johnson (Chairl Ciaian 88tr Janel Goodland Sarah Kemp Ein Klump8rs Nominations & Remuneration Gommittee P8ula Hayes IGhairl Janet Goodland Titn Shoveller Emma Wasley Fundraising Committee Faye Scadden (Chairl Magoie Simpson IOBEI Mick Cash Noel Dolphin Richard Stanton
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF") REFERENCE AND ADMINISTRATIVE INFORMATION Irish Management Committee John Kennedy (Chairl Ray Kelly Isecrelaryl Tom Devoy Bertie Corbell Geraldine Finucane J3ne Creg3n Monica Purcell Peter Cuffe M8eve Gusty Anne Elliot Jim Meade CEO, 13rnrOd Eireann Damien Millon
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF") CONTENTS Page Trustees, r8POrt Stztement ol Trustees, responsibilitie5 Independent audiiorfs report Slaternenl of financial aclivitl8S 14 Balance sheet 15 StaterneDI of cash flows 16 Notes lo the financial sialements 17-30
RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Board of Management pr8S&nt their 3nnu31 report and f5nanaal stalements for thE year ended 31 Decernber 2023. Introduction 2023 wss chara¢terised by continuing heavy demands platsd on us for financial assistance and seririces. The team, now established and adopting hybrid working practice5, resptsnded extremely well to Ihese Chalnge5 to ensure Ihose in need were looked after. Constitution and Objectives The RBF is the operating name of Ihe RaiaY Benevolent Institution which is registered charity nutnber 206312 {in England & Wales) and SC039550 (in SGOtlandl. It is governed by Royal Gharter gr8nted on the 29th De¢ember 1949. as subsequently amended. 11 is the sole trustee ol the organisation's assets. Its objects. as sei out in the Royal Charter, a 'Yo relieve aged or disabled or necessitous R2ilwaymèn, their spouses or Childrèn ar ¢Jther relatives or persons who were Immediately or partly dependent on thern" The expressions °RaiTrwaymen'. Spouses. and °Chilcfien are defineé in Clausé 2 of tha Charter. Tre Board adopted the Charily Governance Gode in 2018 and reviewed ils policies and working practices at th81 b.me io ensur8 that we aligrn and adhere lo the optimal charity governance standards detailed within this. In 2018. the RBF applied. alongside its e$ling UK régistrations, also lo become a regisleréd charity in the Republic ol Ireland with Ihe Irish Charity Regulator. The situation became more cornplicated as a result ol Biitain's decision lo leave the EU. The Board therefore agreed to exploie Oiher Opiions In¢luding considersiion of a meruer of Ihe operations carri8d out in the Republic ol Ireland wilh an existing Irish domiciled tharity. After Trreful consideialion this approach was discontinued and a decision was taken to establish a separate company and become a registered charity in the Republic of Ireland. Work is progressing to achieve these twin objectives which will ensure the continuation of Ihe valuable work G31ried out in the Republic. Ahhough loitllal links behveen the UK and Irish operations will then end there will be dose but infomial ¢o113boration in Ihe fuiure. The RBF'S vision and mi55ion are as follows.. Our vision. RBF aims to improve tha qualily of life of current and former rai)aY people in the UK and Ireland through the prowsion af customised support. Our mission.. ID make RBF Ihe preferred destination for support and adiry for current and former railway workers by delivering outstanding value, continuous innovation 2nd an exceptional experience by consistently updating our skills and serwces. The Trustees reler ta the Charity Commission's public benefit guides and ils guidance on the prevenliori and ieliel of poverty for the public benefit lo inform its d8cision making and when rewewing how the tharty's activities and plans contribute to athieving rts aims and objectives. The financial statements have been prepared in accordance with the accounling policies sel out in note 1 to the financial statements and comply with Ihe ¢harills goveming documents outlined above, Ihe Charities Aci 2011, the Charities and Trustee Investment IS¢otlandl Act 2005, the Charities Accounts (Scotland) Regulalions 2006 las amended) and °Ac¢ouniing and Raporting by Charities. Stalement of Recornmended Practi applicable to ch3rilies pparIng their accounts In accordance wlh the Financial Reporiing Siandard applicable in the UK and Republic of [land IFRS 102)" las amended foi a(touniing periods ¢omm8ncing from 1 January 2D161.
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF") TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structurey governance and management al Board of Management The RBF'S principal governing body 15 the Board ol Management I'the 8oard'). It must consist of no Iwer Ihan 10 and no more than 20 persons. The Boaid members who served during Iha year and up to the date and 8ignalure of the financial statements are recorded In the Reference and Administration Informalion seclion. The 3PPOlfttmeTht ol all Board Members is by eleclion 8t the Annual Meeting. All Trustees serve for a term of three years 2nd are eligible for re-election for a maximum ol ttvo further terms. The Board ele¢is from its numb8r a Chair and wi-chaIr. The Board of Manag&meni meets a minimum of four bmes each year. No Member of the Board has any beneficial interesl in the company or is permitted lo derive any pecuniary advantag8 frtsm the RBF. Trustee allendance at Board m&8tings 2023 Trustee Tim Shoveller Yes Yes Janet Goodland Yes Yes Frank Johnson Yes Yes Mark Enrighl Yes Yes Maggi8 Simpson Yes Yes Yes Ciaran B3rr Yes Yes Yes Kay Boyden Yes No No Pau12 H es Yes Yes Yes Jane English Yés Yes Yes Emma Wasley Yes Yes Yes Mick Cash Yes Yes No John Kennedy" No No Yes Faye Scaddan nla Yes Yes Although John was not able to attend all Board meetings, regular reports were submitted lo the Board by the Irish Committee. Q1 Q2 Q3 Yes Yes Yes Yes No Yes Yes Yes No Yes No No Yes Yes Yes Both prioi to and afier their appoinlrnenl all new Board Mernbers are briefed by the Chaiirnan of the Board of Management andlor the Chief Executive and provided with copies of the Roy31 Charter, Rules and Bye-laws, the most recent Board minutes and other key documents. Details of any new legislation or other developments are included on the agenda for Board tlleelin95. ThE Truslees are provided with training as raquired, including on charity governanTr. The day-to-d2y running of the charrty is delegated to the Chief Executive and the key rnanagement personnel. bl Committees The Board is empowe to deleuate 811 or any of its powers lo Comrnittees. Their composition is set out on page 2 The Benefits & Serwces Committee is responsible for granting financial assist8nce to benefiaaries and monitoring Ihe developmoni and delivery of services. It musl consist of no fr than three and not more than n ine members of whom at least must be Members of the Board of Management, who sh311 be Chairman 2nd Deputy Chairman of the Committee. Members of Ihe Committee are appointed by the Board. The Finarn 8 Gener81 Purpose Committee is responsibie for overseping the management of the RBF'S investment POMfolio wilhill agreed parameters es12blished by the Board and recomrnending the appointment of inve&tmenl managers. It also has oversighl of the RBF'S finances. 11 must consist ol no fewer than three and more than srx members, 81 le85t two tsfwhom shall be members ofthe Board of Managernenl.
RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Fundraising Commillee's purpose is to support the work of the RBF fundraising team and to monitor progress and delivery against the fundraising strategy. It must conslsi Df no féwer than two tiuslèès and can involve other experts from the across Ihè industry who can bring fundraising and 8ngagemenl opportunities to the oiganisalion. The Nominations & Remuneration Gommiltee is Sponsible for considering the skills and experience required and for providing advice on the appoinlmenl of notllinated individua15 to the Board ol Man3gemenl, 851 Comrnittees and the Chief Executive of the charity.11 musl consist of no fewer ihan two and not more than four Members. The r8muneralion of key rr73nagemenl personnel Is sel by the Board, with the policy objective ol providing appropriate InmIreS lo encourage enhand performance and of rewarding thern fairly and responsibly f¢>r their individual contribulions to the Charity's success. The appropri3teness and relevan of the rernuneralion policy is reviewed annually, induding reference to comparisans with other charthes to ensure that the Charity remains sensilwe lo the broader issues of pay and employmenl conditions elsewhere. The Irish Cormmittee is responsible foi granting financial assislanTr in the Republic of Ireland.11 con51Sts ol no fewer than three members ofwhom at least one musl b8 a Member of the Board of Management. An informal group operates in Scotland, on an ad hoc basls. promoting the Charity and the need for funding throughout thè Scoltish rail community. cl Administratlon The adminislralion of the RBF is overseen by the Chief Executivé who also holds the role of secretary. The adminislralive functions are separated out into services, fundraising, and rnaikeling together finance znd administrative support. Grant rnaking is overseen by the Benefits & Servi5 Committee, wth the services team making decisions on most grants on a delegated basis which has led to a significant r8duclion in th8 time taken for Ihose in hardship lo receive assistance. Processes 8re In place tts en5Ufft Ihal expenditure and performance is moniioreLI. and thai appropiiale managemènt inform31ion is prepared and rewewed regulaily by the Board. The systems of intern21 control are d&signed to provide reasonable assuran$ againsl m81erial misstatement or loss, These indude.. an annual budget approved by the Board. 18gular consideralion by the Board of actual and forecast financial re5uli8, vaiiances from budgel and nor financial performance indicators., deEegalion of day lo day managem8nt authority,. Identification and management ol risks. All Ihè RBF'S governance arrangernenls are rewewed annu311y.
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF ) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Polieies al Reserves Policy The RBF'S res8rves policy tskes Into account the Board's forecast for future in¢ome and expenditu, including the potential lor fund raising In formulating the policy Ihe Board delermined th31 unreslrided reserves are reoulred lo provlde contingency lo ensure continurty in the event of 3 large variation in the Board's Income lor any one year broadly equivalenl to one year's expenditure and lo meet the Board's potential lulure liabilities in respect of quarterly grants. The Board delertnined in 2023 that th8 unr8Strict8d reseNes should be maintaifted at a minimum amount of £675k12022." £675kl. At 31 December 2023 the RBF'S unreslncied reserves weie also 3ff&cted by a decrease in the ovèrall value of the investment portfolio due to withdrawals in the year lo fund the opei8ting deficit, resulting in the total value £2,138k 12022.. £2,53gkl. The Board ntinUeS to work oll increasing ils fundraisino activities to bring the income and expenditure 8ccount more closely into balance year on year, whilsl as far as possibla maintaining grant giving at rrent levels as well as developing its services. bl Investment Policy The RBF'S invesiment policy has been formulated aft&r taking full 30¢0unt of Part11 ol the Trustee Act 2000 and the advic& ol our Investment Managers. The policy seeks ta achieve the efficient and prudent management of the RBF s investments with the aim of maximising the return on these investmerits given the agreed risk level. Investment performance is reviewed by the Finance and General Purpose Cornmittee who report to thè Board every quarter and the Investment Managers ar8 required to allend a Board Meeting 81 least On a year. The boar(J undertook a review of its investment llsk appetite as a result of the decrease in reserves in recent years and the currant higher levels of demand for granls and services. The board con¢luL1ed th81 the RBF'S ability to lake risk and appetile for risk are lower now than when Ihe strategy was adopted in 2018. Rathbones accordingly rransilioned to a lower risk inveslmenl portfolio from September 2023 The pos11ion Is however kepl under regular rewew. cl Risk Management The Board reviews the Thsks to which the R8F is exposed on an annual basis. The major financial risk rernains volatilily in inveslmenl markets. Systems have been established to monitor this, inclLJding quarterty reports and assessmenls being prOded by our Inv8Stment Managers, Rathbones. Our invastment strai&gy allows for an agreed level of risk and volatility given the long-lerm nature of the investrnent.. it is the underlying trends and pérfom)ance over time that is important. As a rnaller of Board policy. no use is rn8de of amy financia derivalive products. Other key risks Identified related lo GDPR, cyber security, the current funding shortfall and resource levels. dl Grant Making Policies Grant making is overseen by the Benefits & Services Commitie8, with the servie£s team making deusions on most grants on a delegated basis. which led to a significant reduction in the time taken for those in hardship lo receive assi51ance. The ¢rlleria for 8w8rding grants, u%d by the Benerrts & Services Committee and the Irish Management Committee, are rèviewed by Ihe 8oard annually. All applications rec8ivèd are carefully veiled by RBF slaff Responsibility for many grant awards Is delegated to stsh, although all qLJ3rterly grants and those that are sensitive or ol high value labove £1,500) are considered by ihe Committee. All grant decisions are reported to the Ctsmmitte& al Ihe quartedy meetings. Quart8rly Grants and on-going grants arè vIewed at least every two years. A briel des(xiption ol each type of grant awarded is set out In Note 8 to the AccA)unls.
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF") TRUSTEES. REPORT (CONTINUED) R?R THE YEAR ENDED 31 DECEMBER 2023 Review ofthe Year RBF has ¢onlinu8d to bLJild its reach wilhill the rail industry. and to develop lis services io the Railway Family. The changes rn3d8 in 2020 and 2021, in response to Ihe Covid Pandemi¢, provided a strong found3lion 10 311ow us not only lo continue providing a full range of serthces In 2023 bul also lo make good progress on our key strategic inilialives which were enwmpassed in a four- year slralègy r21ifièd by the Board in Decembér 2020 The Board recogn15es that eng3ging and mobilising the support ol the wider Rail Industry was and iemains a piiority. The Board of Management continues lo pay due regard to ils underlying constitution and guidanr£ issued by Ihe Chsrty Commission in deuding what actiwties Ihe charily should undertake. During Ihe year a new CEO wss appolnted, and work has begun on dévéloping a strategy lor the organisalion lo build on the successes of the past years. Whilst there was an op8rating deficil in 2023, this was amtiopated by the Board when approving the budget foi the year. In terms of assets, the decrease in the overall value of the investment portfolio was mainly the to withdrawals in the year to fund the deficit, Fesulting In the total value ol the fund being £3.1m al 31 December 2023 {2022' £3.5rn). Despite ihe operating deficit, the Board of Management is comwitted to developing ils servicEs in line with the strategy and its rnission to increase its reach and relevance within the rail industry. 11 is only Ihrough providing cont&mporary and relevant sepceS to potential beneficiaries that RBF will garner suffiuent external support, funding and engagernent io allow us io SUPPOfl the wider railway family sustainably. The aoard is also (x)mrnitled to the strategic delivery ol key projects. One of those was the upgF8(È ol the RBF IT infrastructure. including back-oftice IT. a new websile and CRM which have corne lo fiuilion during the year. Althaugh continuing operating deficits al the level seen in 2023 are not sustainable In the long-lerm, the Board has signalled 115 readiness to ¢ontinuè to invest in the short-term. with the aim of secAiring langer-term benefits. The Board continues lo review both Income and expenditure carefully and, while willing to SUPPOFi a lurther operaling deficit in 2024, expecis to see progress in teirns ol starting lo bridge the gap between incotne and expenditLsre in thè next three years. The Financial Results For Ihe year ended 31 December 2023 the RBF had net expEnditure li.e. a net defiutl before othei Fecogn15ed gains anL1 losses li.e. before Investment gaInsosseS) of £424k 12022". £243k) as set out in the Statemeni ol Finanaal Activitiés on page 14. IOtaLL was £416k 12022" £583kl. a decréase of £167k Compared to the previous year. The principal raason for Ihis de(xease was due lo a reduction in cornmunity fundiaising EVEllts and nol holding The Royal Ch3rter headline event. Total 8X oi)diÈur8 was £84Dk 12022." £828kl an increase of £14k compared lo the prewous year, driven by an increase in charrf(able activities The cost ol tsisin funds lo12lled £143k 12022". £181 kl, 8 decEase of £38k. 2022 included publicily and event management lor The Royal Charter. A bre8kdown of the costs of raising funds is sèl out in Note 6 to Ihe A¢counts. enditure on charitable activiti&s lolalled £697k (2Q22'. £645k), an increase of £52k. This indudes grant expenditure of £379k {2022" £350kl. an increase of £29k. A brief description of each lype of grant is set out in Note 8 to the Accounts. lotalled £46k 12022". £37kl. This relales lo th8 general running of the charity and indudes external audit, Insuran costs, legal advice for trustees and costs assouated with conslrtulional and stslutory requirements such as the cost ol trustee meetings and preparing the statutory 8fLounts. plus a shsre of SLJppoM Costs. See Note 9 to the AtCOLJnls.
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF") TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 &£wOL 8re allocated acr085 the RBF'S principal altIeS in line wf(h the SORP 3nd tol8lled £372k 12022. £353kl, the inuease being due primarity to higher staff costs. Inv nt in 2023 ¢omprised inveslm8nl gains of £21 k12022." losses of £370kl. Al 31 Dec8mber 2023 th& RBF'S Net Ass8ts weie £3,122k12022.. £3,525kl including investments of £3,OOOk12022'. £3.301k) and cash b81ances of £176k12022'. £277kl. Expenditure on grants in 2023 was £379k12022.. £150kl. The Increase can be attribuled to the ctsntinualion of the Energy Fund which ran until July 2023. However, demand for the Central Fund Iprewously named Single B&nÈvolent Grant) was much higher in 2023 compared lo 2022, with 112 mc>ra applications rÉc&ived. A new fund w8s introduced, Ihe Retired Fund, lo suppart with the hidden cosls of getting older, also added to the increase In spending. In line Kqth the CDmmittee's objecaives the Continued to be a reduction in Quarterfy Grants. RBF awarded 376 grants in 2023. This is lower than 2022 {4471, owing to the dosure of the Energy Fund, but the demand for the Central Fund increased. RBF award8d ovèr £1 OOK towards prlority debts Ihrtsuoh Ihis fund. rnore than pr&wous years. Th8 d8tnand foi the Central Fund in the first half of the year saw Ihe irnplemenl3lion ol temporary measures, a 'contingency plan, to reduce the projected overspend. The contingency plan moslty affected the Central Fund, by ducing Ihe maximum award provided lo £2K. and reducing awards based on thé lèvel savings tsf the applicanl. The contingency plan was effective in reducing the overspend forecast to jusl over budget. 650k of all applications 18ceived in 2023 were from current railway woik8is, which is the same 35 2022. In 2023. the ain age group RBF supported was those in their 205 This Is another shin compared to 2022 where Ihe main age groups supported were those in their 40s land those in their 30s close behind). This signifies the Irend of supporting a younger age 9roup. Over 70°/0 ol benefiiaries are nDW under the age of 50. The Child Care Grant. Webb and Mclntosh Funds focus on providing gLJ1ar and ontroff gwnts for the needs of ¢hlldren of current and fomier employèes. Thera wera 188 beneficiaries of ihe Mclntosh Fund which prowdes Christmas presents for the Children of those families wha we helped In 2023, an increase from 1S4 In 2022. 2023 saw the expansion ol wellbeing supporf aimed al supporting the retired communily. The launch ol the volunleer-led befriending servi. 'Check in and Chat has provided 56 hours ol calls to beneficiaries experiencing 15018tion loneliness. Retired Community Events were also laun¢hed following a successful pilot IN November 2022. The events aim lo tackle isolation experi8nC8d frorn r8ttied or former raiKvay workers and provide a sense ol community. Three events were held In Crewe.
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF"} TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Fundraisin & Marketin Fvndraising In¢ome iequiied to run the charity increases year on year due lo the rise in demand. IDle rely solety on fundraising and donations to promde our range of support service5 and the economic climate in the Indu51ry and in wider sociely has created a sustained financial Challenge Many people have been struggling to make ends rneet due lo the eosl-of-living crisis, meaning less DI their income can be don81ed to thaiitable 08uses. This has also been Ihe case with many org2nisations who have to make dthcull d8cisions around charitable giving. Therefor8, fundraising income In 2023 was less than the highly su¢oEssful prewous year but slill built on Ihe gr0h trajectory ol earlier years. Charity run annual events remain popular and a goad source of income. The 191h Annual GO Day raised over £15,QOO. We incre8sed sponsorship ol Ihe Heart of Gold Awards which now has 5 sponsored categories lo raise £15,000. We have Increased our presence af sporting events such as Ride London, Swim Serpentine and Royal Parks Ha M8iaihon. Supporters have enjoyed taking part in these challenges and raislng over £5.000 in total with SFoll50rship. We saw a dedine in income re¢eNed during Railway Famlly Vveek. mainly due to fewer community fundraising activities takin9 place and donatian5 being less in value. However, we introduced Ihe Big Chall8ng8 a virtual Challenge whieh team5 participale in and log activity on an app which pr()ved popular with organisalions 8nd is something we will build on in fulure years. The Auction of Experiencès continuos to grow wllh wore itetns to bid on which Increased the Income. Income from our Chrisltnas campaign hard its own 392ingt last year with an overall income ol over £45,000. We in¢aSed promotion around donations lor children's GhiistM8s vouchers which was popular with individuals and corporates alike. Our presence at rail Industry awards and dinners (Rail Business Awards, Nation81 Rail Awards and RFG Awaids and Christmas Lunch) with charity rafflès raisad ovér £22,000. We were also supported by Nelwork Rail who h(>sied a Charity Christrna5 Carol Concert at London Bridge which raised over £1,000 We continue lo e a dedine in regular giving and individual gimng which is a rÉflaction of the economic climate and cost of living struggles. A regular gimng campaign aroun¢Y direct debit co[nmend in 2023 and will continue lo be ijeveloped into next year when wé 8xp8Ct to s88 results. We were hoping lo have a charity charter train during 2023 building on the successful charter irb 2022. However, this dié not matorialise, but we ale delighted that this has now been offered to us for 2024 instead.
RAILWAY BENEVOLENT INSTITUTION I KNOWN AS THE "RBF") TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 We acknowledge the generous support we receive from iailway cotnpanie5 and supply chain partners. We would also likè to Ihank those grant awarding bodies who so generously supported thè wort( of RBF during 2023.The Civil Service Insurance Society ICSISI Chanty Fund renewed its giant wlhin the year and are exiremety grateful for Iheir generous £25k gr8nt. CSIS supports workers from across the spectrum of public services induding the Rail Induslry. CSIS continues to take considerable intèrèst in the work of the RBF and has been a consistent source of support and guidance on the Charills development, particularty in supporting collaborabon with other funded charities regarding the provision of services. We wish to Ihank all our corporate and individual supporlers over Ihe year who have don8lèd auction and raffle ilems and th8ir tim8 to support our evenls and campaigns. We are grateful to the organisations who have ralsed fvnds on behalf ol RBF al annual dinners and award presenlalion5 and lo those who have inviled us to their team meetings. wellbeing days and exhibitions lo raise our protile. We are also Ihankful to those who have supported and sponsored tsur annual golf day, Railway Family Week and sponsorship of our Heart ol Gold Awar(Is. The Board thanks all those who have given so generously 8nd enabled Ihe RBF to pursue its work. We conlinue to be gratèful for thè support provided by Iha Privy Purse. Other fundiaising income came from Ihe generosity of individuals donating from their salaries and pensions As always, we received a number of donations from the f8milies. friends and colleagues of former iailway staff who passed away during Ihe year, who remember their loved ones by supporting our railw3y charity. Regular giving has decreased within the year, poténtially reflecting the changing demographic of Ihos& Ihal provide supporf via p3sroII and emphasising the need lo promote this imrtant regular source of income among younger current staff. Payroll giving is currently concentr8ted in a small number of r811 emplDyet5. The Board's overall objective remains securing the charitls future by achi8ving a 8ustainable funding gap, in ordér to ènable the RBF to conllnue helping railway people in need. Our aiw is to adopl a dual approach when developing and offering services to current rail émployers wilh grealer emphasis, alongside Ihese seNic8s, on the promotion of rinanGi81 support and payroll giwng. The work of RBF is, like most railway or9anisations, a team effort, and r&liès on the enihusiasm of its staff and volunteers. Thanks are due lo our team In Ihe RBF tsffI at Grewe foi their hard work 2nd to the Board ol M2n2gemeni. for their on-going support and guidance in ensuring thai RBF continues lo d8velop. We must thank the members of our Commillees who give so freely of their time In support of the RBF. We are e*Lremely grateful for the enthusiastic support from our Honorary Patron, Lord Hendy of Richmond Hill and President, Pete Walerman OBE, whts continue to wark closely with the RBF team lo raise the profile ol Ihe charity. Lve musl pay Iribule to Claire Houghlon, who became our CEO in April 2020 and who r81irod in Septèrt>er 2023. Claire faced unique challenges as her arrival coincided with the firsl eovid lockdown and it is lo Per immense credit. and that of the t8am, that Iha work of the RBF not only continuèd uninierrupied bul adapled qUicY lo eDpe with a Surge in requests foi assistan. Claire made a significani ¢ontribuli(>n lo every aspect ol the RBF including the implem8ntats.on of our Strategy with emphasis on the services provided and an ovèrhaul ol supporting technology. Claiie left behind a far stronger RBF than when she joined and we are immensdy grateful lor the conlribulion she made. We were delighted to annaunce that Jo Kaye joined as CEO in Septernber 2023 brin9lll9 With her extersiv background in le8dership in the rail Industry along with trustee and non-executive experience. The many successes would not have been possible without the hard work and collabjiative approach adopted by every m&mb$r of thé RBF t8am who responded so w811 to challenges sud) as the cosl of living crisis and rise In energy pricas. Hybrid working aiiangetnenls are now a key part of the working week for the team. The commitment, ingenuity and flexibility of the team demonstrates that the RBF is in very s8fe and capable hands. Thanks are also due to those learn members who play key rolés lo implemonl the strategic initiativés alonoslde their day-lo-day roles.
RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 310ECEMBER 2023 We note wllh régret the pasging of Alèx M¢Kinnell MBE on 15th October 2023. Alex was a Trustee ol lh8 RBF from 1986 10 2003 and continued io sit on the Eenefils Committee for a fudher 8 years. Tho YoarAhead We will be focused on ways to effe¢ts"vely manage the new normal high level of demand for our services, in a wider UK and Rail econotnic conlexl whe[8 cost of living pressuies 3re bringing ongoing challenges to the railway family members we 3UPPOrt. The rail induslry is undergoing a period of change, and we VNII be focusing on supporting those who continue lo need our help during those changes. Vle continue lo work hai(J to in¢rea5e the visibility of the charity and ils work In the rail induslry, pa'CularlY in the rail supply chain. to enable us to rea¢h a wider ¢ommunily of those who may need our help. We will also bè focused on identifying those who may be able lo support our efforts finanually. We will slart to leverage the benefits of the investment that has On madè into IT infraslruclure and systems over recent ye815 to enable more efficient ways of working in zll that we do. This Is intended ta free up the valuable lime of the team lo Concentrate on delivering our key sliategic objectives. Focus on enhancing our income through individual giving as a key mechanism to provide a more reliable incom base to énable better future planning is critical in th8 year ahéad. Wé will énhanee the support to the team who are focused on income generation by atnendins our inteinal governance airangem8n15 to properly represenl the importance of this a¢tiwly ID the charty. Developing th& valuable role of volunteers will also be a key focus for Ihe coming year, this will piovide additional support to the small staff team in broadening our reach, enabling us to support more industry events and delivering our new semces Such a5 retired community evenls acros5 a widei g8ogiaphic scop8. All of these èfforts are focused on delivering a more balanod inwme and expendtture position, reducing our reli8nTr on reseeS and prèserving the luture of the charity. We will also develop a new strategy for the nekt period of the charity's life, lakng the lessons of the reeknt years and tlie cuiient CDntext of the mil indusliy as key inputs. Rernaining iesponyive to the needs ol current, lorrner and retired rail siaff and Ihelr famllies Is our key tsbje¢tive. and we will determine the future direction of the seNi¢es we deliver, mindful of our funding incorne. Throughout thé year we will also )nlinUe to develop our team of slaff and trust88s. As our most valuable asset they deserve our help and supporl in all Ihal Ihey do for the charity. The Trustees, report was approved by the Board of Management. Tim Shoveller Ghairman of the Board D£le.' 19th June 2024
RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF" STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The board ol managomenl is responsible for preparing the Truslees, Report and the financial ststements in accordance with applicable law and United Kingdom Accaunting Slandards (United Kingdom Generally Accepled Accounting Practice). The18w applicable to charities in England and Wales and in Scotland 18quires the board of managernenl to ppare financi81 st8lernents for each financial year which give a true ènd fair view of the slate of affairs of Ihe charity and of the incoming resour5 and application of rèsourcas of the charily for thai year. In pparIn£ Ih&se financial statements: the board of rmanaoement is required lo.. select suitable accounting policies and then apply them conststently., observe the methods and principles in the Chaiiliès SORP., make judgements and eslirnates Ihat are reasonable and prudent". state whether applicable accounting standards have been followed, subied to any material departures disdosed and explained in thé fin2ncial statements", and prepare the financial stalernenls on the going concem basls unless il is inappmpriate to presu* Ihat the charity will cc>nbnue in operation. Th8 board ol management is responsible for keeping sufficient accounting records th81 disdose with reasonable accuracy at any time Ihe financial position of the charity and enable them lo ensuie that the financial slataments mply with the Charities Act 2011, the Charity IAccounts and Reports) Regula10ns 28, the Charities and Trustee Inveslfflenl Iscollandl Acl 2005, lh8 Ch3riti8s Accounts Isootlandl Regulations 2006 las amended) and the provisions of the trust deed. They are also responsible lor safeguarding the assets of the chaiily and hence for taking reasonable steps for the prevention and detection of frdud and other Irregulaiilies. The trustees are respon51bl& for the maintenance and Integrity af Ihe charity and financial information included on the charily's website. Legislation in the United Kingdom goveming the pieparalion and dissemination of financial statements may differ from legislation in other jurisdidions 10
RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF MANAGEMENT OF RAILWAY BENEVOLENT INSTITUTION Oplnlon Wé havè audited the financial stalem8nts ol Railway Benevolgnt Insiituiion {th8 'charity'l for the y8ar ended 31 D8cembei 2023 which cotnprise the Statement ol financial activitie5. the b21ance sheet, the statetnent ol cash flows and note5 to the finanGial slaternenls, induding significant aocounting poliues The financ481 reporting framework that has been applied in their preparation is applioblè law and UnEtèd Kingdom A¢¢ouniing standards, induding Financtal Reporting Standard 102 The Financi31 Reportjng Standard applicable in the JK and Republic of Ifplsnd IUnl(ed Kingdom Generally Awepted Acmunting Practice). In our opinion, the financial statements. give a true and lair view of the state of the charity's affai[5 as al 31 Decernb8r 2023 and of its incoming resources and 3pplicalion of resources, lor the year then ended., have been pioperly prepared in accordan with United Kingdom Generally Accepted Accountins Practic,. and have been prepared in accordallr£ wlh the requiremen15 of Ihe Charities Act 2011. the chare5 and Trustee Inve51rnenl Istrjllandl Act 2005 and iegulation 8 of the Charities AcLounls IS¢oiiandl Regulations 2006. Basis lor oplnlon We conduded our audit in accordance wilh Inlemalional Standards on Audthng IUKI IISAS IUKII and applicable law. Our responsibiliti8s undér thosè stsndards aré further dgscribèd in the Auditors rgsponsibilili9s for lh8 audit ol ho fin3ncial slaten3EnSs section of our report. We are independent ol the charity in accordance wilh Ihe ethical requirements that 8re relev8nt lo our audit of the financial stalements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our olher elhical responsibililies in aocoidance Wth Ihese reouirements. We believe that the audit evidence we have obtained Is suffiaenl and appropriate lo provide a basis for tsur opinion. Conclusions relating to going con¢ern In auditing th8 linanaal slatémanls, we have concluded th31 the Trust8es' usa ol the going concern basis ol accounting in the preparation of the financial stalernents is appropriate. Based on the work we hav& pertorrned, wé havé not id8nlrfi8d any material uncertain1185 relaling to events or conditions th21, individually or collectively, may cast significant doubl on Ihe charity's ability lo continue as a going ¢on¢8rn for a period of at least twèlvè months from when th8 finanaal stat8menls ar8 authorised for issue Our responsibililies and the iesponsibilrties of the board of tnamagemenl wilh respeGI to going concem are described in the relevant sections of this report. Other information The other infomiation comprises the information imcluded in the annual report other Ihan the finala1 statements and our auditorfs réport thgreon. The board ol managem8nt aré responsibl8 for the oth8r inlorm3tion coniained within the annu31 report. Our opinion Dn the financial statemen15 does not cover the othei infortllation and we do not express any fomi of assuiance conclusion thereon. Our responsibility 15 to read the other information and, in doing so, consider whether tho other inforrnation is materia15y in¢onsistenl With the financial slaiemenls 01 our knowledge obtained in the course of the audit, or otherwise appears to be materially misslated. If we identify such rnalerial inconsislencles or apparent matenal misstalements. we are required lo detemine whether Ihis gives nse lo a matèrial misstatément ITh thè fiThanci21 statements themselves. If, based on the work we hav& parformad. wa conclude that there is a malerial misstatement of this ather infomiation, we are required to report that fact. Vle have nothing to report in this regard.
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF ) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE BOARD OF MANAGEMENT OF RAILWAY BENEVOLENT INSTITUTION Matt0 on whlch we a required to port byexception We have nothing lo report in respect of the following matters In relatioN to which the Charities (Accounts and Reports) Regulations 2008 and the Charities A¢counis (Scotlandl Regulations 2006 require us to report to you rf. in tsur apinion.. Ihe inloim31ion given in the financial statements is inconsislenl in any material respect with the Trusleès, report.. or sufficient and proper 3ecouriting records have not been kepl or the financial slatements are not in agi8ernent with the accounting records and r8turns," or we have nol received all the infomialion and explanations we reoulre for our audit. Responsibilities of board of management As explained more fully in the stalernenl of Trustees, responsibilities, the board of managemenl Is responsible far the preparation of the financial statements and for being satisfied that they give a true and lair view, and lor su imlernal control as the board of managetnenl determine is necessary lo enable the preparation of financial statements that are tree trom m81erial misstatement. whelhei olue to traud or error. In Prepang the financial slalemenls, the board of management is responsible for assessing the charills ability lo ¢ontinue as a going concern, disdosing. as applicable, mallers rdaied lo going Goncem and using the going concern basis of accounting unless the board of managomenl either intend to liquidat8 the ¢harrty or io ase operations, (>r have ng realistic aV(einative bul to do 50. Auditorfs responsibilities for the audit of the financial stat8m8nts We have b8en appoinled as auditor under section 145 of the Charilies Act 2011 and section 4411){cl ol the Charities and Trustee Investment (Scollandl Act 2(5 and report in aCCOFdance with Ihe Acts and relevant iegulations made or having 8ff8cI th8r8und&r. Our objectives are lo obtain reasonable asSu[an aboul whether the financial stalements as a whole are free Iiom material misstatement, whether due to fraud or error, and to Issue an audilorfs report th81 includes our opinion. Reasonable assuiance is a hi9h level ol assuran buL is not a guaianlee th3l an audil conducled in accordan with ISAS (UK) will always deteci a material misslalemenl when it exists. Misstatement5 fAn aiise from Iraud or error and are consid0 Naierial11, indiwdually or in the aggiegale, they could reasonably be expected to influence the economic decisions of users taken on the b8sis of these financial statements. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined 8bove. to deled m3teri21 rnisstatemenls in respect of irr8gularities, induding fraud. The extent to whieh our proce(Sures are c8P8ble of detecting irregularities, including fraud. Is detailed below. As part of our planning Pro$S.. we enquired of management the syslems and controls the charty has in place. the areas ol the financial statemen15 that are rnosl susceptible lo the risk of irregularilies and fraud. whether there was any known. suspected or alleged Iraud. the charity did not Inform us of any known, suspected or alleged fiaud. We obtained an understanding of the legal and regulatory trameworks applio2ble lo the tharrty We deleirnined that the followin9 were most relevant th8 Charity SORP. FRS 102, Charitiés Act 2011, and the Charities and Tiustee Inveslmeml Act IS¢ofjandl 2005. We considered the in¢enlives and opportunitiQS thal est in the charity. including the ektenl of management bias, which present a potential lor Irregularilies and fraud to be perpetuated, and lailored our risk assessment accordingly. Using our knoedge of Ihe tharity. logelher with the discussions held wtth the charity al the pLanning stage, we formed a condu5ion on the risk of misslatemenl due to irregularilies indu¢ing fraud and tailored our procedures according to this risk assessment. 12
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF") INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE BOARD OF MANAGEMENT OF RAILWAY BENEVOLENT INSTITUTION The key pro¢edurès we underiook to delect irregularilies induding fraud during th8 course of lh8 3udil included.. Identifying 8nd testing journal entries and Ihe overall accounting records, in particu18r those that were significant 3nd unusual. Reviewing the Finanrial st3tem8nl disclosuie5 and determining whether accounting PDlicies have be appropriately applied. Revlewing and challenging the assumptions an(1 judgements u88d by managemènl in thèir significant accoullb.ng estimates. Assessing the exlenl ol complian. or lack ol. wfLh relevant laws 8nd regulations. Assessing Ihe validity ol the dassification of income: expendiLure. assets and liabilities beNve8n unie5tricled and reslri¢led funds. Obtaining thir¢ party confirmation of material bank balances and invesimeni valuabons. Documenting and verifying all significant related p3rfy balanoes and transaclions. Reviewing docurnentalion such as Charity board minutes for discussions of irregularities including fraud. Because of the irtherenl limitalioms of an audit. there is a risk that we will not deie¢t all Irregularities. In¢luding those leading to a m8ierial misslatemgnt in Ihe financial Siatemenls or non-¢omplian¢e wrth regulats"on. The risk increases the mc>re that compliance with a law or rUlatIOn is moved from the events and transactions reflecled In the financial slatemenls, as we will be less likely to be¢ome aware ol inStanS of non-compliance. The risk is a150 gater régarding irregularities o¢¢urring duè to fr8LJd rathèr than error, as fraud involves intentional concealrnenl. forgery, collusion, omission or Misrepresentation. A further description of our responsibililies is av3i13ble on the Finanryal Reporting Council's website at htlps'.11 www.Irc.org.uklaudilorsresponsibililie5. This des¢riplitsn forms part of our audf(ols report. Use of our report This repori Is made solety lo the charity's trustees, as a body. in a¢cordan¢e with part 4 Of thè Ch2ritias (Accounts and Reports) Regulations 2008 and regulation 10 01 the Charities Accounts IScot12ndl Regulations 20(E. Our audit work has been undertaken so Ihat we might slate to the ¢harty's Iruslges thos8 malters we are réqured to stale lo thém in an auditor's report and for no other purpose. To Ihe fullest extent permitted by law: we do nol accepl or assume r&sponsibility lo anyone other than the charity and the chaity'5 trustee5 8$ 8 body. tor our 8udit work. for this report, or for the tspinlons wè hav8 fonned. Geen$ LSmltsd Chartered Accountants Statutory Auditor Geens Limited is eligible lor appointment as auditor of the chzrity by irtue of its eligibility for appointment as auditor of a company under of se10n 1212 01 the Companies Act 2006. 13-
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF") STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted Endowment funds funds funds 2023 2023 2023 Totsl Total 2023 2022 NotÈs Income from= Donalions and legauès Charilable a¢livities InveslmeNIs 247,962 68.106 76.707 500 248,462 68,1C 98,933 357.839 125.563 99,626 22,226 Total income ond endowmEnts 392,775 500 22,226 415,501 583,028 Ex éndltur Raising funds on: 136,937 6.132 143.069 181,016 Charitable activities 696,100 500 696,600 645,438 Total èxpondltyro 833,037 500 6.132 839,669 B26,452 Nel yainslllosse81 on inveslmenls 12 15,327 5,978 21,305 1370,0891 Net loutgoingvincoming resources before trtnsfers I424,9) 22.072 1402,8631 1613,5131 Gross transfe[5 between funds 22,228 122,2261 Net movement in funds 1402,7091 11541 1402,863) 1613,5131 Fund balan¢es ai 1 January 2023 2.539.145 8.062 977,856 3.525.063 4.138,576 Fund balances at 31 December 2023 2.136,43e 8,062 977,702 3,122,200 3,525,D63 The slatement of finan¢i31 activrties indudes all gains and losses recognised in the year. All incorne and experidilure delive from continuing activitiés. 14-
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF" BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Notes Fixed assets Investments 13 3,000,117 3,301.022 Current assets Debtors Cash at bank and in hand 44.539 175,931 45,433 277,222 220,470 322,655 Creditors= amounts falling due within one year q6 198.3871 198,6141 Net current assets 122,083 224,041 Total assets le$s current liabrlities 3,122,200 3,525,063 The funds ofthe charity Endowment funds Restricted Incorne funds Unrestricted funds 18 21 977,702 8.062 2,126.436 977,856 8,(2 2,539,145 3,122,200 3,525,(K33 The financial statemenls were approved by the board ol managemenl tsn 19th June 2024 rim Shov611er Chalm)an of thè Boanl Frank Johnson Trustse 15
RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF ) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash absorbed by operations 2S 1522,4341 1376,126} Investing activities Purchase of investments PrOedS frotn disposal ol investments Invèstment income reived 11,659.4551 1,981.S65 98,933 I2,518) 808,075 99,626 Net cash generatsd from investing activities 421,143 305,183 Net cash used in financing activltle$ Net decrease in cash and cash equtvalents 1101,2911 170,9431 Cash and cash equivalents al beginning ol year 277,222 348,165 Cash and ¢ash equlvalènts at and of yaar 175,931 277.222 16-
RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policios Chaty information RaiTrNay Benevoleni Institution is an Incorporaled charily IChaFity Na.2063121, registered in England & Wales 2nd is also rogisterod Ir) Scotland {Charily No. SC0395501. The charity's registered addie5s and prinGipal place al business Is 1 sl Floor, bAillennium House. 40 Nantwich Road, Crewe, CW2 8AD. 1.1 Accountlng convèntion The financAal stat&mènls havè beén prepared in accordance with the ¢hariiy's governing document, the Charities Acl 2011, the Ch3rities and Truslee Investment {Scot12Thdl A¢t 2005, the Charities Accounts IS¢otlandl Regulations 2006 las amended), FRS 102 "The Financial Reporting Slandaid applic3ble in the UK and Republic of Ireland C'FRS 102,) and thé Charities SORP 'AccA)unting and Reptsrting by Charities.. Statement ol Recommended Pra¢li¢e applicable to charities pParIng their accounts in a¢cordance with the Financaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective 1 January 20191. The ch2rity is a Public Banèfil Enlily as defined by FRS 102. The financial statements are prepared in sterling, which is the fvnction£l currency ol the eharrty. Monetary amounts in these financial statements arè rounded 10 the nearest £. The financial $t31ements have been prepared under Ihe historical cost convention, or transaction Wdlue unless otherwise slated in the relevant accounls policy nol8. The principal acwunting poliryes adopted are sel out below. 1.2 Going concern AI the litne of approving th8 financial statements, the board of managèment has a reasonabl& gxpectalion that the chanly ha5 adequate resOUrS lo continue in oper31ional existence for the foreseeable future. Thus the board of management Continues to adopt the going concern b8sis of accounts'ng in preparing the fjnancial Stalernents 1.3 Charltable funds Unrestricted funds ar8 alL4b1& for use at the disuelion of the board of management in furtherance of their charitable objectives. R8Striaed funds are subject io specific conditions by donors or grantors as lo how they may be used. The purposes 3nd uses of the r8slricled funds are set out in the notes to Ihe financial slaternenis. EndowmeNI funds are subject to specific condilions by donors that the prtaI must be mainlained by the tharity. 1.4 Income lfl¢ome is recogni5ed when the chaiity is legally enlilled to it aftei any performanty Condrftions have been rnel, the amounis be measured rella1y, and il is pmbabl8 that Income will be recEived. Gash donations are recognised on receipl. Other donatitsrns are CogniSed once the charty has been notified of the donation, unless performance conditions r8quire deferral of Ihe amount Income lax recoverable in relation to donations received under Gifl Aid or deeds ol c¢hvenanl is COgnIsed 21 thè lime of the donation. Legacies are recognised on r8ceipt or oth8rwisè If Ihe charity has been notified of an impending distribution, the amount is known, and ieceipl is expected. If the amount is not known, the legacy is treatéd as a ¢onDngeni asset.
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF ) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Accountinu policies Icontinuadl Income from olher SoUrS is measured at the fair value ol the consideration reiVed or recewable and repre5enls 3mounls receivable for goods and servicès provided in the normal course of the ¢harity s activities. 1.5 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation comrnitling Ihe charity to Ihal expenditura. it is probabl8 Ihat settlement will be required and the amount of the obligation can be measured reliably. All éxpendilure is ac£ountèd for on an ac(xuals basis. All éxpènses. In¢ludillg support costs and wvernan costs, are 2llocated or apportioned to the applicable expenditure headings in the statemani of finanaal The cost of Raising Funds include costs af generating voluntary income, fund raising Irading and investment fees. plus a share of support costs. The c4sts of generating voluntary income do not Indude the costs of dissèminatino information in support of Ihe eharitable activities. Gharilatle Activities comprise grants made plus a share o15UPPOrt Costs. All grants a paid in accordan with the RBF'S Royal Charter, Rules and Bye-laws. Grants are arLounled lor only when paid with the exceplion of Quarteily Grall15 which 818 accrued to the end of the year and pledges made in reswcl of Single Benevolent Granis which are dependent on spe¢ffic condilions which fall outside the control of the charity. No provision is included in iespecl of Quarteily Granls or Residential Care Grants for future years. Goveinance costs are those assoualed with the governance arrangements of the charity which relate lo the general running of the charily. This includes internal and e%temal audit. insurance ¢osls. legal advice for trustees and costs associated with constitutional and slatutory requirements such as the ¢ost ol trusiee meetings and preparing the statutory 8c¢ounis. plus 8 sh8re of support costs. Support Costs are those costs incurred in the support of the fund raising, gov&rnance and charitable acliwties which ¢annot be directly attributed They h8ve been atlribuled lo a¢tivilies as described in the nctes lo the fin3ncial slalements. 1.6 Tangible fixed assets Tangible fixed assets costing more than £5,000, are initially measured al cosl and sub5equenty m&asured 31 cost or valuation, n81 ol d8precialion and any impairment losse5. D8prècxalion is regnised so as to wrile off the cost or valuation of assets less their residual values over their Useful lives on the following bases.. Plant 8nd equipTllenl 3 Years slraighl Ilne The gain or lass arising on the disposal of an asset Is delermined as the difl8rence between the sale proceeds nd the carrying value of the assel, and is recognised in the statement of financial activities. 1.7 Fixed asset investments Investments are slated at market value. Realised gains and lossès are Calclated as the differen¢e between sales proceeds and their market value al the start ol the ye3r, or subsequent cost on purchase. Unrealised gains and lossas r8pres8nt thè movement in martel value during the year. Realise(f and unrealised gains and losses are combined in th8 apprapiiate section of th8 SOFA. 18-
RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE RBF") NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.8 Cash and cash èqulvalenis Cash 2nd (xsh equivalents indude cash IN hand, deposits held at C211 wilh banks. other short-ierm Iiquld inveslmenls with original malurities ol three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in cutrenl liabilities. 1.9 Financial instruments The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial Instruments a initially recognised al transaction value and subsequenuy tllea5ured at their seiiiement value, 1.10 Employee benefits The ¢osl of 3ny unus8d holid3y enti118ment is recognised in the period in which the employee's sewice5 are received. Teimination benefi15 are recognised immediately as an expense when the charity Is demonstrably cotnmitted lo terminate Ihe employment of an employee or lo pro7e termination bemefits. 1.11 RetirÈment benefits Paymenls lo defined contribution retirernenl benafit schemes are charged as an expense as they fall due. 1.12 Forèign èxchanga Transactions in currenues olher than pounds sterting are recorded at the rates of exchange prevailing al thè dales of the tr3nsa¢lions. Al Each reporting end date, monetary a55et5 and liabilities that are denotninated in foreign ¢urrenies are relranslated at the rates prevalling on the reporting end dale. Gaims and losse5 arisillg on translation aré incjuded in nel in¢omellexpenditurel lor the period. Crltlcal accountlng estimates and judgements In the application of the charitys accounting policies, the knaid of managemènt Is required to make judgements, estimate5 and assumptions about Ihe carrying 8mount of 3ssets and Ipabililies that are Mot readily apparent from olher sources. The estim31e5 and associated assumptions are based on historical eKperienc8 alld other factors th21 are considered to be relevant. Actual results may differ from these e51iMates. The estimates and underlying 3Ssumptions are reifjewed on an ongoing basis. Revisions lo accounting estimates are recognised in Ihe period in wthich the estimate is revised where the revision affecls lY that period, or in the period of the revision and future periods where the revision affects both current and future periods. Al the year end there were no eslimatas 2nd assumptions that have a signifi¢ant rlsk of ¢ausing a maierial adjuslmenl ta the carrying atnaunts of 8ssets and Iiabilrf(ies Mqlhim ihe next linanual year Donations and l&gacies Unrè$tri¢ied Restricted funds funds Total Total 2023 2023 2023 2022 Donations and gifts 247.962 500 248.462 357.839 19
RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF" NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donations and legacies Icontinuedl Donation5 and gifts Regu13r Giwng Individuals Civil Service Insurance Souely Rallway Companies Other businesses and charrf(able bodies Legacies GtFt Aid Other 74.118 43,904 25,500 59,212 8,403 28,797 8,028 74.118 43,904 25.500 59,212 8,903 28,797 8.028 76.717 92.581 24.000 97,377 20,958 13.366 16.610 16.230 500 247.962 500 248,462 357,839 Regular Giving comprise5 iegular paytnenls made by current employees of railw2y companies through thèir company payroll and by former railway employees through the pensions payroll system or by standing order. Individual donations InclLJdes generous donations from the farnilies, friends 2nd colleagues of former raIaY Slaff who have passed away and monies by collections made ai Railway Staff Clubs, at BTPF br8nches, 8nd 3 donation from the late HM The Queen. Charitsble activities Gharitable Incoma 2023 Charitable In¢ome 2022 Fund-raising events and awards 88,108 125,563 Investments Unrestricted Endowment funds fund$ gonèral 2023 Totsl Total 2023 2023 2022 Incorne from listed investments Interest receivable 75,946 761 22,226 98,172 761 99,504 122 7b,707 22,226 98.933 99.626 For the year ended 31 December 2022 9,204 22,226 99,628 2D_
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Raising funds UnrestrS¢tsd Endowment funds funds Total Total 2023 2023 2023 2022 sn Staging fundraising evenls Support costs 22,231 100,076 22.231 100,076 58.871 94,757 Fundraising and publicity 122.307 122,307 153,62B Investment m3nag8menl costs 14.630 6.132 20,762 27,388 136 937 6.132 143,069 181,016 Forthe year ended J1 Dgcemb8r 2022 Fundraising 2nd publicity Investment m8nagement 153.628 21.256 153.828 27,388 8,132 174.884 6.132 181,016 Charitsble a¢tivities Charltablè Charftable Expenditure Expenditure 2023 2022 Grant funding of aclivilie5 (see note 81 378.937 350.468 Share of support cosls (see note 91 Share of governance costs Isee note 91 271,974 45,689 257,750 37,218 696.6LXI 645.436 21
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payable Charitable Charitable Expenditure Expendlture 2023 2022 Giants lo individuals- auartedy Grants Central Fund Grants Webb Fund Grants Child Care Granis Family Support Fund & Dis¢relionary Grants Emergency Giants CitiZ6ns AdvicèlLagal referrals Othér Grants Partnerships Emergency Fuel Fund Retired Support Fund 6,702 277.157 28.240 1,154 13,335 6.180 11,679 7,16Q 5,79 13,800 7,739 15,786 228,366 31,126 300 12,255 6,260 5,670 fj.1fj2 5.610 38.933 378,937 350.468 -22_
RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE RBF") NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payable Icontinuedl Quarterly Grants An annual monetary grant Ipaid quarterly) where a conlinuing need is idenlified. Quarterty granls are being phased out. Central Fund One off grant ol up 10 £3,000 to allemate finanGial hatd5hip. This giant can support, but is not limited lo, costs relating lo prioiity debts. financial hardship. white goods and household items, funeral costs, and costs ol disability equipmelll. Webb Fund Grant$ These grants continue the work of the Webb Orphans Fund whsth wa8 Ir8n8ferred inlo the RBF during 2002. They are quarterly payrnents to assist the parents ol dependenl children where a continuing need has been identified. Child Care Grants A grant for child related expenses such as disability equipment, clDlhing and furniture. Other Charitable Grants (Family Support Fund & Discretionary Grants) - £13,33512022- £12,255) Childrèn's Fund - É11,33512022= £9,055) Children's Fund is a small grants pragramme (up to £200} that provides support to current raTknJay staff with dependent children where the annual gross household income does not exed £40,000. This fund can support with child ie131ed expenses e.g., school Irips, children's aclivities, clubs, sthotsl uniform. The Children's Fund was rebmnded Irorn the previous F8miW Support Fund Discretionary Grants- £2.00012022.. £3,200) A one-off discretionary granl wilh a m8ximuM award of £400 8CGe85ible to former qu3rterly grant recipients and Central Fund applicants On Ihey have reached their rnaximurn award limit. Discrelionary grants can also be paid if 2 Central Fund grant has not rnel full need. aclnt05h Grants A one-off vouther of £40 per child at Ghristmas for applic8n15 with dependent children who have accesse RBF support through other grant schemes wilhin the year. Emergency Grant$ A small one-off grant of £250 lo Ihose Ihat raquir@ short térm immediaie assistance for exp8nses such as electiicity or food. Citizens AdvicelLegal retorrals. A partnership wlh Citizens Advice ICAI to offer free, conh'dential advi for debt, benefits 2nd budyeting. The team will make a referral io CA who will then conlacl thè eliènl to help with further suppori. Legal referr819 will be rnade to Law Express to oHer legal advice. Partnerships Law Express- maintain R8F legal Advice app and access to legal specialists throJ9h their helplin&. Citizens Adviee M8n¢hesler- referrals lo debt specialists offering support Iisled above. -23-
RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE RBF") NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Governance costs costs 2023 2023 Total Support Governance costs costs 2022 2022 Total 2023 2022 Stsff wsts Information technology Marketing aihar costs 290,387 32,832 41,289 7.542 22.457 3,648 312,844 38,480 41,289 9,762 247,801 46,774 40,178 17.754 18,600 5,197 268,401 51,971 40,178 19,904 2.22Q 2.150 Audit Fees Accounlancy Insurance Other direcl casts 5.400 1,248 3,845 6,871 4,470 4.470 1.104 3.463 2.234 1.248 3.845 6.871 3,463 2.234 372.050 45,689 417.739 352.507 37.218 389.725 Analysed between Fundraising Charitable activitie5 100,076 271,974 100,076 317,663 g4,757 257,750 94.757 294,£Q8 45,689 37.218 372.050 45,689 417,739 352,507 37.218 389.725 10 Board 01 Management Neilher Board Members or any persons connecled with them rÈc8ived any remuneration during Ihè year 12022. £nill. The aggregate amount of expenses reimbuised to two 12022.. one) 802rd Membeilsl during the yaar amount6d lo £341 (2022.. £1491. Employees The average rnonthly number of employees during Ihe year was". 2023 Number 2022 Number Management and adminislr8tion Employrnent Costs 2023 2022 Wages and salaries Soaal security Costs Other pension costs 280,327 20,548 11,989 238,531 18,941 10,929 312,844 266,401 -24_
RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 41 Employees Icontinuedl The Key Management Personnel are the members of Ihe Senlor Management Team. The Senior Management Team Gonsists ol the Chief Execulive. the Finance Manager, th& Fundraising Manager, and the Welfare Services Manager. The total ernploye8 benefits of th& KMP'S ol Ihe chaiity was £173,08312022." £149,699). There were no employees whose annu31 remunerglion was more than £60,000. 12 Gains and losses on inv&slmÈnts Unrestrlcted Endowment fvnds funds 2023 2023 Total Unrestrlcted Endowment funds fund3 2022 2022 Totsl 2023 2022 Gainslllossesl arising on.. Sale of investments 15,327 5,978 21.305 {266.2381 (103,851) (370,0891 13 Fixed asset investments Listed Investsnenls Cost or valuation At l January 2023 Additions Realised g8inlllossl Unrealised gaiMII10351 Disposals 3,301,022 1,659,455 241.340 1220.0351 11,981,665) Al 31 December 2023 3,000,117 Carrying amount Al 31 December 2023 3,000.117 At 31 December 2022 3,301,022 14 Flnanclal Instrumants 2023 2022 Carrying amount of financial assets Instruments measured al fair value through profil or loss 3.0(. 117 3,301,022 -25-
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 15 D8btors 2023 2022 Amounts falling due within one year- Trade deblor5 Prepayrnenls and accrued incorne 18,767 25.772 14.335 31.098 44.539 45,433 16 Creditor5- amounts falling due within one year 2023 2022 NotÈ$ Deferred income Trade creditOlS Other creditors Accruals and deferred income 17 13.320 14,529 43,882 2S,676 8.705 12,908 56,707 20,294 9S.387 98.614 17 Deferred income 2023 2022 Other deferred incom8 13,320 8.705 2023 2022 Defèrrèd incom8 is induded within. 13,320 8.705 Movements in the yeai.. Deferred income al 1 January 2023 Released from pr8ViOU5 peii(MJs Rosourcés deferd in the year 8,705 18,705) 13,320 8,425 18.4251 8.705 Deferred income at 31 December 2023 13,320 8.705
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Endowment fund5 Endtsthjmenl funds present asseis which musi be Theld pérmanently by the oharity. Income arising on the endowrnent funds can be used In accordance with the obiècls of the charity and is included as uniestricled incorne. Any capilal gains or losses arising on the asseis form part of the fund. At 1 January 2023 Incoming resources Resources expended TransfÈrs Gains and losses At31 December 2a23 Pem1anent endowments INebb Fund 835.424 Proprietsry Annuities Fund Langton Home Fund General Webster Wright Fund 18 989 15,2391 118,9891 5,108 835,292 96,236 2,187 16031 12,1871 588 96.221 35,802 814 12251 18141 219 35.796 10,394 236 (651 12361 63 10,392 977,856 22,226 16,1321 122,2261 5,978 977,702 Prèvlous yèar: At 1 January 2022 In¢omlng rèsourtos Resources èXP8nded Transfers Gains and lo$$es At31 December 2022 Pemianent endowments Webb Fund 929,387 Proprieiary Annuities Fund Lanqton Home Fund Géneial Webster Ilh-ighl Fund 18.989 15,2391 118,9891 188.724 B35,424 107,060 2,187 {6031 (2.1871 11D.221) 96,236 39,829 814 {2251 18141 13,802 35,802 11.563 236 1651 12361 11,104) 10.394 1,087.839 22.226 16,1321 (22.2261 1103,8511 977,856 27-
RAILWAY BENEVOLENT INSTITUTION { KNOWN AS THE RBF") NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 21123 18 Endowment funds Icontlnuedl The permanent endowment known as the Webb Fund 15 that portion of the net assets of the Webb orph,5 Fund whi¢h originated from monies bequeathed to Ihe Fund al Ils inception in 1906 by Fr8ncis William Webb, a forrner Chief Methanical Engineer ol the London anLI Westein RaiaY Company. Ttte Idvebb Oiphans. Fund was transferred to the RBF on 1s1 July 2002. No reslriclions weie plad on the us8 of the income from the Vebb Fund by the Commissioners. but since its transfer the RBF'S Board of Management has untinued to use the income in 5UPPOrt of children ol railway families who are in nèed. The Proprietary Annuities Fund is a separaiely fftgistered Scheme, the Trustee ol which is the Inslitulion. There are no iesliiclions on the use of income deriving from this Fund within the objects of the RBF. bul as ir) prewous years the Income has been used to provide quarterly giants. The Langlc>n Home Fund is a separately reglSt8ied charily (No. 2345811 , of whith the RBF was appoinlod the Trustee by the Chanly Commlssloners on 5 January 1972. Income from this fund MLJSI be used in support of children ' whose lathÉrs have been killed or permanently disablad whilsl woiking on Ihe railway" or failing that In support of any olh&r childr&n who are In need. The General Webster Wright Fund originates from a donation made by the London and North Eastern RaiKvay in 1942. The income from th15 fund must be used for the general ¢2re and educational assistan of thildren of railwaymen. Income from Ihe Webb Fund and Proprietsry Annuities Fund which is not $trIcIed has been transferred lo unreslricted. 19 Retirement benefft schemes 2023 2022 Defined Contribution scheme$ Charg8 lo profrt or loss in r8specl of defined ntribUtIon schemes 11.969 10,929 The charity operates a defined contribution pension schewne lor all qualfying employees. The ass8ts ol thè scheme are held sep8ratety from those of the tharily in an independently administered fund. 20 Designated funds The income funds ol the charity indude the following designated funds which have been set aside out of unrestricted funds by the Irustees for speafic purpo8es' At 1 January 2023 Incoming resources R8sourc8s expended Transfers Galns an 105ses At31 December 2023 St Christopherts Fund General funds 63.917 2,475.228 1.212 391.563 343 14,984 65,472 2,070.4 I8,037) 22,226 2,539,145 392.775 1833,037) 22,226 15,327 2,136.436 28-
RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 2a D8signated funds (Continued) Previous year.. At 1 January 2022 Incoming resourcés Resources èxpendèd Transfers Gain5 and lossès At31 Dè¢ombar 2022 St Chrisiopherfs Fund General funds 68,149 2,974,526 1,731 559,071 1s,g831 1260,2751 62,917 2,475,228 IB20,3201 22,226 3,042,875 560,802 1820,3201 22,226 1266,2381 2.539.145 The Sl Christopherfs Fund has been designated by the Bo8rd of M8na9emenl for the benefit of dependenl children. It was formed from the JS Forbes. LM Appeal Gommillee and G Bass Funds previously asso¢i81ed with St Christopherfs Railway Orphanage to provide for the care and maintenance of children (including educational needs) and from legacies made by E Little and L A Maffey in 1994195 where Ihe donors expressed 8 prelerence for the monies 10 be used for tha banelil of children. 21 Restricted funds The ie5trictad funds of the charity comprise the follc)win9 unexpended balances of donations and grants held on trust lor specific puiposes-. At l January 2023 Incoming resources Resources 4xp8nd8d At31 Decembar 2023 Carers Support Fund Independemce At Home GraNI 8.(162 8.ffi2 500 15001 8,082 500 15001 8,062 Prevlous year. At l January 2022 IncomSng resources Resources expended At11 Decembèr 2022 Carers Suppor( Fund 8,(2 8,082 Carer's Support Fund A fund in partneiship wilh olhor charitiès l012unch a carers helpline in 2019. 29-
RAILWAY BENEVOLENT INSTITUTION ( KNOWN AS THE "RBF") NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 22 Analysis of Net assets between funds Unrestsi¢ted Designatsd Restricted Endowment funds funds funds fund$ 2023 2023 2023 202J Total Total 2023 2022 Fund balances at 31 December 2023 are represenled by.. Inveslménls Current assetsllliabililiesl 1,956,943 114.021 65.472 977,702 3,000,117 3,30fj.022 122,083 224.041 8.062 2,070,964 65,472 8,062 977,702 3.122.200 3,525,(3 23 Operating lease ¢ommltments Al the reporting end dale the charity had outstanding Gornmitments for future minimum léasé paymènts under non-¢ancellabl8 opèrating leases, which fall due as follows.. 2023 2022 Mthin one year Bétwèsn two and five ye3rs 8,400 8400 8,400 8,400 16.800 24 Related party tran5action5 There were no disclosab18 related party Iransaclions during the year12022- none). 25 Ca$h llen•rat from operations 2023 2022 Deficit for the yeai 1402,8631 1613.5131 Adjustments for.. Invéstmanl income iecognised in stalemant of financial activilies IGainlAoss on disp0$81 of invesimanis 198,9331 121,3051 199,6261 370,089 Movements in working capital.. Deixeasellincrease) in debtors (Decrease) in crèdilDfs Increase in deferred income 894 14,8421 4,615 P5,9211 17,4351 280 ash absorbed by operatlons 1522,4341 1376,1261 26 Analysis of changes in net funds The charity hao no material d9bt during the year. 30-